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A week in which oil prices dropped to below $30 a barrel and global stock markets see-sawed dramatically also impacted travel markets.
The UNWTO reports that international tourist arrivals reached a record 1.2 billion in 2015, but cautions that the rate of growth will likely slow in 2016. Meanwhile, the mature markets of Europe, the Americas and some parts of Asia and the Pacific turned in the highest growth rates last year, exceeding those of the emerging economies. Full story on page 1.
Brazil is not doing well, however. Latin America’s largest economy continues to flounder, with the International Monetary Fund this week forecasting that the country faces two years of recession and one of stagnation – its worst performance since 1901. Page 2.
Argentina, on the other hand, is seeing some recovery ahead, a positive sign for tourism. Leading travel company JacTravel projects that lifting of currency restrictions and other relaxed rulings by Argentina’s new government could lead to an influx of visitors from Argentina as well as benefit inbound travel. Page 2.
Adding to the numbers game, market research firm MicroMarket Monitor (out of India) forecasts that the North America airport retailing market is expected to more than double by 2020, growing from $4.15 billion in 2015, to $9.9 billion in the next five years. Page 1.
International. Dubai Duty Free’s Colm McLoughlin was honored by International Finance Magazine with the Retail CEO of the Year Award for 2015, as DDF again regains its ranking as the #1 single airport retail operation in the world. Flemingo International has been awarded the duty free concessions at nine airports across India. Page 1.
Supply Side. Is Revlon for sale? Bacardi GTR names cruise competition finalists. Estée Lauder launches Modern Muse Le Rouge. Rituals flies Upper Class with Virgin Atlantic. Pages 3 & 4.
Special Feature: Little Switzerland’s Jack Coote steps down, returns to US to lead consultancy. Page 3.