22. Future Market Insights. (2025, March). Virtual tourism market analysis – growth, trends & forecasts 2025 to 2035. https://www.futuremarketinsights.com/reports/virtual-tourism-market 23. Chow, A. R. (2022, April 21). Coachella gave fans a wild AR experience. It could be the future of concerts. TIME Magazine. https://time.com/6168688/coachella-enters-the-metaverse/ 24. European Union. (2025, April 14). New requirements to travel to Europe: Revised timeline for the EES and ETIAS. https://travel-europe.europa.eu/revised-timeline-ees-and-etias-2025-04-14_en 25. U.S. Department of State – Bureau of Consular Affairs. (2025, April). Visa bulletin for April 2025. https://travel.state.gov/ content/travel/en/legal/visa-law0/visa-bulletin/2025/visa-bulletin-for-april-2025.html 26. World Bank. (2024, October). Tourism Watch Quarterly Report: Q2 2024. https://documents1.worldbank.org/curated/ en/099513510302439743/pdf/IDU1f008f6ec1bb8514e2e1b25f1e4d3d85ae4b5.pdf 27. World Economic Forum. (2024, May). Travel & Tourism Development Index 2024. https://www.weforum.org/publications/ travel-tourism-development-index-2024/ 28. German Ministry of Transport. (2022). The Trans-Europe Express 2.0: International high-speed and overnight rail services to promote climate change mitigation [PDF document]. https://bmdv.bund.de/SharedDocs/DE/Anlage/K/tee-strategy. pdf?__blob=publicationFile 29. Economic Development Board, Energy Monitor. (2021, February 26). Why airports could become stranded assets. https://www.energymonitor.ai/transport/why-airports-could-become-stranded-assets/ 30. European Union. (2025, March 10). New requirements to travel to Europe: Entry/exit system (EES). https://travel-europe.europa.eu/ees_en 31. World Travel & Tourism Council (WTTC). (2021, November). A net zero roadmap for Travel & Tourism. https://wttc.org/ Portals/0/Documents/Reports/2021/WTTC_Net_Zero_Roadmap.pdf 32. Cuenca, O. (2023, October 21). Anti-tourism protests in the Canary Islands. International Travel & Health Insurance Journal. https://www.itij.com/latest/news/anti-tourism-protests-canary-islands 33. United Nations World Tourism Organization. (2018, September). “Overtourism”? – understanding and managing tourism growth beyond perceptions. https://www.e-unwto.org/doi/book/10.18111/9789284419999 34. World Economic Forum. (2024, May). Travel & Tourism Development Index 2024. https://www.weforum.org/publications/ travel-tourism-development-index-2024/ 35. International Civil Aviation Organization (ICAO). (2022, August). Overview of regulatory and industry developments in international air transport. https://www.icao.int/Meetings/a41/Documents/Overview_of_Regulatory_and_Industry_ Developments_in_International_Air_Transport.pdf; AirNav Indonesia. (2015, October 22). Indonesia ready to implement ATFM. https://www.icao.int/APAC/Meetings/2015%20ATFM%20WSIND/SP17%20Indonesia%20ready%20to%20 Implement%20ATFM.pdf 36. World Economic Forum. (2024, May). Travel & Tourism Development Index 2024. https://www.weforum.org/publications/ travel-tourism-development-index-2024/ 37. Ibid. 38. Blended travel combines business and leisure activities, typically when a business traveller extends a work trip to include leisure pursuits. 39. World Economic Forum. (2024, May). Travel & Tourism Development Index 2024. https://www.weforum.org/publications/ travel-tourism-development-index-2024/ 40. Ibid. 41. World Travel & Tourism Council (WTTC). (2024, April 4). Travel & tourism set to break all records in 2024, reveals WTTC [Press release]. https://wttc.org/news/travel-and-tourism-set-to-break-all-records-in-2024-reveals-wttc 42. World Economic Forum. (2024, May). Travel & Tourism Development Index 2024. https://www.weforum.org/publications/ travel-tourism-development-index-2024/ 43. Ibid. 44. The Travel Foundation. (2023, January). Envisioning Tourism in 2030 and beyond: The changing shape of tourism in a decarbonising world. https://s3-eu-west-1.amazonaws.com/travelfoundation/wp-content/uploads/2023/02/28113213/ EnvisionTourism_Full_FINAL.pdf 45. World Economic Forum. (2024, May). Travel & Tourism Development Index 2024. https://www.weforum.org/publications/ travel-tourism-development-index-2024/ 46. International Carbon Action Partnership. (n.d.). EU emissions trading system (EU ETS). Retrieved April 15, 2025, from https://icapcarbonaction.com/en/ets/eu-emissions-trading-system-eu-ets 47. World Economic Forum. (2025, February). Financing sustainable aviation fuels: Case studies and implications for investment. https://www.weforum.org/publications/financing-sustainable-aviation-fuels-case-studies-and-implications- for-investment/ 48. World Economic Forum. (2024, May). Travel & Tourism Development Index 2024. https://www.weforum.org/publications/ travel-tourism-development-index-2024/ 49. World Travel & Tourism Council (WTTC). (2021, November). A net zero roadmap for travel & tourism. https://wttc.org/ Portals/0/Documents/Reports/2021/WTTC_Net_Zero_Roadmap.pdf Four Scenarios for the Future of Travel and Tourism 21

Four Scenarios for the Future of Travel and Tourism 2025