Travel & tourism is one of the biggest sectors in terms of global economic impact. In this respect, leisure travel represents by far the most important segment. In the United States and China – the leading countries based on travel & tourism contribution to the global GDP – leisure travel accounts for roughly 65 percent and 80 percent of the total tourism spending, respectively.
Online travel agencies (OTAs) play a prominent role in the leisure travel market, with online sales channels representing over two-thirds of global travel and tourism revenue. While the onset of the coronavirus (COVID-19) pandemic upended the OTA market, leading players such as Booking, Expedia, and Airbnb experienced a rebound in revenue in 2022.
Leisure tourism spending worldwide from 2019 to 2023 (in billion U.S. dollars)
Further details: Visit original statistic Leisure tourism spending worldwide from 2019 to 2023 (in billion U.S. dollars)
Leisure travel generates approximately 80 percent of global travel and tourism expenditure. While spending on vacation trips fell dramatically with the onset of the health crisis, the market is gradually recovering from the impact of COVID-19. As estimated by Statista, the package holidays segment, a key component of leisure travel, is expected to surpass pre-pandemic revenue in 2023.
Tourism industry worldwideNumber of ocean cruise passengers worldwide from 2009 to 2023, with a forecast until 2027 (in millions)
Further details: Visit original statistic Number of ocean cruise passengers worldwide from 2009 to 2023, with a forecast until 2027 (in millions)
One of the travel and tourism segments worst hit by the COVID-19 pandemic, the global cruise industry breathed a sigh of relief in 2022, as the number of passengers carried by leading companies like Carnival, Royal Caribbean, and Norwegian Cruise Line bounced back. While the increase in global cruise revenue is cause for optimism for the major cruise lines, the financial losses accumulated during the health crisis and the costs related to investments in new vessels are not to be overlooked.
Cruise industry worldwideRevenue of the travel apps market worldwide from 2017 to 2027 (in billion U.S. dollars)
Further details: Visit original statistic Revenue of the travel apps market worldwide from 2017 to 2027 (in billion U.S. dollars)
During the last 15 years, the mobile segment has gradually gained momentum in the travel and tourism market, driven by an increase in smartphone users. Global travel app revenue is expected to rise steadily in the following years, reaching nearly two billion U.S. dollars by 2027. The U.S. and China, the leading markets in the travel apps segment, represent alone over 70 percent of this market’s earnings.
Mobile travel trendsMarket cap of leading online travel companies worldwide as of September 2023 (in million U.S. dollars)
Further details: Visit original statistic Market cap of leading online travel companies worldwide as of September 2023 (in million U.S. dollars)
Booking Holdings and Expedia Group are the biggest online travel agencies based on global revenue. The two companies control a range of key brands in the online travel market, such as Booking.com, Priceline, Agoda, and KAYAK (Booking Holdings), then Vrbo, Hotels.com, and trivago (Expedia Group). While Airbnb and Trip.com rank among the global OTAs with the highest market cap, Tripadvisor is only second to Booking.com in terms of online traffic to travel websites.
Online travel marketNumber of international tourist arrivals worldwide from 2005 to 2023, by region (in millions)
Further details: Visit original statistic Number of international tourist arrivals worldwide from 2005 to 2023, by region (in millions)
Europe is by far the most visited region worldwide based on international tourist arrivals, with Southern and Mediterranean Europe being the most popular subregion. While Asia and the Pacific reported the second-highest inbound tourism volume prior to the health crisis, this region has ranked behind the Americas since the onset of the COVID-19 pandemic, most likely due to China maintaining its quarantine measures up to early 2023.
Travel and tourism in Europe
Leisure travel refers to trips taken for relaxation and pleasure. It includes the segments of cruises, travel destinations, holiday activities, online travel market, tour operators and travel agencies. The cruise market mainly focuses on passenger movements, cruise ports and calls, occupancy rate, and bookings. The holiday destination and activities segments look at domestic and international tourism destinations, exploring tourist attractions, and trip purposes.
The internet era meant the rise of the online travel market. This segment encompasses online travel agencies (OTAs), which allow tourists to book by themselves travel services on the web, and digital travel-related experiences, like online reviews. While brick-and-mortar travel agencies lost ground to OTAs, some consumers still prefer face-to-face support when booking trips. Apart from analyzing the state of such businesses, this market also looks at the online presence of travel agencies and tour operators.
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