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Travel & Tourism - Worldwide

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$916.00bn and is projected to grow annually at a rate of 4.00%, resulting in a market volume of US$1.11tn by 2029.
  • The largest market within Travel & Tourism is the Hotels market, which is projected to reach a market volume of US$426.50bn in 2024.
  • Looking ahead, the number of users in the Hotels market is expected to increase to 1.81bn users by 2029.
  • In 2024, the user penetration rate was 25.6%, and it is expected to reach 32.8% by 2029.
  • The average revenue per user (ARPU) is projected to reach US$461.10.
  • Online sales are expected to account for 75% of total revenue in the Travel & Tourism market by 2029.
  • It is worth noting that United States is expected to generate the most revenue in this market, reaching US$214bn in 2024.
  • Following the profound ramifications of the COVID-19 pandemic, the travel and tourism sector demonstrates robust indications of resurgence.

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.

Structure:

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.

In-Scope

  • 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: market data & analysis - Cover

Market Insights report

Travel & Tourism: market data & analysis

Study Details

    Revenue

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Jul 2024

    Source: Statista Market Insights

    Most recent update: Jul 2024

    Source: Statista Market Insights

    Sales Channels

    Most recent update: Jul 2024

    Source: Statista Market Insights

    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.

    Users

    Most recent update: Jul 2024

    Source: Statista Market Insights

    Global Comparison

    Most recent update: Jul 2024

    Source: Statista Market Insights

    Methodology

    Data coverage:

    The data encompasses B2C enterprises. Figures are based on bookings, revenues, and sales channels of hotels, vacation rentals, cruises, package holidays, and camping.

    Modeling approach:

    Market sizes are determined through a bottom-up approach, building on a specific rationale for each market. As a basis for evaluating markets, we use financial reports, the Global Consumer Survey, third-party studies and reports, data from industry associations (e.g., UNWTO), and price data of major players in respective markets. To estimate the number of users and bookings, we furthermore use data from the Statista Consumer Insigths Global survey. In addition, we use relevant key market indicators and data from country-specific associations, such as country-related GDP, demographic data (e.g., population), tourism spending, consumer spending, internet penetration, and device penetration. This data helps us estimate the market size for each country individually.

    Forecasts:

    In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, ARIMA, which allows time series forecasts, accounting for stationarity of data and enabling short-term estimates. Additionally, simple linear regression, Holt-Winters forecast, and exponential trend smoothing methods are applied. A k-means cluster analysis allows for the estimation of similar countries. The main drivers are tourism GDP per capita and respective price indices.

    Additional notes:

    The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.

    Mobility

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    Travel & Tourism: market data & analysis - BackgroundTravel & Tourism: market data & analysis - Cover

    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

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    Global business travel - statistics & facts

    Business or corporate travel is the tourism segment that focuses on people who travel for work or professional purposes and the related tourism services. This branch also includes the meetings industry, which refers to business events, conferences, congresses, trade fairs, and exhibitions. According to the World Travel and Tourism Council (WTTC), business travel accounted for 20 percent of the global tourism expenditure in 2021. In that year, it was estimated that business travelers spent more than 740 billion U.S. dollars worldwide, with Chinese tourists topping the ranking of the biggest business travel spenders.
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