travel and tourism market outlook

Travel & Tourism - Worldwide

• The Travel & Tourism market is projected to experience a significant increase in revenue in the coming years worldwide.
• By 2024, revenue is estimated to reach US$927.30bn and is projected to grow annually at a rate of 3.47%, resulting in a market volume of US$1,063.00bn by 2028.
• The largest market within Travel & Tourism is the Hotels market, which is projected to reach a market volume of US$446.50bn in 2024.
• Looking ahead, the number of users in the Hotels market is expected to increase to 1,397.00m users by 2028.
• In 2024, the user penetration rate was 25.9%, and it is expected to reach 28.1% by 2028.
• The average revenue per user (ARPU) is projected to reach US$0.46k.
• Online sales are expected to account for 76% of total revenue in the Travel & Tourism market by 2028.
• It is worth noting that United States is expected to generate the most revenue in this market, reaching US$199bn in 2024.
• Following the profound ramifications of the COVID-19 pandemic, the travel and tourism sector demonstrates robust indications of resurgence.

Key regions: Malaysia , Europe , Singapore , Vietnam , United States

Definition:

The Travel & Tourism market encompasses a diverse range of accommodation services catering to the needs and preferences of travelers. This dynamic market includes package holidays, hotel accommodations, private vacation rentals, camping experiences, and cruises.

The market consists of five further markets.

• The Cruises market covers multi-day vacation trips on a cruise ship. The Cruises market encompasses exclusively passenger ticket revenues.
• The Vacation Rentals market comprises of private accommodation bookings which includes private holiday homes and houses as well as short-term rental of private rooms or flats.
• The Hotels market includes stays in hotels and professionally run guest houses.
• The Package Holidays market comprises of travel deals that normally contain travel and accommodation sold for one price, although optional further provisions can be included such as catering and tourist services.
• The Camping market includes bookings at camping sites for pitches using tents, campervans, or trailers. These can be associated with big chains or privately managed campsites.

Additional Information:

The main performance indicators of the Travel & Tourism market are revenues, average revenue per user (ARPU), users and user penetration rates. Additionally, online and offline sales channel shares display the distribution of online and offline bookings. The ARPU refers to the average revenue one user generates per year while the revenue represents the total booking volume. Revenues are generated through both online and offline sales channels and include exclusively B2C revenues and users for the above-mentioned markets. Users represent the aggregated number of guests. Each user is only counted once per year. Additional definitions for each market can be found within the respective market pages.

The booking volume includes all booked travels made by users from the selected region, independent of the departure and arrival. The scope includes domestic and outbound travel.

Prominent players in this sector include online travel agencies (OTAs) like Expedia and Opodo, as well as tour operators such as TUI. Specialized platforms like Hotels.com, Booking.com, and Airbnb facilitate the online booking of hotels and private accommodations, contributing significantly to the market's vibrancy.

For further information on the data displayed, refer to the info button right next to each box.

• Bookings directly via the website of the service provider, travel agencies, online travel agencies (OTAs) or telephone

out-of-scope

• Business trips
• Other forms of trips (e.g. excursions, etc.)

Travel & Tourism

• Vacation Rentals
• Package Holidays
• Analyst Opinion

The Travel & Tourism market has been experiencing significant growth worldwide, driven by various factors such as increasing disposable income, ease of travel, and desire for unique experiences. Customer preferences: Travelers are increasingly seeking authentic and unique experiences, moving away from traditional tourist attractions to more off-the-beaten-path destinations. This shift in preferences has led to the rise of experiential travel, where immersive cultural experiences and interactions with locals are highly valued. Trends in the market: In the United States, there has been a noticeable trend towards sustainable and eco-friendly travel practices. Travelers are becoming more conscious of their environmental impact and are actively seeking out destinations and accommodations that prioritize sustainability. This has led to the growth of eco-tourism initiatives and the popularity of destinations known for their conservation efforts. Local special circumstances: In Europe, the rise of budget airlines and the Schengen Area agreement have made travel within the region more affordable and convenient. This has resulted in a significant increase in intra-European tourism, with travelers exploring multiple countries in a single trip. The diverse cultural offerings and close proximity of European countries make it an attractive destination for those seeking a mix of history, art, and culinary experiences. Underlying macroeconomic factors: The Asia-Pacific region has seen a surge in outbound tourism, driven by a growing middle class with higher disposable incomes. Countries like China and India have witnessed a significant increase in international travel, with travelers from these markets exploring destinations beyond their borders. This rise in outbound tourism has also led to an influx of international visitors to Asia-Pacific countries, boosting the tourism industry in the region.

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• Key Market Indicators

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The future of tourism: Bridging the labor gap, enhancing customer experience

As travel resumes and builds momentum, it’s becoming clear that tourism is resilient—there is an enduring desire to travel. Against all odds, international tourism rebounded in 2022: visitor numbers to Europe and the Middle East climbed to around 80 percent of 2019 levels, and the Americas recovered about 65 percent of prepandemic visitors 1 “Tourism set to return to pre-pandemic levels in some regions in 2023,” United Nations World Tourism Organization (UNWTO), January 17, 2023. —a number made more significant because it was reached without travelers from China, which had the world’s largest outbound travel market before the pandemic. 2 “ Outlook for China tourism 2023: Light at the end of the tunnel ,” McKinsey, May 9, 2023.

Recovery and growth are likely to continue. According to estimates from the World Tourism Organization (UNWTO) for 2023, international tourist arrivals could reach 80 to 95 percent of prepandemic levels depending on the extent of the economic slowdown, travel recovery in Asia–Pacific, and geopolitical tensions, among other factors. 3 “Tourism set to return to pre-pandemic levels in some regions in 2023,” United Nations World Tourism Organization (UNWTO), January 17, 2023. Similarly, the World Travel & Tourism Council (WTTC) forecasts that by the end of 2023, nearly half of the 185 countries in which the organization conducts research will have either recovered to prepandemic levels or be within 95 percent of full recovery. 4 “Global travel and tourism catapults into 2023 says WTTC,” World Travel & Tourism Council (WTTC), April 26, 2023.

Longer-term forecasts also point to optimism for the decade ahead. Travel and tourism GDP is predicted to grow, on average, at 5.8 percent a year between 2022 and 2032, outpacing the growth of the overall economy at an expected 2.7 percent a year. 5 Travel & Tourism economic impact 2022 , WTTC, August 2022.

So, is it all systems go for travel and tourism? Not really. The industry continues to face a prolonged and widespread labor shortage. After losing 62 million travel and tourism jobs in 2020, labor supply and demand remain out of balance. 6 “WTTC research reveals Travel & Tourism’s slow recovery is hitting jobs and growth worldwide,” World Travel & Tourism Council, October 6, 2021. Today, in the European Union, 11 percent of tourism jobs are likely to go unfilled; in the United States, that figure is 7 percent. 7 Travel & Tourism economic impact 2022 : Staff shortages, WTTC, August 2022.

There has been an exodus of tourism staff, particularly from customer-facing roles, to other sectors, and there is no sign that the industry will be able to bring all these people back. 8 Travel & Tourism economic impact 2022 : Staff shortages, WTTC, August 2022. Hotels, restaurants, cruises, airports, and airlines face staff shortages that can translate into operational, reputational, and financial difficulties. If unaddressed, these shortages may constrain the industry’s growth trajectory.

The current labor shortage may have its roots in factors related to the nature of work in the industry. Chronic workplace challenges, coupled with the effects of COVID-19, have culminated in an industry struggling to rebuild its workforce. Generally, tourism-related jobs are largely informal, partly due to high seasonality and weak regulation. And conditions such as excessively long working hours, low wages, a high turnover rate, and a lack of social protection tend to be most pronounced in an informal economy. Additionally, shift work, night work, and temporary or part-time employment are common in tourism.

The industry may need to revisit some fundamentals to build a far more sustainable future: either make the industry more attractive to talent (and put conditions in place to retain staff for longer periods) or improve products, services, and processes so that they complement existing staffing needs or solve existing pain points.

One solution could be to build a workforce with the mix of digital and interpersonal skills needed to keep up with travelers’ fast-changing requirements. The industry could make the most of available technology to provide customers with a digitally enhanced experience, resolve staff shortages, and improve working conditions.

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Complementing concierges with chatbots.

The pace of technological change has redefined customer expectations. Technology-driven services are often at customers’ fingertips, with no queues or waiting times. By contrast, the airport and airline disruption widely reported in the press over the summer of 2022 points to customers not receiving this same level of digital innovation when traveling.

Imagine the following travel experience: it’s 2035 and you start your long-awaited honeymoon to a tropical island. A virtual tour operator and a destination travel specialist booked your trip for you; you connected via videoconference to make your plans. Your itinerary was chosen with the support of generative AI , which analyzed your preferences, recommended personalized travel packages, and made real-time adjustments based on your feedback.

Before leaving home, you check in online and QR code your luggage. You travel to the airport by self-driving cab. After dropping off your luggage at the self-service counter, you pass through security and the biometric check. You access the premier lounge with the QR code on the airline’s loyalty card and help yourself to a glass of wine and a sandwich. After your flight, a prebooked, self-driving cab takes you to the resort. No need to check in—that was completed online ahead of time (including picking your room and making sure that the hotel’s virtual concierge arranged for red roses and a bottle of champagne to be delivered).

While your luggage is brought to the room by a baggage robot, your personal digital concierge presents the honeymoon itinerary with all the requested bookings. For the romantic dinner on the first night, you order your food via the restaurant app on the table and settle the bill likewise. So far, you’ve had very little human interaction. But at dinner, the sommelier chats with you in person about the wine. The next day, your sightseeing is made easier by the hotel app and digital guide—and you don’t get lost! With the aid of holographic technology, the virtual tour guide brings historical figures to life and takes your sightseeing experience to a whole new level. Then, as arranged, a local citizen meets you and takes you to their home to enjoy a local family dinner. The trip is seamless, there are no holdups or snags.

This scenario features less human interaction than a traditional trip—but it flows smoothly due to the underlying technology. The human interactions that do take place are authentic, meaningful, and add a special touch to the experience. This may be a far-fetched example, but the essence of the scenario is clear: use technology to ease typical travel pain points such as queues, misunderstandings, or misinformation, and elevate the quality of human interaction.

Travel with less human interaction may be considered a disruptive idea, as many travelers rely on and enjoy the human connection, the “service with a smile.” This will always be the case, but perhaps the time is right to think about bringing a digital experience into the mix. The industry may not need to depend exclusively on human beings to serve its customers. Perhaps the future of travel is physical, but digitally enhanced (and with a smile!).

Digital solutions are on the rise and can help bridge the labor gap

Digital innovation is improving customer experience across multiple industries. Car-sharing apps have overcome service-counter waiting times and endless paperwork that travelers traditionally had to cope with when renting a car. The same applies to time-consuming hotel check-in, check-out, and payment processes that can annoy weary customers. These pain points can be removed. For instance, in China, the Huazhu Hotels Group installed self-check-in kiosks that enable guests to check in or out in under 30 seconds. 9 “Huazhu Group targets lifestyle market opportunities,” ChinaTravelNews, May 27, 2021.

Technology meets hospitality

In 2019, Alibaba opened its FlyZoo Hotel in Huangzhou, described as a “290-room ultra-modern boutique, where technology meets hospitality.” 1 “Chinese e-commerce giant Alibaba has a hotel run almost entirely by robots that can serve food and fetch toiletries—take a look inside,” Business Insider, October 21, 2019; “FlyZoo Hotel: The hotel of the future or just more technology hype?,” Hotel Technology News, March 2019. The hotel was the first of its kind that instead of relying on traditional check-in and key card processes, allowed guests to manage reservations and make payments entirely from a mobile app, to check-in using self-service kiosks, and enter their rooms using facial-recognition technology.

The hotel is run almost entirely by robots that serve food and fetch toiletries and other sundries as needed. Each guest room has a voice-activated smart assistant to help guests with a variety of tasks, from adjusting the temperature, lights, curtains, and the TV to playing music and answering simple questions about the hotel and surroundings.

The hotel was developed by the company’s online travel platform, Fliggy, in tandem with Alibaba’s AI Labs and Alibaba Cloud technology with the goal of “leveraging cutting-edge tech to help transform the hospitality industry, one that keeps the sector current with the digital era we’re living in,” according to the company.

Adoption of some digitally enhanced services was accelerated during the pandemic in the quest for safer, contactless solutions. During the Winter Olympics in Beijing, a restaurant designed to keep physical contact to a minimum used a track system on the ceiling to deliver meals directly from the kitchen to the table. 10 “This Beijing Winter Games restaurant uses ceiling-based tracks,” Trendhunter, January 26, 2022. Customers around the world have become familiar with restaurants using apps to display menus, take orders, and accept payment, as well as hotels using robots to deliver luggage and room service (see sidebar “Technology meets hospitality”). Similarly, theme parks, cinemas, stadiums, and concert halls are deploying digital solutions such as facial recognition to optimize entrance control. Shanghai Disneyland, for example, offers annual pass holders the option to choose facial recognition to facilitate park entry. 11 “Facial recognition park entry,” Shanghai Disney Resort website.

Automation and digitization can also free up staff from attending to repetitive functions that could be handled more efficiently via an app and instead reserve the human touch for roles where staff can add the most value. For instance, technology can help customer-facing staff to provide a more personalized service. By accessing data analytics, frontline staff can have guests’ details and preferences at their fingertips. A trainee can become an experienced concierge in a short time, with the help of technology.

Apps and in-room tech: Unused market potential

According to Skift Research calculations, total revenue generated by guest apps and in-room technology in 2019 was approximately $293 million, including proprietary apps by hotel brands as well as third-party vendors. 1 “Hotel tech benchmark: Guest-facing technology 2022,” Skift Research, November 2022. The relatively low market penetration rate of this kind of tech points to around $2.4 billion in untapped revenue potential (exhibit).

Even though guest-facing technology is available—the kind that can facilitate contactless interactions and offer travelers convenience and personalized service—the industry is only beginning to explore its potential. A report by Skift Research shows that the hotel industry, in particular, has not tapped into tech’s potential. Only 11 percent of hotels and 25 percent of hotel rooms worldwide are supported by a hotel app or use in-room technology, and only 3 percent of hotels offer keyless entry. 12 “Hotel tech benchmark: Guest-facing technology 2022,” Skift Research, November 2022. Of the five types of technology examined (guest apps and in-room tech; virtual concierge; guest messaging and chatbots; digital check-in and kiosks; and keyless entry), all have relatively low market-penetration rates (see sidebar “Apps and in-room tech: Unused market potential”).

While apps, digitization, and new technology may be the answer to offering better customer experience, there is also the possibility that tourism may face competition from technological advances, particularly virtual experiences. Museums, attractions, and historical sites can be made interactive and, in some cases, more lifelike, through AR/VR technology that can enhance the physical travel experience by reconstructing historical places or events.

Up until now, tourism, arguably, was one of a few sectors that could not easily be replaced by tech. It was not possible to replicate the physical experience of traveling to another place. With the emerging metaverse , this might change. Travelers could potentially enjoy an event or experience from their sofa without any logistical snags, and without the commitment to traveling to another country for any length of time. For example, Google offers virtual tours of the Pyramids of Meroë in Sudan via an immersive online experience available in a range of languages. 13 Mariam Khaled Dabboussi, “Step into the Meroë pyramids with Google,” Google, May 17, 2022. And a crypto banking group, The BCB Group, has created a metaverse city that includes representations of some of the most visited destinations in the world, such as the Great Wall of China and the Statue of Liberty. According to BCB, the total cost of flights, transfers, and entry for all these landmarks would come to $7,600—while a virtual trip would cost just over $2. 14 “What impact can the Metaverse have on the travel industry?,” Middle East Economy, July 29, 2022.

The metaverse holds potential for business travel, too—the meeting, incentives, conferences, and exhibitions (MICE) sector in particular. Participants could take part in activities in the same immersive space while connecting from anywhere, dramatically reducing travel, venue, catering, and other costs. 15 “ Tourism in the metaverse: Can travel go virtual? ,” McKinsey, May 4, 2023.

The allure and convenience of such digital experiences make offering seamless, customer-centric travel and tourism in the real world all the more pressing.

Three innovations to solve hotel staffing shortages

Is the future contactless.

Given the advances in technology, and the many digital innovations and applications that already exist, there is potential for businesses across the travel and tourism spectrum to cope with labor shortages while improving customer experience. Process automation and digitization can also add to process efficiency. Taken together, a combination of outsourcing, remote work, and digital solutions can help to retain existing staff and reduce dependency on roles that employers are struggling to fill (exhibit).

Depending on the customer service approach and direct contact need, we estimate that the travel and tourism industry would be able to cope with a structural labor shortage of around 10 to 15 percent in the long run by operating more flexibly and increasing digital and automated efficiency—while offering the remaining staff an improved total work package.

Outsourcing and remote work could also help resolve the labor shortage

While COVID-19 pushed organizations in a wide variety of sectors to embrace remote work, there are many hospitality roles that rely on direct physical services that cannot be performed remotely, such as laundry, cleaning, maintenance, and facility management. If faced with staff shortages, these roles could be outsourced to third-party professional service providers, and existing staff could be reskilled to take up new positions.

In McKinsey’s experience, the total service cost of this type of work in a typical hotel can make up 10 percent of total operating costs. Most often, these roles are not guest facing. A professional and digital-based solution might become an integrated part of a third-party service for hotels looking to outsource this type of work.

One of the lessons learned in the aftermath of COVID-19 is that many tourism employees moved to similar positions in other sectors because they were disillusioned by working conditions in the industry . Specialist multisector companies have been able to shuffle their staff away from tourism to other sectors that offer steady employment or more regular working hours compared with the long hours and seasonal nature of work in tourism.

The remaining travel and tourism staff may be looking for more flexibility or the option to work from home. This can be an effective solution for retaining employees. For example, a travel agent with specific destination expertise could work from home or be consulted on an needs basis.

In instances where remote work or outsourcing is not viable, there are other solutions that the hospitality industry can explore to improve operational effectiveness as well as employee satisfaction. A more agile staffing model  can better match available labor with peaks and troughs in daily, or even hourly, demand. This could involve combining similar roles or cross-training staff so that they can switch roles. Redesigned roles could potentially improve employee satisfaction by empowering staff to explore new career paths within the hotel’s operations. Combined roles build skills across disciplines—for example, supporting a housekeeper to train and become proficient in other maintenance areas, or a front-desk associate to build managerial skills.

Where management or ownership is shared across properties, roles could be staffed to cover a network of sites, rather than individual hotels. By applying a combination of these approaches, hotels could reduce the number of staff hours needed to keep operations running at the same standard. 16 “ Three innovations to solve hotel staffing shortages ,” McKinsey, April 3, 2023.

Taken together, operational adjustments combined with greater use of technology could provide the tourism industry with a way of overcoming staffing challenges and giving customers the seamless digitally enhanced experiences they expect in other aspects of daily life.

In an industry facing a labor shortage, there are opportunities for tech innovations that can help travel and tourism businesses do more with less, while ensuring that remaining staff are engaged and motivated to stay in the industry. For travelers, this could mean fewer friendly faces, but more meaningful experiences and interactions.

Urs Binggeli is a senior expert in McKinsey’s Zurich office, Zi Chen is a capabilities and insights specialist in the Shanghai office, Steffen Köpke is a capabilities and insights expert in the Düsseldorf office, and Jackey Yu is a partner in the Hong Kong office.

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Travel and Tourism Market

Travel and Tourism Market (Type: Leisure, Educational, Business, Sports, Medical Tourism, and Others; and Application: Domestic and International) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2023-2031

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Global Travel and Tourism Market Outlook 2031

• The global industry was valued at US$ 615.2 Bn in 2022
• It is estimated to grow at a CAGR of 5.3% from 2023 to 2031 and reach US$ 972.5 Bn by the end of 2031

Analysts’ Viewpoint on Market Scenario Growth in disposable income, affordable commutes, easy accessibility of remote locations, and emerging travel trends are major factors boosting the travel and tourism market growth during the forecast period. Rise in government investment in the tourism sector is also projected to drive demand for travel and tourism in the next few years. Surge in adoption of IoT is likely to offer lucrative opportunities to players in the global travel and tourism industry. However, political instability, natural disasters, and implementation of stringent immigration policies are estimated to limit the travel and tourism market progress in the near future.

Market Introduction

Travel and tourism refers to the movement of people from one place to another due to various reasons such as leisure, education, business, and sports. It can be domestic, overseas, short distance, or long distance. The tourism sector is witnessing immense growth opportunities around the globe owing to rise in discretionary income, governmental support, infrastructural development, and technical integration to facilitate easy commutes.

Online booking platforms, mobile apps , and travel websites are gaining traction among travelers. Rapid globalization has led to a more interconnected world through trade, social media networks, business, and culture. Thus, people are traveling within and out of their borders with ease. These scenarios and travel trends are expected to augment the travel and tourism market value in the next few years.

Social media platforms and online websites are being used widely to promote various tourist destinations and hospitality and leisure facilities. They are attracting travelers through influencer marketing , travel blogs, articles, and user-generated content. This, in turn, is projected to spur growth of the travel and tourism industry. Moreover, increase in investment in infrastructural development and emergence of new travel trends among millennials are boosting the travel and tourism market size.

Tourism is becoming one of the major sectors driving a country’s revenue. Thus, governments across the globe are promoting and investing heavily in the sector, which is leading to improvements in public transportation, tourist destinations, and accommodation facilities. According to the latest travel and tourism market trends, travel and tourism is gaining traction among the middle-class population due to surge in disposable income.

In 2019, an average household in the U.S. spent around US$ 2,100 on travel. Security and health concerns play a major role in the tourism sector. This average dropped to US$ 926 post the emergence of the COVID-19 pandemic in 2020. Thus, travelers prefer safe and secure destinations.

Rise in Government Investment in Travel and Tourism Sector

The tourism sector across the globe is growing at a rapid pace, especially after COVID-19 lockdowns were lifted. Major governments are focusing on promoting and enhancing tourist traffic. In India, the Ministry of Tourism, under the CSSS Scheme of ‘Incentive to Tour Operators for Enhancing Tourist Arrivals to India’ is extending financial incentives to foreign tour operators, approved by the government. These promotional activities are contributing to the market size of travel and tourism.

Accessibility to remote yet beautiful tourist places and increase in popularity of travel destinations through online platforms has resulted in the tourist industry emerging as one of the key sectors in many countries. According to the U.S. Department of Commerce, International arrivals to the U.S. grew from 19.2 million in 2020 to 22.1 million in 2021. Moreover, the U.S. government is focusing on attracting around 90 million international visitors who are expected to spend approximately US$ 279 Bn annually by 2027. Hence, rise in number of international visitors is estimated to fuel the travel and tourism market.

Surge in Disposable Income

Rise in digital transformation and growth in penetration of the internet are offering emerging opportunities in the travel and tourism market. Online resources provide convenience in booking flight tickets and hotels and searching for places to plan trips.

Increase in disposable income provides a sense of economic stability, in which people tend to spend on leisure activities such as travel. Families are more likely to plan vacations, leading to surge in demand for trips and tourism. The gross national disposable income in India reached US$ 3,182.4 Bn in the financial year 2021-2022, recording a growth of 17.4% compared to the previous year. In the U.S., personal income increased US$ 45.0 billion (0.2% at a monthly rate) in July 2023, according to the Bureau of Economic Analysis. Hence, rise in disposable income is projected to boost the travel and tourism market revenue during the forecast period.

Regional Outlook

According to the latest travel and tourism market forecast, Asia Pacific is anticipated to hold largest share from 2023 to 2031. Rise in disposable income and growth in government investment are fueling the market dynamics of the region. Geographical advantages, increase in number of international travelers, and presence of a well-established tourism sector are driving the travel and tourism market statistics in North America.

Analysis of Key Players

Most travel and tourism service providers are offering lucrative tour packages to attract more travelers. They are also investing heavily in promotional activities to increase their travel and tourism market share.

Accor, Adris Grupa d.d., Airbnb, Inc., Balkan Holidays Ltd., Carnival Corporation & plc, Crown Resorts Ltd., G Adventures, Hilton Worldwide Holdings Inc., TUI Group, Travel Leaders Group, LLC, Insight Vacations, and Frosch International Travel, Inc. are key players in the travel and tourism market.

Key Developments

• In August 2023 , G Adventures added two new National Geographic Family Journeys in Italy and Tanzania. The eight-day Tanzania Family Journey is expected to take families on game drives in the Serengeti throughout the tour and include a visit to a community tourism project.
• In July 2023 , TUI Group released a ChatGPT-powered chatbot on its U.K. app, the first of what is expected to be a wave of rollouts that incorporates generative AI into the company’s tech, to help consumers search through its own portfolio of products
• In February 2023 , Adris announced plans to invest US$ 511 Mn in its tourism arm Maistra until 2025 with an aim to boost its luxury segment

Travel and Tourism Market Snapshot

Frequently asked questions, how big was the travel and tourism market in 2022.

It was valued at US$ 615.2 Bn in 2022

What would be the CAGR of the travel and tourism industry during the forecast period?

It is estimated to be 5.3% from 2023 to 2031

How big will the travel and tourism business be in 2031?

It is projected to reach US$ 972.5 Bn by the end of 2031

What are the prominent factors driving demand for travel and tourism?

Rise in government investment in travel and tourism sector and surge in disposable income

Which region is likely to record the highest demand for travel and tourism?

Asia Pacific is anticipated to record the highest demand from 2023 to 2031

Who are the prominent travel and tourism service providers?

Accor, Adris Grupa d.d., Airbnb, Inc., Balkan Holidays Ltd., Carnival Corporation & plc, Crown Resorts Ltd., G Adventures, Hilton Worldwide Holdings Inc., TUI Group, Travel Leaders Group, LLC, Insight Vacations, and Frosch International Travel, Inc.

    1.1. Market Definition and Scope

    1.2. Market Segmentation

    1.3. Key Research Objectives

    1.4. Research Highlights

2. Assumptions

3. Research Methodology

4. Executive Summary

5. Market Overview

    5.1. Market Dynamics

        5.1.1. Drivers

        5.1.2. Restraints

        5.1.3. Opportunities

    5.2. Key Trends Analysis

        5.2.1. Demand Side Analysis

        5.2.2. Supply Side Analysis

    5.3. Key Market Indicators

        5.3.1. Overall Entertainment Market Overview

    5.4. Industry SWOT Analysis

    5.5. Porter’s Five Forces Analysis

    5.6. Value Chain Analysis

    5.7. Service Provider Analysis

    5.8. Global Travel and Tourism Market Analysis and Forecast, 2017 - 2031

        5.8.1. Market Value Projection (US$ Bn)

6. Global Travel and Tourism Market Analysis and Forecast, By Type

    6.1. Travel and Tourism Market (US$ Bn), By Type, 2017 - 2031

        6.1.1. Leisure

        6.1.2. Educational

        6.1.3. Business

        6.1.4. Sports

        6.1.5. Medical Tourism

        6.1.6. Others (Event Travel, Volunteer Travel, etc.)

    6.2. Incremental Opportunity, By Type

7. Global Travel and Tourism Market Analysis and Forecast, By Application

    7.1. Travel and Tourism Market (US$ Bn), By Application, 2017 - 2031

        7.1.1. Domestic

        7.1.2. International

    7.2. Incremental Opportunity, By Application

8. Global Travel and Tourism Market Analysis and Forecast, By Traveler Type

    8.1. Travel and Tourism Market (US$ Bn), By Traveler Type, 2017 - 2031

        8.1.1. Solo Traveler

        8.1.2. Couple Traveler

        8.1.3. Group Traveler

    8.2. Incremental Opportunity, By Traveler Type

9. Global Travel and Tourism Market Analysis and Forecast, By Travel Days

    9.1. Travel and Tourism Market (US$ Bn), By Travel Days, 2017 - 2031

        9.1.1. Less than 7 Days

        9.1.2. 8-15 Days

        9.1.3. 16-30 Days

        9.1.4. More than 30 Days

    9.2. Incremental Opportunity, By Travel Days

10. Global Travel and Tourism Market Analysis and Forecast, By Travel Mode

    10.1. Travel and Tourism Market (US$ Bn), By Travel Mode, 2017 - 2031

        10.1.1. Travel Packages

        10.1.2. Self-catered

    10.2. Incremental Opportunity, By Travel Mode

11. Global Travel and Tourism Market Analysis and Forecast, By Booking

    11.1. Travel and Tourism Market (US$ Bn), By Booking, 2017 - 2031

        11.1.1. Online

        11.1.2. Offline

    11.2. Incremental Opportunity, By Booking

12. Global Travel and Tourism Market Analysis and Forecast, by Region

    12.1. Travel and Tourism Market (US$ Bn), by Region, 2017 - 2031

        12.1.1. North America

        12.1.2. Europe

        12.1.3. Asia Pacific

        12.1.4. Middle East & Africa

        12.1.5. South America

    12.2. Incremental Opportunity, by Region

13. North America Travel and Tourism Market Analysis and Forecast

    13.1. Regional Snapshot

    13.2. Price Trend Analysis

        13.2.1. Weighted Average Selling Price (US$)

    13.3. Demographic Overview

    13.4. Key Brand Analysis

    13.5. Key Trends Analysis

        13.5.1. Demand Side Analysis

        13.5.2. Supply Side Analysis

    13.6. Consumer Buying Behavior Analysis

    13.7. Travel and Tourism Market (US$ Bn), By Type, 2017 - 2031

        13.7.1. Leisure

        13.7.2. Educational

        13.7.3. Business

        13.7.4. Sports

        13.7.5. Medical Tourism

        13.7.6. Others (Event Travel, Volunteer Travel, etc.)

    13.8. Travel and Tourism Market (US$ Bn), By Application, 2017 - 2031

        13.8.1. Domestic

        13.8.2. International

    13.9. Travel and Tourism Market (US$ Bn), By Traveler Type, 2017 - 2031

        13.9.1. Solo Traveler

        13.9.2. Couple Traveler

        13.9.3. Group Traveler

    13.10. Travel and Tourism Market (US$ Bn), By Travel Days, 2017 - 2031

        13.10.1. Less than 7 Days

        13.10.2. 8-15 Days

        13.10.3. 16-30 Days

        13.10.4. More than 30 Days

    13.11. Travel and Tourism Market (US$ Bn), By Travel Mode, 2017 - 2031

        13.11.1. Travel Packages

        13.11.2. Self-catered

    13.12. Travel and Tourism Market (US$ Bn), By Booking, 2017 - 2031

        13.12.1. Online

        13.12.2. Offline

    13.13. Travel and Tourism Market (US$ Bn) Forecast, By Country, 2017 - 2031

        13.13.1. U.S.

        13.13.2. Canada

        13.13.3. Rest of North America

    13.14. Incremental Opportunity Analysis

14. Europe Travel and Tourism Market Analysis and Forecast

    14.1. Regional Snapshot

    14.2. Price Trend Analysis

        14.2.1. Weighted Average Selling Price (US$)

    14.3. Demographic Overview

    14.4. Key Brand Analysis

    14.5. Key Trends Analysis

        14.5.1. Demand Side Analysis

        14.5.2. Supply Side Analysis

    14.6. Consumer Buying Behavior Analysis

    14.7. Travel and Tourism Market (US$ Bn), By Type, 2017 - 2031

        14.7.1. Leisure

        14.7.2. Educational

        14.7.3. Business

        14.7.4. Sports

        14.7.5. Medical Tourism

        14.7.6. Others (Event Travel, Volunteer Travel, etc.)

    14.8. Travel and Tourism Market (US$ Bn), By Application, 2017 - 2031

        14.8.1. Domestic

        14.8.2. International

    14.9. Travel and Tourism Market (US$ Bn), By Traveler Type, 2017 - 2031

        14.9.1. Solo Traveler

        14.9.2. Couple Traveler

        14.9.3. Group Traveler

    14.10. Travel and Tourism Market (US$ Bn), By Travel Days, 2017 - 2031

        14.10.1. Less than 7 Days

        14.10.2. 8-15 Days

        14.10.3. 16-30 Days

        14.10.4. More than 30 Days

    14.11. Travel and Tourism Market (US$ Bn), By Travel Mode, 2017 - 2031

        14.11.1. Travel Packages

        14.11.2. Self-catered

    14.12. Travel and Tourism Market (US$ Bn), By Booking, 2017 - 2031

        14.12.1. Online

        14.12.2. Offline

    14.13. Travel and Tourism Market (US$ Bn) Forecast, By Country, 2017 - 2031

        14.13.1. U.K.

        14.13.2. Germany

        14.13.3. France

        14.13.4. Rest of Europe

    14.14. Incremental Opportunity Analysis

15. Asia Pacific Travel and Tourism Market Analysis and Forecast

    15.1. Regional Snapshot

    15.2. Price Trend Analysis

        15.2.1. Weighted Average Selling Price (US$)

    15.3. Demographic Overview

    15.4. Key Brand Analysis

    15.5. Key Trends Analysis

        15.5.1. Demand Side Analysis

        15.5.2. Supply Side Analysis

    15.6. Consumer Buying Behavior Analysis

    15.7. Travel and Tourism Market (US$ Bn), By Type, 2017 - 2031

        15.7.1. Leisure

        15.7.2. Educational

        15.7.3. Business

        15.7.4. Sports

        15.7.5. Medical Tourism

        15.7.6. Others (Event Travel, Volunteer Travel, etc.)

    15.8. Travel and Tourism Market (US$ Bn), By Application, 2017 - 2031

        15.8.1. Domestic

        15.8.2. International

    15.9. Travel and Tourism Market (US$ Bn), By Traveler Type, 2017 - 2031

        15.9.1. Solo Traveler

        15.9.2. Couple Traveler

        15.9.3. Group Traveler

    15.10. Travel and Tourism Market (US$ Bn), By Travel Days, 2017 - 2031

        15.10.1. Less than 7 Days

        15.10.2. 8-15 Days

        15.10.3. 16-30 Days

        15.10.4. More than 30 Days

    15.11. Travel and Tourism Market (US$ Bn), By Travel Mode, 2017 - 2031

        15.11.1. Travel Packages

        15.11.2. Self-catered

    15.12. Travel and Tourism Market (US$ Bn), By Booking, 2017 - 2031

        15.12.1. Online

        15.12.2. Offline

    15.13. Travel and Tourism Market (US$ Bn) Forecast, By Country, 2017 - 2031

        15.13.1. China

        15.13.2. India

        15.13.3. Japan

        15.13.4. Rest of Asia Pacific

    15.14. Incremental Opportunity Analysis

16. Middle East & Africa Travel and Tourism Market Analysis and Forecast

    16.1. Regional Snapshot

    16.2. Price Trend Analysis

        16.2.1. Weighted Average Selling Price (US$)

    16.3. Demographic Overview

    16.4. Key Brand Analysis

    16.5. Key Trends Analysis

        16.5.1. Demand Side Analysis

        16.5.2. Supply Side Analysis

    16.6. Consumer Buying Behavior Analysis

    16.7. Travel and Tourism Market (US$ Bn), By Type, 2017 - 2031

        16.7.1. Leisure

        16.7.2. Educational

        16.7.3. Business

        16.7.4. Sports

        16.7.5. Medical Tourism

        16.7.6. Others (Event Travel, Volunteer Travel, etc.)

    16.8. Travel and Tourism Market (US$ Bn), By Application, 2017 - 2031

        16.8.1. Domestic

        16.8.2. International

    16.9. Travel and Tourism Market (US$ Bn), By Traveler Type, 2017 - 2031

        16.9.1. Solo Traveler

        16.9.2. Couple Traveler

        16.9.3. Group Traveler

    16.10. Travel and Tourism Market (US$ Bn), By Travel Days, 2017 - 2031

        16.10.1. Less than 7 Days

        16.10.2. 8-15 Days

        16.10.3. 16-30 Days

        16.10.4. More than 30 Days

    16.11. Travel and Tourism Market (US$ Bn), By Travel Mode, 2017 - 2031

        16.11.1. Travel Packages

        16.11.2. Self-catered

    16.12. Travel and Tourism Market (US$ Bn), By Booking, 2017 - 2031

        16.12.1. Online

        16.12.2. Offline

    16.13. Travel and Tourism Market (US$ Bn) Forecast, By Country, 2017 - 2031

        16.13.1. GCC

        16.13.2. South Africa

        16.13.3. Rest of Middle East & Africa

    16.14. Incremental Opportunity Analysis

17. South America Travel and Tourism Market Analysis and Forecast

    17.1. Regional Snapshot

    17.2. Price Trend Analysis

        17.2.1. Weighted Average Selling Price (US$)

    17.3. Demographic Overview

    17.4. Key Brand Analysis

    17.5. Key Trends Analysis

        17.5.1. Demand Side Analysis

        17.5.2. Supply Side Analysis

    17.6. Consumer Buying Behavior Analysis

    17.7. Travel and Tourism Market (US$ Bn), By Type, 2017 - 2031

        17.7.1. Leisure

        17.7.2. Educational

        17.7.3. Business

        17.7.4. Sports

        17.7.5. Medical Tourism

        17.7.6. Others (Event Travel, Volunteer Travel, etc.)

    17.8. Travel and Tourism Market (US$ Bn), By Application, 2017 - 2031

        17.8.1. Domestic

        17.8.2. International

    17.9. Travel and Tourism Market (US$ Bn), By Traveler Type, 2017 - 2031

        17.9.1. Solo Traveler

        17.9.2. Couple Traveler

        17.9.3. Group Traveler

    17.10. Travel and Tourism Market (US$ Bn), By Travel Days, 2017 - 2031

        17.10.1. Less than 7 Days

        17.10.2. 8-15 Days

        17.10.3. 16-30 Days

        17.10.4. More than 30 Days

    17.11. Travel and Tourism Market (US$ Bn), By Travel Mode, 2017 - 2031

        17.11.1. Travel Packages

        17.11.2. Self-catered

    17.12. Travel and Tourism Market (US$ Bn), By Booking, 2017 - 2031

        17.12.1. Online

        17.12.2. Offline

    17.13. Travel and Tourism Market (US$ Bn) Forecast, By Country, 2017 - 2031

        17.13.1. Brazil

        17.13.2. Rest of South America

    17.14. Incremental Opportunity Analysis

18. Competition Landscape

    18.1. Market Player - Competition Dashboard

    18.2. Market Revenue Share Analysis (%), (2022)

    18.3. Company Profiles (Details - Company Overview, Sales Area/Geographical Presence, Revenue, Strategy & Business Overview)

        18.3.1. Accor

            18.3.1.1. Company Overview

            18.3.1.2. Sales Area/Geographical Presence

            18.3.1.3. Revenue

            18.3.1.4. Strategy & Business Overview

        18.3.2. Adris Grupa d.d.

            18.3.2.1. Company Overview

            18.3.2.2. Sales Area/Geographical Presence

            18.3.2.3. Revenue

            18.3.2.4. Strategy & Business Overview

        18.3.3. Airbnb, Inc.

            18.3.3.1. Company Overview

            18.3.3.2. Sales Area/Geographical Presence

            18.3.3.3. Revenue

            18.3.3.4. Strategy & Business Overview

        18.3.4. Balkan Holidays Ltd.

            18.3.4.1. Company Overview

            18.3.4.2. Sales Area/Geographical Presence

            18.3.4.3. Revenue

            18.3.4.4. Strategy & Business Overview

        18.3.5. Carnival Corporation & plc

            18.3.5.1. Company Overview

            18.3.5.2. Sales Area/Geographical Presence

            18.3.5.3. Revenue

            18.3.5.4. Strategy & Business Overview

        18.3.6. Crown Resorts Ltd.

            18.3.6.1. Company Overview

            18.3.6.2. Sales Area/Geographical Presence

            18.3.6.3. Revenue

            18.3.6.4. Strategy & Business Overview

        18.3.7. G Adventures

            18.3.7.1. Company Overview

            18.3.7.2. Sales Area/Geographical Presence

            18.3.7.3. Revenue

            18.3.7.4. Strategy & Business Overview

        18.3.8. Hilton Worldwide Holdings Inc.

            18.3.8.1. Company Overview

            18.3.8.2. Sales Area/Geographical Presence

            18.3.8.3. Revenue

            18.3.8.4. Strategy & Business Overview

        18.3.9. TUI Group

            18.3.9.1. Company Overview

            18.3.9.2. Sales Area/Geographical Presence

            18.3.9.3. Revenue

            18.3.9.4. Strategy & Business Overview

        18.3.10. Travel Leaders Group, LLC

            18.3.10.1. Company Overview

            18.3.10.2. Sales Area/Geographical Presence

            18.3.10.3. Revenue

            18.3.10.4. Strategy & Business Overview

        18.3.11. Insight Vacations

            18.3.11.1. Company Overview

            18.3.11.2. Sales Area/Geographical Presence

            18.3.11.3. Revenue

            18.3.11.4. Strategy & Business Overview

        18.3.12. Frosch International Travel, Inc.

            18.3.12.1. Company Overview

            18.3.12.2. Sales Area/Geographical Presence

            18.3.12.3. Revenue

            18.3.12.4. Strategy & Business Overview

        18.3.13. Other Key Players

            18.3.13.1. Company Overview

            18.3.13.2. Sales Area/Geographical Presence

            18.3.13.3. Revenue

            18.3.13.4. Strategy & Business Overview

19. Go To Market Strategy

    19.1. Identification of Potential Market Spaces

    19.2. Understanding Procurement Process of Customers

    19.3. Preferred Sales & Marketing Strategy

    19.4. Prevailing Market Risks

List of Tables

Table 1: Global Travel and Tourism Market Value (US$ Bn) Projection By Type 2017-2031

Table 2: Global Travel and Tourism Market Value (US$ Bn) Projection By Application 2017-2031

Table 3: Global Travel and Tourism Market Value (US$ Bn) Projection By Traveler Type 2017-2031

Table 4: Global Travel and Tourism Market Value (US$ Bn) Projection By Travel Days 2017-2031

Table 5: Global Travel and Tourism Market Value (US$ Bn) Projection By Travel Mode 2017-2031

Table 6: Global Travel and Tourism Market Value (US$ Bn) Projection By Booking 2017-2031

Table 7: Global Travel and Tourism Market Value (US$ Bn) Projection By Region 2017-2031

Table 8: North America Travel and Tourism Market Value (US$ Bn) Projection By Type 2017-2031

Table 9: North America Travel and Tourism Market Value (US$ Bn) Projection By Application 2017-2031

Table 10: North America Travel and Tourism Market Value (US$ Bn) Projection By Traveler Type 2017-2031

Table 11: North America Travel and Tourism Market Value (US$ Bn) Projection By Travel Days 2017-2031

Table 12: North America Travel and Tourism Market Value (US$ Bn) Projection By Travel Mode 2017-2031

Table 13: North America Travel and Tourism Market Value (US$ Bn) Projection By Booking 2017-2031

Table 14: North America Travel and Tourism Market Value (US$ Bn) Projection By Country 2017-2031

Table 15: Europe Travel and Tourism Market Value (US$ Bn) Projection By Type 2017-2031

Table 16: Europe Travel and Tourism Market Value (US$ Bn) Projection By Application 2017-2031

Table 17: Europe Travel and Tourism Market Value (US$ Bn) Projection By Traveler Type 2017-2031

Table 18: Europe Travel and Tourism Market Value (US$ Bn) Projection By Travel Days 2017-2031

Table 19: Europe Travel and Tourism Market Value (US$ Bn) Projection By Travel Mode 2017-2031

Table 20: Europe Travel and Tourism Market Value (US$ Bn) Projection By Booking 2017-2031

Table 21: Europe Travel and Tourism Market Value (US$ Bn) Projection By Country 2017-2031

Table 22: Asia Pacific Travel and Tourism Market Value (US$ Bn) Projection By Type 2017-2031

Table 23: Asia Pacific Travel and Tourism Market Value (US$ Bn) Projection By Application 2017-2031

Table 24: Asia Pacific Travel and Tourism Market Value (US$ Bn) Projection By Traveler Type 2017-2031

Table 25: Asia Pacific Travel and Tourism Market Value (US$ Bn) Projection By Travel Days 2017-2031

Table 26: Asia Pacific Travel and Tourism Market Value (US$ Bn) Projection By Travel Mode 2017-2031

Table 27: Asia Pacific Travel and Tourism Market Value (US$ Bn) Projection By Booking 2017-2031

Table 28: Asia Pacific Travel and Tourism Market Value (US$ Bn) Projection By Country 2017-2031

Table 29: Middle East & Africa Travel and Tourism Market Value (US$ Bn) Projection By Type 2017-2031

Table 30: Middle East & Africa Travel and Tourism Market Value (US$ Bn) Projection By Application 2017-2031

Table 31: Middle East & Africa Travel and Tourism Market Value (US$ Bn) Projection By Traveler Type 2017-2031

Table 32: Middle East & Africa Travel and Tourism Market Value (US$ Bn) Projection By Travel Days 2017-2031

Table 33: Middle East & Africa Travel and Tourism Market Value (US$ Bn) Projection By Travel Mode 2017-2031

Table 34: Middle East & Africa Travel and Tourism Market Value (US$ Bn) Projection By Booking 2017-2031

Table 35: Middle East & Africa Travel and Tourism Market Value (US$ Bn) Projection By Country 2017-2031

Table 36: South America Travel and Tourism Market Value (US$ Bn) Projection By Type 2017-2031

Table 37: South America Travel and Tourism Market Value (US$ Bn) Projection By Application 2017-2031

Table 38: South America Travel and Tourism Market Value (US$ Bn) Projection By Traveler Type 2017-2031

Table 39: South America Travel and Tourism Market Value (US$ Bn) Projection By Travel Days 2017-2031

Table 40: South America Travel and Tourism Market Value (US$ Bn) Projection By Travel Mode 2017-2031

Table 41: South America Travel and Tourism Market Value (US$ Bn) Projection By Booking 2017-2031

Table 42: South America Travel and Tourism Market Value (US$ Bn) Projection By Country 2017-2031

List of Figures

Figure 1: Global Travel and Tourism Market Value (US$ Bn) Projection, By Type 2017-2031

Figure 2: Global Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Type 2023-2031

Figure 3: Global Travel and Tourism Market Value (US$ Bn) Projection, By Application 2017-2031

Figure 4: Global Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Application 2023-2031

Figure 5: Global Travel and Tourism Market Value (US$ Bn) Projection, By Traveler Type 2017-2031

Figure 6: Global Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Traveler Type 2023-2031

Figure 7: Global Travel and Tourism Market Value (US$ Bn) Projection, By Travel Days 2017-2031

Figure 8: Global Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Travel Days 2023-2031

Figure 9: Global Travel and Tourism Market Value (US$ Bn) Projection, By Travel Mode 2017-2031

Figure 10: Global Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Travel Mode 2023-2031

Figure 11: Global Travel and Tourism Market Value (US$ Bn) Projection, By Booking 2017-2031

Figure 12: Global Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Booking 2023-2031

Figure 13: Global Travel and Tourism Market Value (US$ Bn) Projection, By Region 2017-2031

Figure 14: Global Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Region 2023-2031

Figure 15: North America Travel and Tourism Market Value (US$ Bn) Projection, By Type 2017-2031

Figure 16: North America Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Type 2023-2031

Figure 17: North America Travel and Tourism Market Value (US$ Bn) Projection, By Application 2017-2031

Figure 18: North America Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Application 2023-2031

Figure 19: North America Travel and Tourism Market Value (US$ Bn) Projection, By Traveler Type 2017-2031

Figure 20: North America Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Traveler Type 2023-2031

Figure 21: North America Travel and Tourism Market Value (US$ Bn) Projection, By Travel Days 2017-2031

Figure 22: North America Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Travel Days 2023-2031

Figure 23: North America Travel and Tourism Market Value (US$ Bn) Projection, By Travel Mode 2017-2031

Figure 24: North America Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Travel Mode 2023-2031

Figure 25: North America Travel and Tourism Market Value (US$ Bn) Projection, By Booking 2017-2031

Figure 26: North America Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Booking 2023-2031

Figure 27: North America Travel and Tourism Market Value (US$ Bn) Projection, By Country 2017-2031

Figure 28: North America Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Country 2023-2031

Figure 29: Europe Travel and Tourism Market Value (US$ Bn) Projection, By Type 2017-2031

Figure 30: Europe Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Type 2023-2031

Figure 31: Europe Travel and Tourism Market Value (US$ Bn) Projection, By Application 2017-2031

Figure 32: Europe Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Application 2023-2031

Figure 33: Europe Travel and Tourism Market Value (US$ Bn) Projection, By Traveler Type 2017-2031

Figure 34: Europe Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Traveler Type 2023-2031

Figure 35: Europe Travel and Tourism Market Value (US$ Bn) Projection, By Travel Days 2017-2031

Figure 36: Europe Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Travel Days 2023-2031

Figure 37: Europe Travel and Tourism Market Value (US$ Bn) Projection, By Travel Mode 2017-2031

Figure 38: Europe Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Travel Mode 2023-2031

Figure 39: Europe Travel and Tourism Market Value (US$ Bn) Projection, By Booking 2017-2031

Figure 40: Europe Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Booking 2023-2031

Figure 41: Europe Travel and Tourism Market Value (US$ Bn) Projection, By Country 2017-2031

Figure 42: Europe Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Country 2023-2031

Figure 43: Asia Pacific Travel and Tourism Market Value (US$ Bn) Projection, By Type 2017-2031

Figure 44: Asia Pacific Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Type 2023-2031

Figure 45: Asia Pacific Travel and Tourism Market Value (US$ Bn) Projection, By Application 2017-2031

Figure 46: Asia Pacific Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Application 2023-2031

Figure 47: Asia Pacific Travel and Tourism Market Value (US$ Bn) Projection, By Traveler Type 2017-2031

Figure 48: Asia Pacific Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Traveler Type 2023-2031

Figure 49: Asia Pacific Travel and Tourism Market Value (US$ Bn) Projection, By Travel Days 2017-2031

Figure 50: Asia Pacific Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Travel Days 2023-2031

Figure 51: Asia Pacific Travel and Tourism Market Value (US$ Bn) Projection, By Travel Mode 2017-2031

Figure 52: Asia Pacific Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Travel Mode 2023-2031

Figure 53: Asia Pacific Travel and Tourism Market Value (US$ Bn) Projection, By Booking 2017-2031

Figure 54: Asia Pacific Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Booking 2023-2031

Figure 55: Asia Pacific Travel and Tourism Market Value (US$ Bn) Projection, By Country 2017-2031

Figure 56: Asia Pacific Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Country 2023-2031

Figure 57: Middle East & Africa Travel and Tourism Market Value (US$ Bn) Projection, By Type 2017-2031

Figure 58: Middle East & Africa Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Type 2023-2031

Figure 59: Middle East & Africa Travel and Tourism Market Value (US$ Bn) Projection, By Application 2017-2031

Figure 60: Middle East & Africa Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Application 2023-2031

Figure 61: Middle East & Africa Travel and Tourism Market Value (US$ Bn) Projection, By Traveler Type 2017-2031

Figure 62: Middle East & Africa Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Traveler Type 2023-2031

Figure 63: Middle East & Africa Travel and Tourism Market Value (US$ Bn) Projection, By Travel Days 2017-2031

Figure 64: Middle East & Africa Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Travel Days 2023-2031

Figure 65: Middle East & Africa Travel and Tourism Market Value (US$ Bn) Projection, By Travel Mode 2017-2031

Figure 66: Middle East & Africa Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Travel Mode 2023-2031

Figure 67: Middle East & Africa Travel and Tourism Market Value (US$ Bn) Projection, By Booking 2017-2031

Figure 68: Middle East & Africa Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Booking 2023-2031

Figure 69: Middle East & Africa Travel and Tourism Market Value (US$ Bn) Projection, By Country 2017-2031

Figure 70: Middle East & Africa Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Country 2023-2031

Figure 71: South America Travel and Tourism Market Value (US$ Bn) Projection, By Type 2017-2031

Figure 72: South America Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Type 2023-2031

Figure 73: South America Travel and Tourism Market Value (US$ Bn) Projection, By Application 2017-2031

Figure 74: South America Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Application 2023-2031

Figure 75: South America Travel and Tourism Market Value (US$ Bn) Projection, By Traveler Type 2017-2031

Figure 76: South America Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Traveler Type 2023-2031

Figure 77: South America Travel and Tourism Market Value (US$ Bn) Projection, By Travel Days 2017-2031

Figure 78: South America Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Travel Days 2023-2031

Figure 79: South America Travel and Tourism Market Value (US$ Bn) Projection, By Travel Mode 2017-2031

Figure 80: South America Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Travel Mode 2023-2031

Figure 81: South America Travel and Tourism Market Value (US$ Bn) Projection, By Booking 2017-2031

Figure 82: South America Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Booking 2023-2031

Figure 83: South America Travel and Tourism Market Value (US$ Bn) Projection, By Country 2017-2031

Figure 84: South America Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Country 2023-2031

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The State of the Travel Industry in 2023: Current Trends and Future Outlook

Kentucky chamber ceo: we must protect the free enterprise system, how franchising can help fuel the american dream, microsoft president: responsible ai development can drive innovation, suzanne clark's 2024 state of american business remarks, rhythms of success: the free enterprise tune of a small business.

January 12, 2023

Featured Guest

Tony Capuano CEO, Marriott International, Inc.

Chip Rogers President & CEO, American Hotel & Lodging Association (AHLA)

As COVID-19 restrictions have continued to ease, the travel and hospitality industries have seen a resurgence in customers. Companies like Marriott have seen percentage increases in revenue and rate, even topping pre-pandemic levels.

During the U.S. Chamber of Commerce’s 2023 State of American Business event, Chip Rogers, President and CEO of the American Hotel and Lodging Association , and Tony Capuano, CEO of Marriott International, Inc. , sat down for a fireside chat. Read on for their insights on the post-COVID state of the travel industry, a shifting customer base, and the outlook for 2023 and beyond.

2022 Demonstrated the Power and Resilience of Travel

After declines amid the pandemic, 2022 brought about a positive recovery for the travel industry.

“[2022] reminded us of the power and resilience of travel,” said Capuano. “If you look at the forward bookings through the holiday season, [you’ll see] really strong and compelling numbers … so we’re really encouraged.”

“The only caveat I would give you about that optimism is, as you know, the booking windows are much shorter than we’ve seen them in a pre-pandemic world,” he added. “So those trends can change more quickly than we’re accustomed to."

The ‘Regular’ Customer Segments Are Shifting

At the start of pandemic recovery, industry leaders believed leisure travel would lead travel recovery, with business travel closely behind and group travel at a distant third, according to Capuano. While some of those predictions have held, others have shifted.

“Leisure [travel] continues to be exceedingly strong, and group [travel] has surprised to the upside,” he explained. “Business travel is perhaps the tortoise in this ‘Tortoise and the Hare,’ slow-and-steady recovery.”

However, Capuano noted customer segments are becoming less and less strictly defined.

“[There’s] this trend we've seen emerge over the pandemic of blended trip purpose … [where] more and more folks are combining leisure and business travel,” he said. “If this has staying power, I think it’s absolutely a game changer, as we get back to normal business travel and hopefully maintain that leisure travel.”

To accommodate this shifting demand, Marriott has focused on expanding offerings to accommodate both the business and leisure sides of travelers’ trips.

“[We’ve had] a very big focus on [expanding bandwidth], so that if [we’ve] got 300 rooms full of guests on Zoom calls simultaneously, we’ve got the bandwidth to cover it,” Capuano added. “[We’re also] being more thoughtful about fitness, leisure, and food and beverage offerings — and having the flexibility to pivot those offerings as somebody sheds their business suit on Thursday and changes into shorts and flip flops for the weekend.”

2023 Offers Hope for Continued Growth in the Travel and Hospitality Sectors

As the travel and hospitality sectors continue to grow and shift in the post-pandemic era, Capuano shared reasons for optimism in 2023.

“Number one, it's our people,” he emphasized. “When you see their passion, their enthusiasm, their resilience, their creativity, and just how joyful they are to have their hotels full again … it's hard not to be filled with optimism.”

“If you look at how far the industry has come over the last few years,” Capuano continued, “any lingering doubts folks may have had about the resilience of travel — and about the passion that the general public has to explore cities and countries — it's hard not to be excited about the future of our industry.”

• Post-Pandemic Work

From the Series

State of American Business

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Report Description

Table of content, competitive landscape, methodology.

• Consumer Goods
• Travel & Luxury Travel
• Tourism Market Size, Share, Growth & Industry Trends [2032]

Tourism Market

Segments - by Travel Days (Within 7 Days, More Than 15 Days, and 7-15 Days), Travel Type (Business Spending and Leisure Spending), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2024–2032

Debadatta Patel

Fact-checked by:

Partha Paul

Tourism Market Outlook 2032

The global tourism market size was USD 12.4 Trillion in 2023 and is projected to reach USD 23.1 Trillion by 2032 , expanding at a CAGR of 5.4% during 2024–2032 . The market growth is attributed to the increasing standard of living and mobility. Increasing global mobility and disposable income are expected to boost the market. Tourism offers immense opportunities for economic growth and job creation as one of the world's largest economic sectors. It generates revenue, fosters cultural exchange, promotes peace, and helps preserve natural and cultural heritage.

Rising popularity of experiential tourism is projected to signify a shift in consumer preferences from traditional sightseeing to immersive experiences. Today's tourists seek authentic, personalized experiences that allow them to connect with local cultures, learn new skills, and gain a deeper understanding of their destinations. This trend is driving innovation in the tourism industry, with businesses developing unique offerings to cater to these evolving demands.

Impact of Artificial Intelligence (AI) in Tourism Market

Artificial Intelligence (AI) has a significant impact on tourism market. AI's role in enhancing customer service is particularly noteworthy, with chatbots and virtual assistants providing round-the-clock assistance, thereby improving response times and customer satisfaction. AI's ability to analyze vast amounts of data allows for the creation of highly personalized travel recommendations, enhancing customer engagement and fostering loyalty. AI-powered predictive analytics enable businesses to forecast demand accurately, optimize pricing strategies, and manage resources effectively on the operational side. Additionally, AI's role in automating routine tasks reduces operational costs and allows staff to focus on complex, value-adding activities.

Tourism Market Dynamics

Major drivers.

Surging globalization is expected to drive the market. Travel becomes easier and accessible as the world becomes interconnected. This trend is projected to boost the market, as it facilitates international travel and promotes cultural exchange. Rising government initiatives promoting tourism is projected to propel the market. Governments worldwide are estimated to invest in tourism infrastructure and marketing to attract international visitors. These initiatives are expected to boost the tourism market, as they enhance the accessibility and attractiveness of travel destinations.

Existing Restraints

Increasing environmental concerns are expected to pose a significant challenge to the market. The industry's impact on natural resources, pollution, and climate change is leading to growing scrutiny. This trend is projected to intensify, leading to stricter regulations and a decrease in tourist activities in certain regions. Growing security concerns are projected to act as a restraint on the market. Instances of terrorism, political instability, and natural disasters significantly deter tourists. This factor is likely to continue to influence the decisions of travelers, limiting the market.

Emerging Opportunities

­Increasing adoption of digital technology is projected to present a significant opportunity for the market. An increasing number of travelers are expected to use digital platforms for booking and planning their trips as technology advances. This trend is projected to open new avenues for market players, as they offer innovative and convenient digital solutions for travelers. High demand for wellness and medical tourism is expected to present potential for the market. Consumers are projected to seek travel experiences that promote wellness as health and wellness become important to them. This demand is likely to create opportunities for market players, as they develop and offer wellness-focused travel products and services.

Scope of the Tourism Market Report

The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics are included in the report.

Regional Outlook

In terms of region , the global tourism market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Europe, specifically France held a major market share in 2023 due to its rich cultural heritage, world-renowned landmarks such as the Eiffel Tower and the Louvre, and its reputation as a global culinary capital. Additionally, France's well-developed infrastructure and strategic location in Europe, which allows for easy travel from neighboring countries, further bolstered its market share. The market in Asia Pacific, particularly China is projected to grow at a significant pace in the years to come owing to China's rich cultural history, diverse landscapes, and rapid urban development making it an increasingly attractive destination for international travelers. China's growing middle class is driving domestic tourism , contributing to its overall market share. The government of China’s initiatives to boost tourism, such as improving infrastructure and easing visa restrictions, are expected to enhance its appeal as a travel destination, thereby driving its market.

Tourism Market Segment Insights

Travel days segment analysis.

Based on travel days , the tourism market is divided into within 7 days, more than 15 days, and 7-15 days. The 7-15 days segment held the major share of the market in 2023 due to this duration offering an optimal balance between exploration and relaxation, enabling travelers to immerse themselves in the destination without feeling rushed. The rise of this segment is attributed to the increasing preference for comprehensive travel experiences that allow for a deeper understanding of the local culture and environment. The 7 days segment is expected to expand at a significant growth rate in the coming years owing to the growing demand for short, frequent getaways that provide a quick respite from daily routines. The convenience and affordability of these shorter trips and the increasing availability of weekend packages and city breaks, is expected to fuel the segment.

Travel Type Segment Analysis

On the basis of travel type , the global market is segregated into business spending and leisure spending. The business spending segment held largest market share in 2023 due to the necessity of face-to-face meetings and networking events in many industries. Despite the rise of digital communication tools, in-person interactions remain crucial in the business world, leading to a steady demand for business travel. The leisure spending segment is anticipated to grow at a substantial CAGR during the forecast period owing to the growing emphasis on work-life balance and the recognition of travel as a means of relaxation and rejuvenation. The increasing disposable income and the rising trend of experiential travel is projected to drive the segment in the coming years.

The tourism market has been segmented on the basis of

Travel Days

• Within 7 Days
• More Than 15 Days

Travel Type

• Business Spending
• Leisure Spending
• Asia Pacific
• North America
• Latin America
• Middle East & Africa

Key Players

• Austin Adventures, Inc.
• Butterfield & Robinson Inc.
• Cox & Kings Ltd.
• Discovery Nomads
• G Adventures
• Geographic Expeditions Inc.
• Intrepid Group, ltd.
• Mountain Travel Sobek
• Row Adventures

Key players competing in the global tourism market are Austin Adventures, Inc.; Butterfield & Robinson Inc.; Cox & Kings Ltd.; Discovery Nomads; G Adventures; Geographic Expeditions Inc.; Intrepid Group, ltd.; Mountain Travel Sobek; Row Adventures; and Tui Group. These companies use development strategies including mergers, acquisitions, partnerships, collaboration, and product launches to expand their consumer base worldwide.

In January 2021 , Geographic Expeditions Inc. , a key market player, initiated a three-country expedition across the Horn of Africa, encompassing less explored destinations such as Eritrea, Djibouti, and the self-proclaimed nation of Somaliland.

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The Global Travel Compass: 2024 Industry Outlook

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As we settle into a new year, I always enjoy the exercise of reflecting on the year behind us and evaluating (with a healthy dose of optimism) what lies ahead. Inside our business, we’re squarely positioned at the crossroads of the travel and tourism industry, where macroeconomic factors, consumer behavior and innovation converge.

In 2023, the industry continued its resettling following the impact of the COVID-19 pandemic. In 2024, our research shows that travel intent remains steady, despite rising travel costs and in defiance of many predictions. No longer driven by the need to travel just because they finally can, travelers are looking to elicit specific feelings when they select a destination and plan their experience. Given air travel has now surpassed 2019 levels, they are clearly prioritizing their moment(s) of bliss – whatever those unique experiences might be.

At MMGY Global, we’re lucky to have the most experienced leaders across all facets of the travel industry leading our global business. Our team collaborated to share “ins and outs” for this new year.

In: Vibes. Travelers are looking to immerse themselves in other cultures, and brands that can find novel ways to fill their need will benefit.

Out : Revenge travel.

In: Event and gig trips. After Taylor Swift’s “The Eras Tour” raked in billions, destinations will need to look at event-driven tourism differently in order to make the most of it.

Out: Banking your PTO.

In: The human touch. As AI is used with varying degrees of success by the media, journalists and consumers are searching for proof of humanity and authenticity in the content they create and consume.

Out : AI hallucinations and deepfakes.

In: Regenerative travel. While sustainable tourism remains an important topic, it’s evolving into a more holistic approach to create destinations that can successfully weather the test of time.

Out: Performative activism.

In: Keeping it real. With the evolving roles of DMOs and other tourism bodies, it’s possible to eliminate some of travelers’ perceived travel risks – but it needs to be done authentically.

Out: Staying in your lane.

In: Cruising. We’re calling it already: In 2024, travelers are entering their cruise era.

Out: Avoiding the high seas.

While I will always be glass half-full on travel, there are certainly headwinds we’re watching, and we are advising our partners on where to diversify strategy and when to lean into new opportunities because of changing travel behavior.  If you want to read more about MMGY Global bird’s-eye view and microscope look at what’s in and out for our industry in 2024, download the full PDF read at the link below!

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Global Tourism Statistics 2024:Facts and Forecasts

Home » Blog » Global Tourism Statistics 2024:Facts and Forecasts

After the massive hit of the COVID-19 pandemic. Global tourism trends tend to move towards an upward shift. This paradigm shift has a massive impact on tourism and related activities. So, we will delve more into Global Tourism Statistics 2024:Facts and Forecasts today.

There was a subsequent rise in GDP after the COVID-19 pandemic period . Statista predicted in 2022 that the tourism industry will get back on track as tourists tend to be inbound and outbound from place to place.

Table of contents

Global tourism analysis, global tourism statistics 2019, global tourism statistics 2020, global tourism statistics 2021, global tourism statistics 2022, global tourism statistics 202 3, global tourism statistics 2024 | predictive analysis, international tourist arrivals in 2024, global tourism contributions to gdp 2024, global tourism growth rate 2024, global tourism revenue growth rate 2024.

The tourism industry and activities started to flourish after the pandemic. The number started to rise again. Global Tourism Statistics predicted that the travel and tourism business will experience 18% growth in 2024.

This is the highest point after the pandemic period. Hotel bookings, travel, and tourism businesses are expected to reach new heights. Experts suggest it’s the best time to start your own travel and tourism business.

• International tourist arrivals worldwide were around 95,000 at the beginning of 2019.
• The growth rate of tourist arrivals was slower.
• Nearly $1.9 trillion was spent by tourists in 2019.
• Travel receipts were around $9.3 billion in 2019.

Global Tourism was about $8.9 trillion in 2019 . Tourists love to explore beautiful countries. And popular destinations. France tends to hold the Number 1 position in 2019 as more than 90 million tourists visit the country.

(Top 5 visited countries 2019)

Moreover, 2019 tourism was slightly disturbed by covid 19 from July. However, there were many popular destinations loved by tourists worldwide. 

In 2019, the total spending on world tourism reached a peak of $1.86 trillion, showing a growth of 1.81% compared to the previous year. 

This indicates that people tend to spend more on travel and tourism activities, contributing to the overall tourism industry’s economic enhancement. 

The increase in spending suggests a continued interest and investment in tourism experiences on a global scale.

There was a massive decline in the travel and tourism industry in 2020. The tourism industry declined by more than 67% compared to the previous year . This makes one of the greatest downward shifts in the tourism industry ever recorded after subsequent time.

Pacific island Fiji tends to face an economic crisis because of a decline in tourist and tourism activities. Countries relying totally on tourism were more affected this year.

From January to May 2020. International tourist arrivals declined by more than 56% similarly in April it was recorded with a decline of 97%.

(Decline in international tourist arrivals 2019 vs 2022))

The limited movement of people from place to place results in a massive loss for the aviation industry as well. 

Air passenger was reduced by almost 60.2% compared to 2019 . This creates the worst conditions for the airline industry. Among many industries airline industry was one of the most impacted as there was a decline in tourist flow.

• GDP of tourism ( 2.9 of GDP)  $624.7 billion was declined to $356.8 (1.7 of GDP) making it the greatest downfall of all time in tourism history.
• Total number of visitors in 2020 was comparatively low compared with the past 10 years of data.
• Tourism-dependent countries faced a major economic crisis.

Overall global tourism in 2020 didn’t grow that well the unpredictable circumstance has resulted in a massive decline in the GPD as well. There were approximately 1.5 billion tourist arrivals in 2019 and the number declined by more than 75% in 2020 the estimated tourist arrival in 2020 was around 381 million only. Compared with the 2019 tourist arrival the data fluctuation is very high.

The Tourism industry has gone through numerous uptrends and downtrends throughout the period. 2019 ended and 2020 was considered one of the most challenging years for the whole tourism industry. Regarding 2021 the tourism industry starts to rise at a minimal speed. 

In 2021 tourism industry start to gain speed at a minimal rate according to the popular data analytical site Statista. Global tourism worldwide increased by 4% in 2021 compared to 2020.

Matter of fact the international tourist arrival was 79% down compared with the 2019 tourist inbound data.

Recovering from the mass decline of 2020 the tourism industry started to increase with several 64.4% in 2021. The travel and tourism increment number in 2020 was only 50.7% 

(Decline in international tourist arrivals)

In 2021, the US had 22.1 million inbound arrivals, which is a 15% increase from 2020 and a 72% decrease from 2019.

• Overall increment in the tourism industry was recorded at more than 64.4 %
• Export revenues from international tourism dropped 59%.
• In 2021, the travel and tourism industry’s share of GDP increased from 1.54% in 2020 to 2.15% in 2021. 
• Compared to 2019 the contribution of GDP was still down in 2021 ( 49.1% ) only.
• Recovering from the pandemic travel and tourism businesses tend to increase by more than 362 billion dollars.

Regarding 2021 tourism status it has shown a little increment in terms of number compared with the 2020 data. The industry recorded a substantial 64.4% growth , surpassing the incremental rate in 2020.

Export revenues dropped by 59%, while the industry’s share of GDP improved from 1.54% in 2020 to 2.15% in 2021 . Despite signs of recovery, the sector has not reached its growth level in 2020.

Comparing the tourism condition with the year 2021 the number and data start to shift toward an upward curve. Analyzing the data deeply in 2022 total international tourism receipt reached the threshold of $1 trillion which is massive compared to the 2022 number.

However, the total receipts were still not able to reach the number of pre-pandemic. In 2022 more than 900 million tourists travel internationally. 

International tourist spending reached 64% of pre-pandemic levels. 2022 start to maintain sort of momentum to reach the peak point of travel and tourism activities.

   (Travel and tourism contribution over GDP from 2019 to 2022 )

• The total earned export revenue was still below the line ( 34 % ) below pre pre-pandemic level.
• $7.7 trillion contribution to global GDP
• Significant growth in spending of international visitors ( about 20.4% increment )
• 2022 travel and tourism generated more than 22 million new jobs . Significantly high in number compared to 2021 data.

The travel and tourism sector ultimately makes a contribution of 7.7 trillion dollars to global gross domestic product ( GDP ). The number is shifting in an upward trend compared with other previous years. 

The 2022 travel and tourism activities maintained a pace of recovery mode. The industry maintained to level up from the previous year. As it intends to create more jobs and contribute more to the global economy and GDP.

All the dimensions of the tourism industry in 2022  start to evolve and grow over time. Ultimately the revenue received from tourists hit a whopping $1 trillion and more than 900 million people travel globally.

The travel industry solely created millions of jobs and contributed to overall economic growth.

Popular website for travel and tourism data stated that more than 975 million tourists were traveling internationally in the year 2023. Compared with 2021 and 2022 this year seems to be beneficial for travel and tourism industries.

In the first quarter of 2023, there is a spike in the growth of tourist arrivals. International tourist arrival reached 80% of pre-pandemic level. This states that the year 2023 is a sort of recovery year for the tourism industry. After years the industry was able to reach this point.

The travel and tourism industry somehow was able to reach progress similar to the year 2019. Travel bookings were up r oughly 31% at the end of March 2023 compared to the same time in 2019.

The travel and tourism health progress up to 87% in the year 2023. The USA tends to be a prime actor as it was able to accumulate more than $190.39 billion U.S. dollars.

Followed by the supreme country China and Canada.

China accumulated around $154.02 billion U.S. dollars followed by Canada which is $16 billion U.S. dollars.

The total gap between Canada and the USA is around $174.39 billion U.S. dollars respectively. In terms of numbers, these countries seem to do well in the tourism industry.

  (Top 5 Visited Countries 2023 )

• Over 975 million tourists traveled worldwide in 2023 ( Jan to Sep)
• The total projected contribution of travel and tourism was around $2.2 trillion U.S. dollars toward global GDP.
• The total international receipt projected in 2023 was around USD 1.4 trillion .
• Compared with other years in 2023, there were more than 171 nights spent compared to 2022. 
• Rise in tourist traveling rate results into increment in increment in hotel occupancy rate up to 10% higher compared to the previous year.

Airline industries also tend to bounce back as revenues reach more than   $803 billion , Comparatively it’s higher than 2022 as it reached around 9.7%.

Certain external factors do impact the travel business globally. The economic sanctions on Russia by different nations have resulted in delays in travel and tourism as well. Similarly, the zero COVID strategy promulgated by China has also affected the tourism industry overall.

The momentum of global tourism could potentially shift to an upward curve if all external factors don’t interrupt travel and tourism activities.

2024 is regarded as one of the important years for the travel and tourism sector. As the impact of COVID-19 started to overcome the travel and tourism business all across the world started to gain momentum throughout the time.

There are thorough predictions made for 2024 tourism. Multiple analyses tend to show potential opportunities for the tourism sector. From 2019 to 2023 the industry of tourism was scattered by COVID-19 after the interference of COVID-19 the cycle of 2024 tourism got into rollercoaster rides.

However, global tourism spending is predicted to reach $2 trillion in 2024 . After a long period, it’s predicted that international travel trips will exceed pre-pandemic levels in 2024, marking a 3% increase from 2019 .

The overall tourism market will get to a new level. The prediction is that the travel and tourism market will reach $927.30 billion in 2024 . Which is one of the big numbers compared to the previous year’s global tourism statistics.

After lot’s of ups and downs finally the travel and tourism industry is getting into momentum. It’s expected that tourist arrivals in 2024 will increase by 17.23% from the past year i.e. 2023. If the industry can meet the expectation there will be massive changes in the overall tourism business.

• The expected international tourists is about 1.53 billion which is significantly large compared to the previous year.
• the GDP contribution by tourism in 2024 will be 10.6%
• Year-to-year growth in 2024 will be increased by a large number as expectation of over 17.24 % is made.
• Ultimately the revenue will be around US 9.4 billion American dollars .

In 2024, the travel and tourism industry is on the rise after facing challenges. There’s a big anticipation of a 17.23% increase in tourist arrivals compared to 2023.

  (International Tourist Arrival in 2024 )

If this expectation is met, it could bring significant positive changes to the overall tourism business.

The projected number of international tourists for 2024 is a substantial 1.53 billion, a noteworthy increase from the previous year.

The industry’s contribution to the global GDP in 2023 was 10.6%. Looking ahead, there’s an optimistic year-to-year growth forecast of over 17.24% in 2024.

In terms of revenue, the industry is expected to generate around US $9.4 billion . These promising figures indicate a strong recovery and growth for the travel and tourism sector in the coming year.

The travel and tourism industry is getting on track after facing challenges in recent years. For 2024, there is an optimistic growth outlook:

• Tourist arrivals are expected to increase by 17.23% from 2023 . If this matches the expectations, it could bring major positive impacts for the overall tourism business.
• International tourist projections sit at a substantial 1.53 billion for 2024, a significant jump from the previous year’s numbers.
• The industry contributed 10.6% to global GDP in 2023.
• For 2024, year-over-year growth forecasts are a promising 17.24%, indicating strong momentum.
• In terms of revenue generation, the travel sector could reach around USD 9.4 billion.

  (2024 Global Tourism Contribution To GDP)

These numbers and projections point to a rapid recovery and expansion period for international and domestic travel over the coming year.

More people are expected to take vacations and business trips that could greatly benefit tour operators, hotels, airlines, and other travel entities after facing struggles not too long ago.

If the above expectations and forecasts are fulfilled, 2024 is shaping up to be a beneficial year for travel and tourism when looking at tourist arrivals, GDP contributions, growth percentages, and total revenue creation. There seems to be renewed optimism across the sector.

Overall The travel and tourism industry holds a positive growth approach in 2024 according to projections:

• Global tourism saw significant declines in 2020 and 2021 due to the COVID-19 pandemic. However, momentum picked back up in 2022.
• For 2023, the estimated growth rate in global tourism is between 30% to 35% as the industry rebounds.
• Looking ahead to 2024 , the global tourism growth rate is forecasted to be around 34.7%.
• This would represent a noticeable jump from the expected 30-35% growth in 2023 showing sustained positive momentum.
• If 2024 hits the projected 34.7% in tourism growth , it would take global travel significantly above 2019 volumes indicating a full industry comeback has been achieved.
• This global growth also implies strong performance in major tourism markets across different regions like Europe, Asia Pacific, the Americas, the Middle East, and Africa.

  (Global Tourism Growth Rate 2024)

Ultimately, 2024 is setting up to be another very high growth year for travel globally with expectations of over one-third increase in tourism versus 2023 numbers.

All signals point to a sector that has recovered to pre-pandemic strength and managed to undo the large drops observed in 2020 and 2021.

International tourist arrivals are projected to reach 1.53 billion, representing a substantial recovery with an expected year-over-year growth of 17.24% from the 975 million arrivals in 2023.

After facing major challenges in 2020 and 2021, the tourism industry is all set for substantial revenue growth in 2024:

• Global tourism revenue saw a major decline of nearly 50% at the peak of the pandemic. This significantly impacted many travel businesses and destinations.
• A rebound is already underway in 2022 and is expected to continue accelerating through 2023 with an estimated 30-35% growth rate .
• For 2024, global tourism revenues are forecasted to grow around 34.7% year-over-year.
• Gaining a 34.7% revenue growth target would indicate tourism has fully recovered from the pandemic demand shock and is expanding rapidly again.

  (Global Tourism Revenue Growth 2024)

If achieved, 2024 would likely represent the highest-ever revenues for the tourism industry globally surpassing pre-pandemic levels.

The projections for a nearly 35% boost in tourism revenues globally paint an extremely optimistic picture of what lies ahead for the sector in 2024 as demand swells.

It has been made possible with an advent of innovative best tour operator software to launch travel business websites within a short timing.

This rapid growth trajectory beyond 2023 forecasts shows tourism maintaining great momentum as a key recovery success story among industries worldwide.

The overview for tourism in 2024 is highly positive across expected metrics. International tourist arrivals are forecasted to hit 1.5 billion, representing a rapid 17.23% increase from 2023’s estimates, elevating volumes well beyond pre-pandemic levels.

The sector’s contribution to global GDP, which recorded 10.6% in 2023, is also expected to rise considerably in 2024, reflecting its full rise in economic impact. Most notably, tourism revenues could grow up to 34.7% year-over-year, reaching around $9.4 billion globally .

This Global Tourism Statistics 2024:Facts and Forecasts would be the highest growth rate realized since before the COVID-19 downturn,, these projections point to 2024 being a standout year as the industry looks positively to completely negate pandemic losses and reach new historical highs across metrics like tourist arrivals, revenues, and GDP.

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2024 travel trends: what the experts predict

A look at the travel trends and destinations set to drive the tourism industry

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The year of 'surprise travel'?

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Set-jetting continues to take off

Music tourism 'accelerates', palate-led holidays and uk getaways, cultural exploration and quaint cities, journeys with 'a sense of purpose'.

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Fodor's 2024 'No List'

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'More and more surprise trip companies have popped up' 

"Surprise travel" may become the big trend of 2024, said David Farley on the  BBC . A survey of 27,000 travellers in 33 countries by  Booking.com  found that 52% are "keen" to book a surprise trip where "everything down to the destination is unknown until arrival". In the last decade, "more and more surprise trip companies have popped up", Farley added, and the "element of mystery" is "tempting travellers to seek a new way to see the world".

Mongolia and Nairobi included in Lonely Planet's Best in Travel

Mongolia is tipped as one of the top countries to visit 

In its "Best in Travel" report for 2024, Lonely Planet has predicted the world's top 50 countries, regions, cities, best value and most sustainable destinations. Looking at the top places to "unwind, connect, eat, learn and journey", there's "plenty to pack in" over the next year. Destinations highlighted in the report include Mongolia (country), Western Balkans' Trans Dinarica Cycling Route (region), Nairobi in Kenya (city), Spain (sustainable) and The Midwest, USA (best value).

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The new season of 'Emily in Paris' will inspire travel to the French capital

Travellers turning to their TV sets and movie screens for inspiration "shows no signs of stopping in 2024", said Expedia Group . In its "Unpack '24: The Trends in Travel" survey, more than half of travellers have researched or booked a trip to a destination "after seeing it on a TV show or movie", and one in four admit that TV shows and films "are even more influential on their travel plans than they were before". In fact, travellers say TV shows influence their travel decisions more than Instagram, TikTok and podcasts. 

In its "set-jetting forecast", the group predicts the "entertainment-inspired destinations" tourists will be heading to in 2024. The top picks include Thailand, inspired by "The White Lotus" season three; Romania, inspired by "Wednesday" season two; Malta, inspired by the new "Gladiator 2" film; and Paris, inspired by "Emily in Paris" season four. 

Taylor Swift performs at Lumen Field, Seattle, on the Eras Tour

Travel technology company Amadeus has released its fourth travel trends report. Using the latest data and industry-leading insight, travel in 2024 will be dominated by five trends: music tourism, business class fares unbundled, influencers becoming agents, artificial intelligence matures, and electric vertical take-off and landing (eVTOL) aircraft prepare for take-off. 

Music tourism is a trend that's expected to "accelerate" in 2024, Amadeus said. After the social isolation of the pandemic, when bands and musical artists were "grounded for months", a "boom" in concerts and festivals in 2023 tapped into "a desire for connection". When Taylor Swift announced her Asia Pacific tour dates for 2024, Amadeus research suggested that Swift's concert dates in Australia, Singapore and Japan had a "significant impact on travel searches and booking volumes to the countries".  

Lucknam Park Hotel & Spa in Wiltshire is part of the PoB Hotels collection  

PoB Hotels ' "Cultivating Luxury" market trends report found that palate-led holidays and increased domestic getaways in the UK were among the key findings for 2024. Food and drink "undeniably take centre stage" in "capturing the attention" of domestic travellers, commanding an impressive 82% of their interests. A significant 54% of affluent high net worth individuals (HNWIs) plan to enjoy "three or more" leisure holidays within the UK in the upcoming year, reflecting a "notable increase on the previous 12 months". And a considerable 27% of affluent/HNW travellers anticipate taking UK trips "lasting three or more nights" in the coming year. 

Bydgoszcz in Poland is one of the 'quaint cities' attracting interest  

"Cultural exploration" will "more than ever" be a priority for travellers, Skyscanner said in its 2024 travel trends report. Expect "gig trippers" to jet off to see their favourite artists and "budget bougie foodies" to seek out the very best food experiences. When it comes to the destinations that are whetting would-be tourists' appetites, the metasearch engine and travel agency has seen an increase in searches for "quaint cities" such as Vigo in Spain (+1,235%) and Bydgoszcz in Poland (+313%). Meanwhile, the cost-of-living crisis remains "top of mind" with Skyscanner's "Everywhere" search tool being the "top search destination for travellers globally". 

'Off-grid' Peru is on Black Tomato's 2024 destination hotlist 

The founders of luxury travel company Black Tomato predict that travellers will be looking to journey with "a sense of purpose" in 2024. With ever increasing demands on time, and the desire to make travel truly count, travellers want to create "positive and lasting change" – not only in the destinations they visit, but in their own lives. 

"What we've uncovered," said Black Tomato, is that the feeling a trip ultimately evokes "greatly informs the destination booked". For groups "craving togetherness", journeys which "strengthen bonds and connection" are "prioritised". Black Tomato has picked out "off-grid" Peru, Morocco's Tangiers, the Mitre Peninsula in remotest Argentine Patagonia, and New Zealand's waterways on its 2024 destination hotlist.

The new Michelin Guide 'keys'

Which hotels will get a Michelin key? 

The Michelin Guide will award hotels with "keys" as part of a "new rating system" launching in 2024, said the Visit California PR Pulse Report. The system will be aimed at recognising hotels based on factors including "location, design, service, uniqueness and value". As it does for restaurants, the guide said it intends to independently recommend hotels that "constitute true destinations" and will propose a new selection of more than "5,000 remarkable hotels in 120 countries".

Venice is one of the destinations that has been impacted by overtourism

Most travel experts recommend places to go in their annual reports, but Fodor's has a "No List" of nine regions to "reconsider" in 2024. The travel guide company said it's not a "round-up of spots we revile", it's a "declaration of places we revere". However, the "frenzied admiration", and "incessant need to experience them", are "not sustainable". 

The 2024 No List focuses on three main areas of tourist impact: overtourism, rubbish production, and water quality and sufficiency. For overtourism, Venice in Italy, Athens in Greece, and Mount Fuji in Japan are highlighted. Rubbish production no-gos include San Gabriel Mountains National Monument in California, Ha Long Bay in Vietnam, and the Atacama Desert in Chile. While water quality and sufficiency has impacted Lake Superior in North America, the Ganges River in India, and Koh Samui in Thailand.

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Travel and tourism to break records, bring over $11 trillion in 2024: report

Travel and tourism is expected to be a boon for the global economy this year.

Countries around the world will see travel and tourism produce $11.1 trillion in 2024, according to a report released Thursday by the World Travel & Tourism Council.

The group said the forecasted global economic contribution would mark an "all-time high" from the roughly $10 trillion the industry brought in pre-pandemic 2019.

The coronavirus hit many industries hard, with travel and tourism in particular seeing negative impacts from the lockdowns and restrictions instituted in the early days of the pandemic.

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This year, both international and domestic tourists are expected to splash out during their travels.

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The report, which involved a partnership with Oxford Economics, projected a record $5.4 trillion in spending would come from domestic travelers. That would set a record, according to the WTTC.

Meanwhile, international tourists will reportedly contribute $1.89 trillion.

And the WTTC had an even rosier outlook for a decade from now, when it predicted global tourism and travel will be responsible for nearly $16 trillion and 449 million jobs.

ECLIPSE TOURISM EXPECTED TO BRING BIG BUCKS TO AREAS IN PATH OF TOTALITY

The travel and tourism industry’s performance in 2023 provided momentum for this year, the group said.

In 2023, it produced $9.9 trillion around the world .

"This isn’t just about breaking records, we’re no longer talking about a recovery – this is a story of the sector back at its best after a difficult few years, providing a significant economic boost to countries around the world and supporting millions of jobs," WTTC CEO Julia Simpson said in a Thursday statement. "There’s a risk however, we need the U.S. and Chinese governments to support their national Travel & Tourism sectors."

The head of the WTTC warned the U.S . and China could "continue to suffer whilst other countries are seeing international visitors return much faster" if they don’t.

CRUISE LINES SAILING INTO 2024 SEEING STRONG DEMAND, AAA SAYS

The group pegged 2023’s U.S. international visitor spending at "more than a quarter below the peak of 2019" and China’s "almost 60% down."

In August, the WTTC issued a prediction that the U.S. travel and tourism industry would provide $2.2 trillion in 2023. It was responsible for $2 trillion the year prior to that.

Original article source: Travel and tourism to break records, bring over $11 trillion in 2024: report

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Travel and tourism outlook

30 january 2023.

Following the announcement of the winter budget on 17 November 2022, RSM polled 1,000 consumers to gauge their sentiment towards discretionary spend in 2023. You can find the full results of our survey here .

There’s no doubt consumers are being hit hard by the current economic climate, with 98% saying they are concerned about the cost of living crisis, and 37% saying they have no money left after paying for food, energy and household bills at the end of each month. Below you’ll find our analysis of how these findings fall into the broader travel and tourism landscape in 2023. This includes the outlook for consumer demand, outbound travel, sustainability, and our predictions for the shape of the sector following ATOL reform, which the industry expects clarity on this year.

Holidays a priority for consumers in 2023 

After being locked down for months during the pandemic, travel is one of the last areas consumers are willing to cut back on in light of the cost of living crisis. Post lockdown the trend for ‘revenge travel’ is in full swing, with only 10% of survey respondents planning to cut back on long-stay holidays of five days or more, and 14% planning to cut back on short-stay trips of 1 – 4 days. When we compare this to eating and drinking out, where 40% of consumers are planning to cut back on spending, it’s clear travel is still a priority for consumers in 2023.  

Though in some areas of spend, such as eating out and grocery shopping, it is possible to trade down to increase value, it’s unlikely we’ll see the same trend in travel any time soon. Afterall, if you’re used to staying in a 4* all-inclusive resort, it’s unlikely you’ll enjoy a holiday at a lesser venue without the same facilities. Particularly when it’s associated with a higher one-off cost. Instead, what’s more likely, is we’ll see consumers cut the duration or frequency of their holidays to save money or change to a cheaper destination. Where Spain might have been the location of choice in the past, a destination like Turkey may offer better value, but potentially the same standard of holiday and accommodation consumers have enjoyed previously. 

Top end of the market to win out 

High-end travel operators and agents are set to win out in 2023. This is largely due to high-income households being much less impacted by the cost of living crisis than low-income households. Therefore, demand will be much less muted for these households. 

Indeed, the latest ONS data shows the highest 12-month inflation rate was recorded among the bottom three income deciles. This is because energy consumption and food and drink expenditure tend to reflect a greater proportion of lower income households’ spending, with around 15.2% of total expenditure on these categories for low-income groups, and 10.4% for high-income groups. This strain on finances is reflected in the demand for overseas holidays across the two income groups as shown in our survey findings.

Of those high-income households with earnings over £60K per year, 54% are planning a long-stay trip overseas in next 12 months. This number comes down to 22% when we compare it with low-income households with earnings of £20K and under. The disparity between these two groups becomes even greater when we consider short-stay breaks overseas. 44% of high-income households plan to take a short-stay trip overseas in the next 12 months, whilst this figure quarters when we look at low-income households to 11%. Many agents and operators have already planned their offering accordingly for 2023, with many cutting lower end products from their range.

What’s encouraging to see across all groups is that every income bracket has increased their plans to take a long- or short-stay trip overseas this year when compared with 2022. This is more pronounced for long-stay trips, where 38% of all respondents plan to take an extended trip this year, compared with 30% in 2022. Short-stay trips also see an increase this year, but only marginally with 22% planning a short break overseas compared with 20% who took a short break last year. Clearly the chance to take a prolonged escape from the current doom and gloom is appealing to many consumers and early indications from January’s bookings (the peak sales month for the industry) are in line with this.

Sustainability important to high-income households 

Impact on the environment is increasingly a concern for consumers. In turn, buying behaviours are beginning to change as living sustainably becomes more embedded in the consumer psyche. But the rising cost of living is hampering consumers good intentions, and this is evident in our survey findings. Sustainable purchasing often comes with a higher price tag. This might go some way to explaining our findings that nearly 40% of consumers disagree with the statement ‘my travel plans are influenced by their impact on the environment’, with only 28% in agreement. 

However, these findings change dramatically when we view them by socio-economic background. For those households with earnings over £60K, 45% agree their travel plans are influenced by their impact on the environment, and 33% disagree. Whereas for households with earnings under £60K, this figure comes down to 25% who agree, and 41% who disagree. Underlining this sentiment towards sustainable travel, 51% of those survey respondents with earnings over £60K said they would pay more for services from a business that has recognised green credentials.

With high-income households having more headroom in their budget to consider environmentally friendly spending, any travel business operating at the top end of the market should be weaving sustainable initiatives into packages as an easy win. From using hotels with greener credentials and offering restaurant bookings with outlets serving locally sourced food (for which 54% of high earners are prepared to pay more). To considering sustainable options when it comes to transport – could electric vehicles be secured for transits, for example? Holidays might not be the first thing consumers think of when it comes to reducing their impact on the environment, but for those agents and operators with an audience who will readily pay for greener services, these businesses can lead the way.

Families and the over 55s most likely to holiday aboard 

Staying in the UK is less popular this year than going abroad, with 49% of respondents planning a holiday overseas. If we drill into the survey data further, families were the most likely group to travel in 2023, with 75% saying they would go on holiday this year.

Holidays abroad are important to families, and this group were more likely to travel overseas than those without children. Recent research by ABTA in their 2023 Travel Trends Report indicates that 57% of young families who book holidays will book an all-inclusive package to help them manage the cost. According to ABTA members, this is already coming through in bookings with Travel Republic, Barrhead Travel, TUI, Jet2holidays and easyJet holidays all seeing an increase in bookings for all-inclusive breaks as consumers look to secure the cost of their holiday upfront.

41% of over 55s didn’t go on holiday last year. When compared with the under 55s, this figure comes down to 21%. But 2023 looks to be the year older travellers regain their confidence to travel in the aftermath of coronavirus. Particularly the 55–64-year-olds where 44% of these consumers plan to take a long-stay trip overseas in the next 12 months, compared with 29% who travelled overseas for a long stay in 2022. Though less pronounced, we see a similar jump in the over 65s, with 33% of this group planning a trip of five days or more overseas in the next 12 months, compared with 23% who went overseas in 2022.

Barriers to travel in 2023

Whilst the number of consumers who do not plan to have a holiday this year has reduced when compared with last year (29%), 25% of respondents said they did not plan to take a holiday in 2023. The price of an overseas holiday along with the associated costs are top deterrents to consumers who might have travelled abroad in the past. In better news, fears around coronavirus and travelling overseas are waning, with only 16% of those not planning to go on holiday this year giving concerns around the virus as their reason.

What’s not captured in these survey results is the impact of December’s border force strikes on consumer sentiment. With strikes focused on airports and taking place over key travel dates during the Christmas period, it’s likely we’ll see this unrest roll on through 2023 until an agreement between all parties can be found. For now, however, swift government action thwarted any major impact to public travel plans over Christmas and insulated the sector from further negative press. But with the Prime Minister saying a rise in public sector pay would negatively impact the recovery of inflation, and with industrial action notching up across public sector industries, it’s not likely we’ll see a resolution to these issues any time soon.

Outbound travel numbers defy dire consumer confidence 

The latest ONS data reveals visits abroad are still down compared to pre-Covid-19 levels with 20% less visits abroad in July 2022 (6.9m) compared with 8.6m visits in July 2019. Key trading in August 2022 saw visits down 22% on the same month in 2019 at 9.0m, compared with 11.6m in 2019.

However, more encouragingly the same data shows overseas visits by UK residents are finally beginning to follow a similar pattern to what was usual pre-pandemic. There was a 12% decrease between the number of overseas visits in June and July from 7.8m, to 6.9m visits. Visitor numbers then increased significantly in August to 9 million, an increase of 31%. Visits abroad by UK residents show the same pattern between 2017 and 2019, indicating the beginning of more normal trading patterns for the travel industry from 2022 and into 2023. 

The GfK consumer confidence index (which started in 1974) recorded the lowest reading on record at -44 in August 2022. With confidence already on its way down in January – the key booking month for the sector, it’s encouraging to see intention to travel unimpacted by this dire sentiment. Even more so in fact, when considering that travel was the last sector in the economy to begin its recovery with the release of all Covid-19 restrictions not until March 2022. When viewed through this lens, travel agents and tour operators should be feeling buoyant about the year ahead. With the desire to travel trumping several major economic headwinds last year, and with the signs that 2023 will be a tough, but hopefully more stable year politically, travel businesses have everything to play for.

Clarity on ATOL reform essential for full recovery of the industry   

The capacity in ATOL authorisations are now 2% higher at the end of 2022 (26.3m) than they were in 2019 (25.7m). This suggests the travel industry is expecting demand in 2023 to return to pre-pandemic levels. Despite this optimism however, the size of the market has become smaller and there are now 236 fewer ATOL license holders in 2022 than there were pre-Covid in 2019. This is good news for bigger players in travel who will benefit from increased demand in a smaller marketplace. But, for the wider recovery of the industry, both large and small travel businesses must be able to operate on a level playing field. One of the key factors impacting this is uncertainty in the wake of the CAA’s proposal for ATOL reform.

Mass flight cancellations and government travel restrictions during the coronavirus pandemic meant any travel businesses with an ATOL authorization licence had to refund customer deposits within 14 days of cancellation. Normal business practice at this time was to use part of these deposits as working capital. This weakness in the operating model caused severe cashflow pressures across the industry and numerous business closures. In a bid to avoid a similar set of circumstances happening again, the CAA launched a consultation on ATOL reform which would require travel businesses to separate customer money into a trust, escrow or separate accounts. Or to provide bonds, or a combination of the two, in addition to paying an ATOL Protection Contribution (APC) on bookings and moving to a variable rate of APC.

Though not confirmed yet, for many small- and medium-sized business, these new stipulations from the CAA could be the death knell. With appetites in the lending market for travel low following numerous economic setbacks, and interest rates reaching the highest levels we’ve seen in a long time, securing funds to operate in this framework could be impossible for many smaller businesses. But despite these obvious draw backs, government has signalled that reform must happen.

We expect that the package travel market will become increasingly dominated by large agents and operators in the future. It’s also likely we’ll see the rise of businesses operating accommodation and excursion-only models where flights are not included. These models will become the hot target for investment with Private Equity houses and the like buying into a much reduced financial and regulatory burden. However, with nearly two years since the CAA announced its consultation, the travel industry’s next evolution cannot be fully realised until a decision is made and certainty is given. We therefore anticipate that though 2023 will be a better year for travel, the industry’s full recovery won’t be made until 2024 or possibly later depending on what the CAA decide.

Insight from RSM UK’s Head of Travel and Tourism, Ian Bell:

‘2023 feels like a homecoming for travel and despite oncoming economic headwinds, the signs are good for the industry. Consumer demand looks set to be strong for the year and outbound travel behaviours have begun to convert back to pre-Covid patterns. This is all positive news, and the industry should be feeling buoyant.

With lower income households bearing the brunt of the cost of living crisis, many travel businesses will have hedged their bets early and cut cheaper packages from their portfolio. But even high-income households will be scrutinising spend this year and businesses will need to work harder than ever to secure share of spend. 

The fight for talent continues to be the major challenge in 2023 with the industry feeling the squeeze of a tight labour market. As the fallout from the recession plays out, we might see this ease somewhat, with zombie businesses propped up by Covid support in other sectors finally unravelling.

A resolution to ATOL reform is top of the wish list for many in the sector this year. Whatever the CAA decide, certainty will allow the industry to finally move on from Covid-19 and unleash the potential for what the shape of the sector might look like in future.’  

To discuss this analysis, or any business issue you may be facing in the current climate contact our expert:

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2024 travel trend: consumers plan to spend more on travel—despite rising costs.

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As the cost of living continues to put pressure on U.S. households, many are feeling the crunch. However, a new study published this month by Hilton suggests that consumers plan to spend more on travel in 2024. How? By reducing other areas of their personal spending to make leisure travel a priority.

Gen Z and Millennial travelers plan to spend more on travel in 2024.

The inflation crunch

Even as inflation has begun to ease, it is impossible to ignore the impact it is continuing to have on American consumers. As Mark Zandi, chief economist at Moody's Analytics, wrote in a post on X , the platform formerly known as Twitter, "the typical household spent $202 more in July than they did a year ago to buy the same goods and services. And they spent $709 more than they did two years ago".

Despite this, a recent global survey conducted by Hilton and Ipsos shows that travelers intend to reduce their personal spending in order to prioritize travel in 2024.

A young woman sightseeing and shopping in a Singapore street market.

Gen Z and Millennials prioritize travel

While 64% of global travelers aim to cut other areas of their personal spending to prioritize leisure travel, Gen Z and Millennials are taking it a step further, confirming that they also plan to spend more on travel in 2024.

"Even with ongoing macroeconomic uncertainty, travel demand has remained strong as consumers continue to prioritize the value of experiences and connections over things," commented Kevin Jacobs, Chief Financial Officer & President, Global Development, Hilton.

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So, what kinds of experiences are people looking for when traveling?

Hilton’s study found that personal wellness matters to travelers, with an increased focus on savoring a good night’s sleep while away from home . This has come into focus more than ever after the challenges of the last few years heightened travelers’ desire for rest and relaxation.

Travelers are looking for innovative and seamless digital solutions to simplify their travel ... [+] experience.

Seamless digital solutions

In the tech-forward world of 2024, travelers of all ages will be looking for innovative and seamless digital solutions to simplify their travel experience and personalize their stays, from booking to on-property experiences. Eighty percent of the global travelers surveyed by Hilton said it is important to be able to book their trip entirely online, while 80% want to be able to use personal devices seamlessly with on-property technology, from Wi-Fi to streaming apps.

Furthermore, modern travelers are increasingly prioritizing experiences over things. As they budget for 2024, the top focus for those surveyed by Hilton is culinary experiences. Second to that, 47% of travelers will prioritize exploration and adventure, with Gen Zers and Millennials carving out more budget for these types of experiences than the other generations.

Modern travelers are interested in adventure and exploration.

Sustainability remains a key concern

While experiencing the destination and local culture will be a top reason for travel in 2024, two-thirds of travelers admit the subject of environmental change can be overwhelming as they consider their vacation plans. Now, more than ever, guests are looking for brands that are embracing purpose and doing good for both people and the planet in the destinations where they travel.

The way people travel for business is also changing, with Hilton’s survey indicating that "bleisure", or blended leisure and business travel, will be on the up in 2024.

3 Hilton properties that know what the 2024 traveler wants:

The Conrad Spa at Conrad Koh Samui.

Conrad Koh Samui

When it comes to sustainably connecting guests with local food and culture, Conrad Koh Samui has taken things to the next level. The hotel’s own regenerative Iris Farm provides fruit and vegetables, as well as more than 10,000 chicken and duck eggs every month, to the on-site restaurants. The resort also features a hydroponic system for growing herbs, a coffee roaster, a mushroom farm and a butcher. Guests can select their own herbs to build a cloth herbal compress ball used in the Siam Fusion spa treatment, learn to prepare Thai food using local, seasonal veggies sourced from the farm, or get hooked on the coffee kombucha that is brewed in-house using the coffee waste left over from breakfast.

The Vegan Suite Pillow Menu at Hilton London Bankside

Hilton London Bankside

Combining sleep and sustainability, the Vegan Suite at Hilton London Bankside is not only the UK capital’s first luxury vegan hotel suite created exclusively from plant-based materials, it also offers a Vegan Pillow Menu. Options include anti-bacterial, non-allergenic and environmentally sourced material to replace feather down. For example, there is a Buckwheat pillow made with 100% organic buckwheat hulls, a Kapok Pillow made from natural kapok, a Millet Pillow made with organic millet husks, an Orthopedic memory foam pillow made with bamboo shredded fiber, along with Anti-Allergy Foam Pillow, made with 100% recycled cluster polyester.

The Gabriel Miami South Beach, Curio Collection by Hilton.

The Gabriel Miami South Beach, Curio Collection by Hilton

One hotel that has implemented Hilton’s digital solutions to great effect is The Gabriel Miami South Beach, Curio Collection by Hilton. In June 2023, 63% of guests reported using mobile messaging during their stay here. Better still, 100% of those guests’ on-property issues were resolved through engaging with the hotel team via messaging.

Hilton’s 2024 Trends Report was compiled following a global survey of more than 10,000 travelers from nine countries, video diaries with 60 U.S. travelers and in-depth interviews with dozens of Hilton travel experts.

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The Opportunity for Long-Haul, Low-Cost Airlines

Ashab Rizvi and Aaditya Ugale, Skift Research

April 15th, 2024 at 7:10 AM EDT

With the availability of better aircraft, a growing middle class and the evolving travel preferences of young travelers, there could be a billion-dollar opportunity waiting for low-cost, long haul air travel.

Skift Pro  and Skift Research subscribers are able to read this exclusive extract from the latest Skift Research report . Get more insights from Skift Research to stay ahead of the industry.

JetBlue said recently that it was eliminating a number of routes from its network. It soon became clear that the low-cost airline was adopting a network optimization strategy aimed at cutting unprofitable services and redeploying its fleet to more lucrative locations.

The U.S. carrier has been hit with a double whammy of regulatory headaches. The Department of Justice blocked its $3.8 billion bid for Spirit Airlines , and a federal antitrust ruling was made against its partnership with American Airlines .

In light of these setbacks, it was prudent for JetBlue to review its routes and optimize its network.

As a low-cost carrier (LCC), it is expected that JetBlue will focus on short- and medium-haul routes, which is the true LCC cost advantage. However, this was not the case.

The majority of the route cuts were for short and medium-haul routes. Interestingly enough, the airline had previously announced that it would commence more long-haul flights, albeit seasonal, over the Atlantic, covering two new destinations – Dublin and Edinburgh , in the summer of 2024.

The decision to increase frequencies and add more long-haul destinations contrasts what a typical LCC would do. Still, JetBlue has chosen to take a different approach—it has displayed confidence in its long-haul operations. Here’s why:

Findings from a new Skift Research report on The Opportunity for Long-Haul, Low-Cost reveal that JetBlue’s operating profit margins (flight operations) over the Atlantic were above 50% in the third quarter of 2023 and an average of 36.6% in the first three quarters of 2023. 

Compared to U.S. network carriers, these numbers are just phenomenal. Delta, United, and American combined an average of 12% in the third quarter of 2023. 

The previously unattainable long-haul operation for low-cost airlines has become JetBlue’s most profitable market, signalling a change in the aviation industry.

Our latest report provides a comprehensive view of the feasibility of this model for LCCs globally in today’s world. Our assessment suggests that the global potential for the long-haul low-cost market is between 130 million and 175 million airline seats.

Although long-haul flights offer great potential, they also come with significant challenges. Many airlines have struggled in this area and have seen numerous airline failures.

Due to the higher costs associated with long-haul flights, successful low-cost airlines such as Southwest, Ryanair, and easyJet have yet to venture into long-haul operations due to a diminished low-cost advantage.

In our previous report, The Challenges with Long-Haul, Low-Cost Airlines , we discussed these challenges in detail.

The Opportunity for Long Haul Low-Cost Airlines

Despite the setbacks faced by many low-cost carriers (LCCs) around the world in their long-haul operations, LCCs in the United States and Asia have been steadily increasing their capacity on long-haul routes. So far, the results have been positive. With the availability of better aircrafts, a growing middle class and the evolving travel preferences of young travellers, there could be a billion-dollar opportunity waiting for LCCs.

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Tags: jetblue , LCC , Long haul , long haul low cost , Market Opportunity , skift research

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Government of Canada Announces More Funding to Build Wildfire Fighting Capacity and Enhance Training Best Practices

From: Natural Resources Canada

News release

That is why today in Ottawa, at the International Association of Fire Fighters (IAFF) Canadian Legislative Conference, the Minister of Energy and Natural Resources, the Honourable Jonathan Wilkinson, announced up to $800,000 in funding for the IAFF to deliver training and increase the capacity of structural firefighters across the country. Structural firefighters refers to those trained to combat fires within enclosed spaces, such as residential homes, commercial buildings, industrial facilities, and public infrastructure. Funding will also support Canada’s wildfire preparedness and response efforts to wildland urban interface fires, those that occur in areas where urban or developed areas meet with wildland or natural environments. Fires in these areas are particularly worrisome in that they pose substantial threats to lives and livelihoods, and the spread of thick smoke and evacuations can cause immense stress and disruption for communities. Addressing wildfires in interface areas is especially critical due to the high concentration of people living in these regions. With approximately 10 percent of the Canadian population residing in interface areas spanning 32 million hectares, the scope of the interface presents a significant challenge in wildfire management.

April 15, 2024

Ottawa, ON  

Natural Resources Canada

The Government of Canada recognizes that as the threat of wildfires increases due to climate change, we must increase our capacity to respond to fires, keep Canadians safe, and protect our communities. The Government of Canada has undertaken significant steps in recent years and has invested close to $800 million in initiatives directly related to improving wildfire management, including to support provinces and territories to purchase additional firefighting equipment and to train 1,000 firefighters across the country. As we approach the summer wildfire seasons, the Government of Canada is focused on keeping people safe while strengthening its capacity to support Canadians.

That is why today in Ottawa, at the International Association of Fire Fighters (IAFF) Canadian Legislative Conference, the Minister of Energy and Natural Resources, the Honourable Jonathan Wilkinson, announced up to $800,000 in funding for the IAFF to deliver training and increase the capacity of structural firefighters across the country. Structural firefighters refers to those trained to combat fires within enclosed spaces, such as residential homes, commercial buildings, industrial facilities, and public infrastructure. Funding will also support Canada’s wildfire preparedness and response efforts to wildland urban interface fires, those that occur in areas where urban or developed areas meet with wildland or natural environments. Fires in these areas are particularly worrisome in that they pose substantial threats to lives and livelihoods, and the spread of thick smoke and evacuations can cause immense stress and disruption for communities. Addressing wildfires in interface areas is especially critical due to the high concentration of people living in these regions. With approximately 10 percent of the Canadian population residing in interface areas spanning 32 million hectares, the scope of the interface presents a significant challenge in wildfire management. Funding announced today builds upon last year’s investment of $400,000 in the IAFF’s Responding to the Interface (RTI) program, which provides specialized training to structural firefighters and help train 25 instructors. to deliver consistent and effective wildfire response training in Kamloops, British Columbia. Today’s investment will help the IAFF work toward its goal of training up to 3250 structural firefighting personnel and will advance progress towards the Government of Canada’s commitment to train 1,000 wildland firefighters. Prioritizing efforts to mitigate risks and enhance resilience in WUI areas is paramount in the ongoing fight against wildfires. Collaboration is crucial in addressing the challenges posed by wildfires. By joining forces with provinces, territories, Indigenous communities, and international allies, the Government of Canada continues to demonstrate its commitment to protecting Canadians and their communities from the devastating impacts of wildfires.

“Last year’s wildfire season was historic, with more intense fires in more parts of Canada than ever before. With the acceleration of climate change and this year’s wildfire season already upon us, the health and safety of Canadians remains the top priority of the government. The need for more firefighters and high-quality training opportunities across Canada is crucial to keeping Canadians safe and that is why we are continuing to partner with the IAFF to deliver what is needed to protect and preserve Canadian lives and livelihoods. I want to acknowledge and thank the firefighters across Canada who put their lives on the line every day to protect Canadians. Their bravery and work are crucial in keeping Canadians safe and protected and we are proud to support Canada’s firefighters through investments like the one announced today.”   The Honourable Jonathan Wilkinson Minister of Energy and Natural Resources

“Ensuring that firefighters have the training and equipment they need is essential for their safety and that of the communities they fight to protect. As climate change increases the severity and frequency of disasters, this funding is an important step forward in preparing for this year's wildfire season.” The Honourable Harjit Sajjan President of the King’s Privy Council for Canada and Minister of Emergency Preparedness and Minister responsible for the Pacific Economic Development Agency of Canada

“Wildfires pose a serious threat across Canada and it’s critical we prepare structural fire fighters with the training needed to operate safely and effectively in such a dangerous environment. When fire fighters are safe, the communities we took an oath to protect are safe. That’s our top priority. The IAFF is committed to continuing its work with the Government of Canada to ensure fire fighters - and those we serve - are better protected in the face of this new reality. ”   Edward A. Keyly International Association of Fire Fighters General President

Quick facts

The Government Operations Centre (GOC), on behalf of the Government of Canada, is the lead for federal response coordination for emergency events affecting the national interest and works in close collaboration with federal organizations, non-governmental organizations and provincial emergency management partners.

On April 10, Government of Canada officials provided the first forecast for the 2024 wildfire season. The latest seasonal weather outlook indicates that higher-than-normal temperatures are expected for the spring and summer, boosted by El Niño weather conditions. This sets the stage for the possibility of another active wildfire season and other incidents of extreme weather. The warmer than normal winter temperatures and drier than usual conditions may result in some regions – in particular western Canada, eastern Ontario, and southern Quebec - experiencing early, above normal, fire activity this April and May.

Under NRCan’s Fighting and Managing Wildfires in a Changing Climate program Training Fund, a two-year Training Pilot was implemented with a focus on providing support to Indigenous communities and organizations to train firefighters and to better understand the needs and barriers in the sector. 

As part of this fund, the IAFF received $400,000 in funding from NRCan last year to support their pilot project last year with the goal of training 25 instructors on how to deliver their Response to the Interface training through a train the trainer course in Kamloops, British Columbia. In addition, this funding was provided to support IAFF in delivering one-day courses in British Columbia and Alberta – with the goal of training up to 3250 structural firefighting personnel on urban interface wildfire training.

On December 8, 2023, the Government of Canada launched the 2023 Wildfire Training Fund Call for Applications. Funding is available for projects in the following three streams: Wildland Firefighters Training at the type I, II, III level, Community Wildfire Protection Training to develop and implement community-based wildfire prevention and fire management activities, and Youth Wildfire Training to build the future cohort of wildland firefighters and professionals. These proposals are currently being assessed by NRCan.

Under NRCan’s Fighting and Managing Wildfires in a Changing Climate program’s Equipment Fund, provinces and territories can cost-share investments for equipment, such as vehicles, mobile units, avionics upgrades (parts), hoses, pumps, enhanced communications equipment, repair of aging equipment and training.

Associated links

• Government of Canada Announces More Funding for Firefighter Training and Provides Update on 2023 Wildland Fire Season Forecast
• Applicants Wanted: The Fighting and Managing Wildfire in a Changing Climate Program - Training Fund
• Canadian Wildland Fire Strategy
• Fighting and Managing Wildfires in a Changing Climate Program
• International Association of Fire Fighters (IAFF)

Natural Resources Canada Media Relations 343-292-6100 [email protected]

Carolyn Svonkin

Press Secretary

Office of the Minister of Energy and Natural Resources Canada

343-597-1725

[email protected]

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