Travel and Tourism Spending Market Size, Share, Growth Report 2032

Travel and Tourism Spending Market

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

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

Travel and Tourism Spending Market

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 baby moons, 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.

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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:

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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.

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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.

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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

Methodology

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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