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Travel and Tourism Spending Market - Global Industry Analysis

Travel and Tourism Spending Market by Type (Domestic Expenditure and International Expenditure), by Application (Leisure Travel, Business Travel, and Others) by Travel Days (7 Days, 7-15 Days, more than 15 Days): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2028

Published Date: 15-Jul-2021 Category: Consumer Goods Report Format : PDF Pages: 130 Report Code: ZMR-4141 Status : Published

The global travel and tourism spending market accounted for USD 879.2 Million in 2020 and is expected to reach USD 1,142.2 Million by 2028, growing at a CAGR of 3.4% from 2021 to 2028.

Description

Market Overview

The global travel and tourism spending market accounted for USD 879.2 Million in 2020 and is expected to reach USD 1,142.2 Million by 2028, growing at a CAGR of 3.4% from 2021 to 2028.

The amount of money spent on transport, boarding and lodging, and souvenirs is determined by travel and tourism spending. Travel and tourism spending sector also helps ascertain the employment rate in travel and tourism businesses. The global travel and tourism spending market is expected to grow as airline travel becomes more affordable, accessibility to numerous remote but beautiful areas improves, and disposable income rises.

In several countries, growing popularity of art, entertainment, wildlife activities, adventure sports, and other such activities have gathered attention of both domestic and international travelers. New kinds of holidays rising among the millennials such as babymoons, solo trips and eco travels are the upcoming trends in this market. Virtual reality tours are becoming popular too, especially during the Covid-19 pandemic.

COVID-19 Impact Analysis

Global travel and tourism spending has been one of the worst hit sectors during the Covid-19 pandemic. Lockdowns and various restrictions imposed on domestic and international travel have severely affected travel and tourism spending. Recovery is expected to be sluggish and will be mainly driven by underlying dependencies countries had on domestic and non-air travel. Impact on business travel is likely to be more pronounced compared to leisure travel, with businesses having switched to the online mode.

Growth Factors

People’s eagerness to explore unusual locations and learn new experiences will help the travel and tourism spending market prospers in the coming years. Millennial tourists especially are showing keen interest to derive exceptional experiences or once-in-a lifetime experiences; factors can boost travel and tourism spending business trends.

The number of people travelling around the world is also growing owing to factors such as increase in millennial tourists relative to other generations, increased knowledge of travel destinations among youth due to the growth of social networks, and lower air travel costs among others.

Report Scope:

Report Attribute Details
Base Year 2020
Historic Years 2016 - 2020
Forecast Years 2021 - 2028
Segments Covered By Product Type, By Application, and By End Use
Forecast Units Value (USD Billion), and Volume (Units)
Quantitative Units Revenue in USD million/billion and CAGR from 2021 to 2028
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
Countries Covered U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Number of Companies Covered 10 companies with scope for including additional 15 companies upon request
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Customization Scope Avail customized purchase options to meet your exact research needs.

Type Segment Analysis Preview

International segment held a share of around 65% in 2020. This is attributable to the skyrocketing of global tourism in the recent past. Growing affluence of middle classes in developing economies such as India, China and growing love for travel among millennials and Gen Z tourists are some of the primary factors boosting the growth of this segment. Additionally, digitization of ticket and hotel booking has made international travel much more convenient and affordable.

Application Segment Analysis Preview

Leisure segment will grow at a CAGR of over 3.2% from 2021 to 2028. This is attributable to a keen interest among tourists to visit unique destinations and gain new experiences. Travelers nowadays are keener to go on long vacations over single-day tours to rejuvenate themselves after hectic and monotonous work schedules. Leisure activities such as spas, boating, swimming and others are gaining momentum which can further be expected to boost leisure travel.

Regional Analysis Preview

The Europe region held a share of 25% in 2020. The number of tourists visiting European countries such as UK, France, Germany and others has swelled up in the past few years and this is expected to boost growth of travel and tourism spending in this region. Rising income and increased availability of affordable package tours can also be expected to augment growth in this region.

The Asia Pacific region is projected to grow at a faster rate over the forecast period. This is attributable to the increasing outbound tourism in China, which is expected to boost the market in this region. Outbound trips from China were expected to be around 200 million by 2020, thereby providing attractive opportunities to travel and tourism companies in the region.

Key Market Players & Competitive Landscape

Some of key players in automated sortation system market are Hilton Worldwide Holdings, Accor, Crown Resorts, Airbnb Inc., Carnival Corporation, G Adventures, OYO Rooms, Adris Grupa, TUI Group and Balkan Holidays among others. 

A comprehensive ‘Smart Travel’ model that incorporates smart visas, smart borders, smart security processes, and smart infrastructure can transform the travel and tourism spending market. Key players must rely on technology and digitization to create a safe and seamless experience for passengers, in order to achieve the smart travel approach.

The global travel and tourism spending market is segmented as follows:

By Type

  • Domestic Expenditure
  • International Expenditure

By Application

  • Leisure Travel
  • Business Travel
  • Others

By Travel Days

  • 7 Days
  • 7-15 Days
  • More than 15 Days

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

  • Chapter No. 1 Introduction
    • 1.1. Report Description
      • 1.1.1. Purpose of the Report
      • 1.1.2. USP & Key Offerings
    • 1.2. Key Benefits for Stakehulders
    • 1.3. Target Audience
    • 1.4. Report Scope
  • Chapter No. 2 Executive Summary
    • 2.1. Key Findings
      • 2.1.1. Top Investment Pockets
        • 2.1.1.1. Market Attractiveness Analysis, By Type
        • 2.1.1.2. Market Attractiveness Analysis, By Application
        • 2.1.1.3. Market Attractiveness Analysis, By Travel Days
        • 2.1.1.4. Market Attractiveness Analysis, By Region
    • 2.2. Market Snapshot
    • 2.3. Global Travel and Tourism Spending Market, 2016 – 2028 (USD Million)
    • 2.4. Insights from Primary Respondents
  • Chapter No. 3 COVID 19 Impact Analysis
    • 3.1. Impact Assessment of COVID-19 Pandemic, By Region
      • 3.1.1. North America
      • 3.1.2. Europe
      • 3.1.3. Asia Pacific
      • 3.1.4. Latin America
      • 3.1.5. The Middle-East and Africa
    • 3.2. Quarterly Market Revenue and Forecast by Region 2020 & 2021
    • 3.3. Pre COVID-19 Market Revenue, By Region, 2016-2019 (USD Million)
    • 3.4. Post COVID-19 Market Revenue, By Region, 2020-2028 (USD Million)
    • 3.5. Key Strategies Undertaken by Companies to Tackle COVID-19
      • 3.5.1. Company Quarterly Revenue Analysis, 2019 & 2020
    • 3.6. Short Term Dynamics
    • 3.7. Long Term Dynamics
  • Chapter No. 4 Travel and Tourism Spending Market – Type Segment Analysis
    • 4.1. Overview
      • 4.1.1. Market Revenue Share, By Type, 2020 & 2028
  • Chapter No. 5 Travel and Tourism Spending Market – Application Segment Analysis
    • 5.1. Overview
      • 5.1.1. Market Revenue Share, By Application, 2020 & 2028
  • Chapter No. 6 Travel and Tourism Spending Market – Travel Days Segment Analysis
    • 6.1. Overview
      • 6.1.1. Market Revenue Share, By Travel Days, 2020 & 2028
  • Chapter No. 7 Travel and Tourism Spending Market – Regional Analysis
    • 7.1. Overview
      • 7.1.1. Global Market Revenue Share, By Region, 2020 & 2028
      • 7.1.2. Global Market Revenue, By Region, 2016 – 2028 (USD Million)
    • 7.2. North America
      • 7.2.1. North America Market Revenue, By Country, 2016 – 2028 (USD Million)
      • 7.2.2. North America Market Revenue, By Type, 2016 – 2028
      • 7.2.3. North America Market Revenue, By Application, 2016 – 2028
      • 7.2.4. North America Market Revenue, By Travel Days, 2016 – 2028
      • 7.2.5. U.S.
        • 7.2.5.1. U.S. Market Revenue, By Type, 2016 – 2028
        • 7.2.5.2. U.S. Market Revenue, By Application, 2016 – 2028
        • 7.2.5.3. U.S. Market Revenue, By Travel Days, 2016 – 2028
      • 7.2.6. Canada
        • 7.2.6.1. Canada Market Revenue, By Type, 2016 – 2028
        • 7.2.6.2. Canada Market Revenue, By Application, 2016 – 2028
        • 7.2.6.3. Canada Market Revenue, By Travel Days, 2016 – 2028
      • 7.2.7. Mexico
        • 7.2.7.1. Mexico Market Revenue, By Type, 2016 – 2028
        • 7.2.7.2. Mexico Market Revenue, By Application, 2016 – 2028
        • 7.2.7.3. Mexico Market Revenue, By Travel Days, 2016 – 2028
    • 7.3. Europe
      • 7.3.1. Europe Market Revenue, By Country, 2016 – 2028 (USD Million)
      • 7.3.2. Europe Market Revenue, By Type, 2016 – 2028
      • 7.3.3. Europe Market Revenue, By Application, 2016 – 2028
      • 7.3.4. Europe Market Revenue, By Travel Days, 2016 – 2028
      • 7.3.5. Germany
        • 7.3.5.1. Germany Market Revenue, By Type, 2016 – 2028
        • 7.3.5.2. Germany Market Revenue, By Application, 2016 – 2028
        • 7.3.5.3. Germany Market Revenue, By Travel Days, 2016 – 2028
      • 7.3.6. France
        • 7.3.6.1. France Market Revenue, By Type, 2016 – 2028
        • 7.3.6.2. France Market Revenue, By Application, 2016 – 2028
        • 7.3.6.3. France Market Revenue, By Travel Days, 2016 – 2028
      • 7.3.7. U.K.
        • 7.3.7.1. U.K. Market Revenue, By Type, 2016 – 2028
        • 7.3.7.2. U.K. Market Revenue, By Application, 2016 – 2028
        • 7.3.7.3. U.K. Market Revenue, By Travel Days, 2016 – 2028
      • 7.3.8. Italy
        • 7.3.8.1. Italy Market Revenue, By Type, 2016 – 2028
        • 7.3.8.2. Italy Market Revenue, By Application, 2016 – 2028
        • 7.3.8.3. Italy Market Revenue, By Travel Days, 2016 – 2028
      • 7.3.9. Spain
        • 7.3.9.1. Spain Market Revenue, By Type, 2016 – 2028
        • 7.3.9.2. Spain Market Revenue, By Application, 2016 – 2028
        • 7.3.9.3. Spain Market Revenue, By Travel Days, 2016 – 2028
      • 7.3.10. Rest of Europe
        • 7.3.10.1. Rest of Europe Market Revenue, By Type, 2016 – 2028
        • 7.3.10.2. Rest of Europe Market Revenue, By Application, 2016 – 2028
        • 7.3.10.3. Rest of Europe Market Revenue, By Travel Days, 2016 – 2028
    • 7.4. Asia Pacific
      • 7.4.1. Asia Pacific Market Revenue, By Country, 2016 – 2028 (USD Million)
      • 7.4.2. Asia Pacific Market Revenue, By Type, 2016 – 2028
      • 7.4.3. Asia Pacific Market Revenue, By Application, 2016 – 2028
      • 7.4.4. Asia Pacific Market Revenue, By Travel Days, 2016 – 2028
      • 7.4.5. China
        • 7.4.5.1. China Market Revenue, By Type, 2016 – 2028
        • 7.4.5.2. China Market Revenue, By Application, 2016 – 2028
        • 7.4.5.3. China Market Revenue, By Travel Days, 2016 – 2028
      • 7.4.6. Japan
        • 7.4.6.1. Japan Market Revenue, By Type, 2016 – 2028
        • 7.4.6.2. Japan Market Revenue, By Application, 2016 – 2028
        • 7.4.6.3. Japan Market Revenue, By Travel Days, 2016 – 2028
      • 7.4.7. India
        • 7.4.7.1. India Market Revenue, By Type, 2016 – 2028
        • 7.4.7.2. India Market Revenue, By Application, 2016 – 2028
        • 7.4.7.3. India Market Revenue, By Travel Days, 2016 – 2028
      • 7.4.8. South Korea
        • 7.4.8.1. South Korea Market Revenue, By Type, 2016 – 2028
        • 7.4.8.2. South Korea Market Revenue, By Application, 2016 – 2028
        • 7.4.8.3. South Korea Market Revenue, By Travel Days, 2016 – 2028
      • 7.4.9. South-East Asia
        • 7.4.9.1. South-East Asia Market Revenue, By Type, 2016 – 2028
        • 7.4.9.2. South-East Asia Market Revenue, By Application, 2016 – 2028
        • 7.4.9.3. South-East Asia Market Revenue, By Travel Days, 2016 – 2028
      • 7.4.10. Rest of Asia Pacific
        • 7.4.10.1. Rest of Asia Pacific Market Revenue, By Type, 2016 – 2028
        • 7.4.10.2. Rest of Asia Pacific Market Revenue, By Application, 2016 – 2028
        • 7.4.10.3. Rest of Asia Pacific Market Revenue, By Travel Days, 2016 – 2028
    • 7.5. Latin America
      • 7.5.1. Latin America Market Revenue, By Country, 2016 – 2028 (USD Million)
      • 7.5.2. Latin America Market Revenue, By Type, 2016 – 2028
      • 7.5.3. Latin America Market Revenue, By Application, 2016 – 2028
      • 7.5.4. Latin America Market Revenue, By Travel Days, 2016 – 2028
      • 7.5.5. Brazil
        • 7.5.5.1. Brazil Market Revenue, By Type, 2016 – 2028
        • 7.5.5.2. Brazil Market Revenue, By Application, 2016 – 2028
        • 7.5.5.3. Brazil Market Revenue, By Travel Days, 2016 – 2028
      • 7.5.6. Argentina
        • 7.5.6.1. Argentina Market Revenue, By Type, 2016 – 2028
        • 7.5.6.2. Argentina Market Revenue, By Application, 2016 – 2028
        • 7.5.6.3. Argentina Market Revenue, By Travel Days, 2016 – 2028
      • 7.5.7. Rest of Latin America
        • 7.5.7.1. Rest of Latin America Market Revenue, By Type, 2016 – 2028
        • 7.5.7.2. Rest of Latin America Market Revenue, By Application, 2016 – 2028
        • 7.5.7.3. Rest of Latin America Market Revenue, By Travel Days, 2016 – 2028
    • 7.6. The Middle-East and Africa
      • 7.6.1. The Middle-East and Africa Market Revenue, By Country, 2016 – 2028 (USD Million)
      • 7.6.2. The Middle-East and Africa Market Revenue, By Type, 2016 – 2028
      • 7.6.3. The Middle-East and Africa Market Revenue, By Application, 2016 – 2028
      • 7.6.4. The Middle-East and Africa Market Revenue, By Travel Days, 2016 – 2028
      • 7.6.5. GCC Countries
        • 7.6.5.1. GCC Countries Market Revenue, By Type, 2016 – 2028
        • 7.6.5.2. GCC Countries Market Revenue, By Application, 2016 – 2028
        • 7.6.5.3. GCC Countries Market Revenue, By Travel Days, 2016 – 2028
      • 7.6.6. South Africa
        • 7.6.6.1. South Africa Market Revenue, By Type, 2016 – 2028
        • 7.6.6.2. South Africa Market Revenue, By Application, 2016 – 2028
        • 7.6.6.3. South Africa Market Revenue, By Travel Days, 2016 – 2028
      • 7.6.7. Rest of Middle-East Africa
        • 7.6.7.1. Rest of Middle-East Africa Market Revenue, By Type, 2016 – 2028
        • 7.6.7.2. Rest of Middle-East Africa Market Revenue, By Application, 2016 – 2028
        • 7.6.7.3. Rest of Middle-East Africa Market Revenue, By Travel Days, 2016 – 2028
  • Chapter No. 8 Travel and Tourism Spending Market – Industry Analysis
    • 8.1. Introduction
    • 8.2. Market Drivers
      • 8.2.1. Driving Factor 1 Analysis
      • 8.2.2. Driving Factor 2 Analysis
    • 8.3. Market Restraints
      • 8.3.1. Restraining Factor Analysis
    • 8.4. Market Opportunities
      • 8.4.1. Market Opportunity Analysis
    • 8.5. Porter’s Five Forces Analysis
    • 8.6. PEST Analysis
    • 8.7. Regulatory Landscape
    • 8.8. Technology Landscape
    • 8.9. Regional Market Trends
      • 8.9.1. North America
      • 8.9.2. Europe
      • 8.9.3. Asia Pacific
      • 8.9.4. Latin America
      • 8.9.5. The Middle-East and Africa
    • 8.10. Pricing Analysis
    • 8.11. Value Chain Analysis
    • 8.12. Downstream Buyers
    • 8.13. Distributors/Traders List
  • Chapter No. 9 Competitive Landscape
    • 9.1. Company Market Share Analysis – 2019
      • 9.1.1. Global Travel and Tourism Spending Market: Company Market Share, 2019
      • 9.1.2. Global Travel and Tourism Spending Market, Company Market Revenue, 2016 – 2019 (USD Million)
      • 9.1.3. Global Travel and Tourism Spending Market, Company Y-o-Y Growth, 2017 – 2019 (%)
      • 9.1.4. Global Travel and Tourism Spending Market: Radar Determinant Chart, 2019
    • 9.2. Strategic Developments
      • 9.2.1. Acquisitions & Mergers
      • 9.2.2. New Product Launch
      • 9.2.3. Regional Expansion
    • 9.3. Company Strategic Developments – Heat Map Analysis
  • Chapter No. 10 Company Profiles
    • 10.1. Carnival Corporation
      • 10.1.1. Company Overview
      • 10.1.2. Key Executives
      • 10.1.3. Product Portfolio
      • 10.1.4. Financial Overview
      • 10.1.5. Operating Business Segments
      • 10.1.6. Business Performance
      • 10.1.7. Recent Developments
    • 10.2. Airbnb
    • 10.3. G Adventures
    • 10.4. Crown Resorts Ltd.
    • 10.5. Hilton Worldwide Huldings Inc.
  • Chapter No. 11 Marketing Strategy Analysis
    • 11.1. Marketing Channel
    • 11.2. Direct Marketing
    • 11.3. Indirect Marketing
    • 11.4. Marketing Channel Development Trends
    • 11.5. Economic/Pulitical Environmental Change
  • Chapter No. 12 Research Methodology
    • 12.1. Research Methodology
    • 12.2. Phase I - Secondary Research
    • 12.3. Phase II - Data Modeling
      • 12.3.1. Company Share Analysis Model
      • 12.3.2. Revenue Based Modeling
    • 12.4. Phase III - Primary Research
    • 12.5. Research Limitations
      • 12.5.1. Assumptions

List of Figures 

FIG NO. 1. Market Attractiveness Analysis, By Type
FIG NO. 2. Market Attractiveness Analysis, By Application
FIG NO. 3. Market Attractiveness Analysis, By Travel Days
FIG NO. 4. Market Attractiveness Analysis, By Region
FIG NO. 5. Global Travel and Tourism Spending Market Revenue, 2016 – 2028 (USD Million)
FIG NO. 6. Impact of COVID-19 Pandemic in North America Countries
FIG NO. 7. Market Revenue Share, By Type, 2020 & 2028
FIG NO. 8. Market Revenue Share, By Application, 2020 & 2028
FIG NO. 9. Market Revenue Share, By Travel Days, 2020 & 2028
FIG NO. 10. Global Travel and Tourism Spending Market Revenue Share, By Region, 2020 & 2028
FIG NO. 11. North America Travel and Tourism Spending Market Revenue, 2016 - 2028 (USD Million)
FIG NO. 12. Porter’s Five Forces Analysis for Global Travel and Tourism Spending Market
FIG NO. 13. PEST Analysis for Global Travel and Tourism Spending Market
FIG NO. 14. Pricing Analysis for Global Travel and Tourism Spending Market
FIG NO. 15. Value Chain Analysis for Global Travel and Tourism Spending Market
FIG NO. 16. Company Share Analysis, 2019
FIG NO. 17. Radar Determinant Chart, 2019
FIG NO. 18. Company Strategic Developments – Heat Map Analysis
FIG NO. 19. Carnival Corporation Business Segment Revenue Share, 2020 (%)
FIG NO. 20. Carnival Corporation Geographical Segment Revenue Share, 2020 (%)
FIG NO. 21. Market Channels
FIG NO. 22. Marketing Channel Development Trend
FIG NO. 23. Growth in World Gross Product, 2008-2018
FIG NO. 24. Research Methodology – Detailed View
FIG NO. 25. Research Methodology
 


List of Tables

TABLE NO. 1. Global Travel and Tourism Spending Market: Snapshot
TABLE NO. 2. Quarterly Travel and Tourism Spending Market Revenue by Region, 2020
TABLE NO. 3. Quarterly Travel and Tourism Spending Market Revenue Forecast by Region, 2021
TABLE NO. 4. Pre COVID-19 Market Revenue, By Region, 2016-2019 (USD Million)
TABLE NO. 5. Post COVID-19 Market Revenue, By Region, 2020-2028 (USD Million)
TABLE NO. 6. Global Travel and Tourism Spending Market Revenue, By Region, 2016 – 2028 (USD Million)
TABLE NO. 7. North America Travel and Tourism Spending Market Revenue, By Country, 2016 – 2028 (USD Million)
TABLE NO. 8. North America Travel and Tourism Spending Market Revenue, By Type, 2016 – 2028 (USD Million)
TABLE NO. 9. North America Travel and Tourism Spending Market Revenue, By Application, 2016 – 2028 (USD Million)
TABLE NO. 10. North America Travel and Tourism Spending Market Revenue, By Travel Days, 2016 – 2028 (USD Million)
TABLE NO. 11. U.S. Travel and Tourism Spending Market Revenue, By Type, 2016 – 2028 (USD Million)
TABLE NO. 12. U.S. Travel and Tourism Spending Market Revenue, By Application, 2016 – 2028 (USD Million)
TABLE NO. 13. U.S. Travel and Tourism Spending Market Revenue, By Travel Days, 2016 – 2028 (USD Million)
TABLE NO. 14. Canada Travel and Tourism Spending Market Revenue, By Type, 2016 – 2028 (USD Million)
TABLE NO. 15. Canada Travel and Tourism Spending Market Revenue, By Application, 2016 – 2028 (USD Million)
TABLE NO. 16. Canada Travel and Tourism Spending Market Revenue, By Travel Days, 2016 – 2028 (USD Million)
TABLE NO. 17. Mexico Travel and Tourism Spending Market Revenue, By Type, 2016 – 2028 (USD Million)
TABLE NO. 18. Mexico Travel and Tourism Spending Market Revenue, By Application, 2016 – 2028 (USD Million)
TABLE NO. 19. Mexico Travel and Tourism Spending Market Revenue, By Travel Days, 2016 – 2028 (USD Million)
TABLE NO. 20. Drivers for the Travel and Tourism Spending Market: Impact Analysis
TABLE NO. 21. Restraints for the Travel and Tourism Spending Market: Impact Analysis
TABLE NO. 22. Major Buyers of Travel and Tourism Spending
TABLE NO. 23. Distributors/Traders List of Travel and Tourism Spending
TABLE NO. 24. Global Travel and Tourism Spending Market, Company Market Revenue, 2016 – 2019 (USD Million)
TABLE NO. 25. Global Travel and Tourism Spending Market, Company Y-o-Y Growth, 2017 – 2019 (USD Million)

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FrequentlyAsked Questions

The global travel and tourism spending market was valued at USD 879.2 Million in 2020.

The global travel and tourism spending market is expected to reach USD 1,142.2 Million by 2028, growing at a CAGR of 3.4% between 2021 to 2028.

 

Some of the key factors driving the global travel and tourism spending market growth are number of people travelling around the world is also growing owing to factors such as increase in millennial tourists relative to other generations, increased knowledge of travel destinations among youth due to the growth of social networks, and lower air travel costs among others.

The Europe region held a share of 25% in 2020. The number of tourists visiting European countries such as UK, France, Germany and others has swelled up in the past few years and this is expected to boost growth of travel and tourism spending in this region. Rising income and increased availability of affordable package tours can also be expected to augment growth in this region.

Hilton Worldwide Holdings, Accor, Crown Resorts, Airbnb Inc., Carnival Corporation, G Adventures, OYO Rooms, Adris Grupa, TUI Group and Balkan Holidays among others.

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