Travel, Tourism & Hospitality

Some of the key influencers on travel and tourism in recent years have been globalization, digitalization, sustainability, and the coronavirus (COVID-19) pandemic. Ease of mobility, increased awareness of new destinations, and the internet as a source of information and commerce have caused this market to grow exponentially. Yet with this growth has also come increasing public concern about the industry’s impact on the environment, resulting in consumer demand for more sustainable travel options. After being hit hard by the health crisis, the travel and tourism industries are now gradually recovering. When it comes to the future of this market, increased mobile usage in travel, implementation of new technologies, and a less marked difference between business and leisure trips are all examples of changing consumer interests in the post-pandemic world.

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Trending Facts & Insights

  • Total contribution of travel and tourism to gross domestic product (GDP) worldwide in 2019 and 2023, with a forecast for 2024 and 2034 (in trillion U.S. dollars)
    Apr 5, 2024

    In 2023, the total contribution of travel and tourism to the global gross domestic product (GDP) was roughly four percent lower than in 2019, the year before the COVID-19 pandemic. Overall, the contribution of travel and tourism to the global GDP amounted to 9.9 trillion U.S. dollars in 2023. This figure was predicted to reach an estimated 11.1 trillion U.S. dollars in 2024, exceeding pre-pandemic levels.

    Which countries record the highest travel and tourism contribution to GDP?

    GDP is the total value of all goods and services produced in a country in a year. It is considered an important indicator of a country's economic strength, and a positive change in GDP is a sign of economic growth. Both before and after the impact of COVID-19, the United States and China were by far the leading travel markets based on the total contribution of travel and tourism to GDP, followed by Germany, the United Kingdom, and Japan. 

    What are the most visited countries in the world?

    In 2023, the number of international tourist arrivals worldwide increased significantly over the previous year but did not catch up yet with pre-pandemic levels. That year, France was the country with the highest number of international tourist arrivals worldwide, welcoming 100 million international visitors. Spain and the United States followed in the ranking in 2023.

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  • May 22, 2024

    Global travel and tourism spending grew by roughly 21.5 percent in 2023 compared to the previous year, but remained below pre-pandemic levels. Overall, the total travel and tourism expenditure worldwide amounted to 6.45 trillion U.S. dollars in 2023. That year, leisure trips accounted for around 80 percent of global travel and tourism spending.

  • Sep 19, 2024

    The number of international tourist arrivals worldwide rose sharply in 2023 compared to the previous year across all the most visited destinations in the world. Overall, France was the most visited country by inbound travelers worldwide in 2023, with 100 million international tourist arrivals. Spain, the United States, and Italy followed in the ranking that year.

    Has global inbound tourism recovered from the impact of COVID-19?

    In 2023, the totaled approximately 1.3 billion. While this figure represented a 33 percent annual increase, it remained below the peak in inbound tourist arrivals reported in 2019, the year before the onset of the COVID-19 pandemic. That said, exceeded pre-pandemic levels in 2023, peaking at 1.5 trillion U.S. dollars.

    What are the most popular global regions for inbound tourism?

    When breaking down the , Europe has consistently reported the highest volume of inbound travelers, both before and after the impact of the health crisis. In 2023, this region alone accounted for roughly 55 percent of global inbound tourist arrivals. Meanwhile, Asia and the Pacific recorded the second-highest number of inbound tourist arrivals worldwide in 2023.

  • Feb 26, 2024

    The market size of the hotel and resort sector worldwide peaked at 1.5 trillion U.S. dollars in 2023. This showed five percent growth over the previous year's figure of 1.43 trillion U.S. dollars. 

    What are the leading hotel brands globally?

    In 2023, among were industry giants like Hilton, Hyatt, and Hampton Inn. Hilton was reported to have a brand value exceeding 11 billion U.S. dollars. However, while Hilton led brand value, Wyndham hotels and resorts claimed the top spot for the , boasting over nine thousand hotels globally, while Hilton ranked fourth.

    Hotel booking behavior of global travelers

    In 2023, peaked in January and February, surpassing 130 percent - there was also a notable increase in hotel booking growth during the summer months of June and August. As of 2024, Vietnam and China stood out as the . Meanwhile, countries with the lowest share of hotel and private accommodation bookings were Hungary and Pakistan.  

  • May 17, 2024

    Revenue of leading online travel agencies (OTAs) worldwide increased significantly in 2023 compared to the previous year, in most cases exceeding the earnings recorded before the COVID-19 pandemic. Overall, Booking Holdings reported the highest figure in 2023, generating roughly 21.4 billion U.S. dollars. That year, Expedia Group and Airbnb followed in the ranking, with revenue of approximately 12.8 billion and 9.9 billion U.S. dollars, respectively.

    What are the most visited travel websites?

    In April 2024, booking.com - the website of Booking Holdings' leading brand - topped the ranking of the , with nearly 560 million visits. That month, tripadvisor.com, aribnb.com, and expedia.com followed on the list. When looking at the , the United States accounted for the highest share of website visits in April 2024, ahead of the United Kingdom and Germany.

    How big is the online travel market?

    As estimated by the Statista Mobility Market Insights, generated roughly 70 percent of total revenue in 2023. That year, , including hotels, package holidays, vacation rentals, and cruises, surpassed 850 billion U.S. dollars.

  • Feb 16, 2024

    The total revenue of Airbnb worldwide reached 9.92 billion U.S. dollars in 2023. This was an increase over the previous year's total of 8.4 billion. The decrease in revenue in 2020 can be attributed to the , which caused travel disruption across the globe. When breaking down , North America, where Airbnb was founded, brought in the most revenue in 2022.

    Where are Airbnb’s biggest markets?

    Airbnb is a home sharing economy platform that operates in many countries around the world. The company’s biggest market is in North America where was also the highest at approximately 240.29 U.S. dollars in 2022. Meanwhile, Latin America had the cheapest gross booking value per night and travelers there than the Asia Pacific region.

    How did COVID-19 impact Airbnb?

    The COVID-19 pandemic impacted the travel and tourism industry worldwide, with many countries initiating stay at home orders or travel bans to prevent the spread of the virus. In addition to a decrease in revenue in 2020, the company also experienced a reduction in the . Bookings fell to a low of under 150 million in 2020 due to these travel restrictions which was less than half the total number of bookings from the previous year. In 2023, Airbnb reported over 448 million booked nights and experiences, a significant increase over the previous year.

  • Apr 22, 2024

    The UN Intergovernmental Panel on Climate Change (IPCC) released a special report in 2018 stating that the world has just over a decade to restrict global warming to 1.5°C above pre-industrial levels, beyond which the risk of floods, droughts and extreme heat will significantly worsen. With a growing awareness of climate change people are becoming more environmentally conscious. According to the source, as of February 2024, 83 percent of travelers worldwide believe that sustainable travel is important.

  • Aug 15, 2024

    In 2023, the Louvre in Paris, France, was the most visited museum worldwide, reporting nearly 8.9 million visits. While attendance at the renowned institution increased sharply compared to the previous year, it did not fully recover yet from the impact of COVID-19. Meanwhile, the Vatican Museums in the Vatican City and the National Museum of China in Beijing followed in the ranking in 2023, each with roughly 6.8 million visits.

  • Dec 19, 2024

    The number of international tourist arrivals worldwide grew by roughly 34 percent in 2023 compared to the previous year, showing strong signs of recovery from the impact of the COVID-19 pandemic. Despite the significant annual increase, global inbound tourist arrivals remained 11 percent lower than in 2019, totaling 1.3 billion in 2023.

  • May 13, 2024

    The Google Maps mobile app reported the highest number of downloads worldwide among the selected travel apps in 2023. That year, this app recorded nearly 130 million aggregated downloads on iOS and Google Play. The Uber app was the second most downloaded app in the ranking, with roughly 114 million downloads.

    The online travel agency app market

    Focusing on the online travel agency (OTA) market, while Booking.com topped the ranking of the  in 2023, this was not the case in the United States. When looking at the , it was Airbnb that reported the highest figure in 2023, ahead of Expedia and Vrbo.

    How big is the travel app market?

    In 2023, the reached nearly 1.3 billion U.S. dollars and was forecast to increase steadily over the following years. When breaking down the , the United States and China ranked by far as the biggest players that year, generating around 540 million and 380 million U.S. dollars, respectively.

Industry Definition

The travel and tourism sector comprises a wide range of products and services, including leisure and business travel, accommodation, food and drink services, and more. Some of the key markets related to these industries are hotels, short-term rentals, cruises, meetings and events, and online travel agencies. While topics like travel digitalization, sustainability, and the impact of COVID-19 have influenced the whole travel and tourism market in recent years, each segment is also subject to specific trends. That is the case of the home-sharing economy in the accommodation industry or the rise in blended travel for business tourists, mixing work-related trips with vacations.

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