Statista trend report on luxury tourism and the impact of COVID-19, with future outlooks
Travel and tourism has been one of the hardest-hit industries by the pandemic. In 2020, global internal tourism revenues dropped by over 51 percent, amounting to 2.86 trillion U.S. dollars. Nonetheless, the market is forecast to recover rapidly and reach 2019 levels by 2023.
Luxury tourism, the industry designed to satisfy the lavish travel expectations of high-net-worth individuals, saw a slightly steeper decline. The estimated global internal luxury tourism revenue in 2020 is 511 billion U.S. dollars, implying a decrease of 54 percent.
After an introduction into the current status and future outlooks of the tourism industry, this report presents what effects the pandemic will have on the global luxury tourism market with a special focus on the most trending travel destinations and a forecast for 2024.
For a deeper insight into European luxury tourism, download our Luxury travel and tourism in Europe amid the pandemic report.
In this study, luxury tourism was defined as all acquisitions of consumer goods, services, and valuables for and during trips by individuals who have a net asset of over one million U.S. dollars. Through a complex analysis taking data on overall tourism and such high-net-worth individuals into consideration, this report gives valuable insight into the luxury tourism industry.
To provide country-specific data as well, the most significant travel destinations per region have been identified. These trending destinations were identified as having the highest total internal tourism revenues in their regions in 2019. Thus, this research provides detailed information on the luxury tourism industry of the United States, China, Germany, India, Mexico, Australia, the United Arab Emirates, South Africa, and Morocco.
This report also breaks down luxury tourism by domestic and international inbound tourism. The statistics reveal the impact of the corona pandemic on the luxury tourism markets of these countries and the most predominant trends. As not only international but also domestic travel has been restricted in 2020, Germany’s luxury market is forecast to see the strongest hit in 2020; and China and India’s luxury market are forecast to grow strongly between 2019 and 2023 despite current events, mostly driven by the growth of the domestic luxury market.
Tourism and its influence on the economy
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