04 NOV 2019: WTM London – better known as World Travel Market to the many thousands who attend – kicked off its 40th edition Monday in the British capital with the news that the global travel industry is expected to continue to expand in the coming years and will account for US$3 trillion in business by 2024.

The forecast by global market research company Euromontior International predicts 4.3 percent growth in travel worldwide, comprised of 19 billion domestic trips (+8% annually) and 1.8 billion international arrivals. The largest share of sales, adds EI, will be online bookings (52%), of which mobile sales will account for a quarter.

“The travel industry is riding this wave that has an impact across the consumer spectrum, as consumers increasingly value experiences such as travel,” says Caroline Bremner, travel industry sales manager at Euromonitor International, adding that a recent lifestyle survey by EI showed that 43 percent of global consumers prioritize experiences rather than possessions, while 78 percent value “real world practices” in 2019.

As for WTM, the world’s largest English language travel show, is expecting over 51,000 attendees — including 9,000 buyers and 5,000 exhibitors, along with 3,000 media (somewhat more than the 7,753 visitors and 350 exhibitors who turned out for the inaugural show at London Olympia) — over the course of three days at the ExCel London conference venue. Stay tuned to Travel Industry in the coming days and weeks for more stories and commentary from the show.