Changing tourist flows, travel decisions and spending, customer preferences, growth segments – only slowly is it becoming clearer what the new global travel world looks like.
On 15 September, in a Virtual ITB convention, Statista, the highly renowned global market research company and statistics portal, presented the latest demand data and provided valuable insights into the future of tourism demand.
Claudia Cramer, Director Market Research, Statista GmbH, presented current data and news concerning the global tourism industry.
She outlined the growth experienced in the tourism industry since 1950 – from 25 million international tourists per year to 1.46 billion. When looking at the contribution of the tourism industry to GDP in various countries, tourism, says Cramer, has high relevance in the economies of each country – especially in the Asian markets – but also in many European countries – where tourism is a “great provider of economic health and growth”.
On the other hand, with the Covid-19 pandemic, revenues for the global travel & tourism market is expected to witness a decline of 55% for this year, from a forecast figure of US$767bn to US$349bn.
“This shows that the current situation really has a huge impact on the global tourism market”, says Cramer. She explains that the decline is primarily due to travel warnings and travel bans, and international border closures. There is also an effect from the decline in household budgets and the overall economic situation, along with how different governments will subsidise these industries.
According to Statista, the worldwide travel & tourism market is expected to show first growth compared to 2019 again in 2023, arriving at similar levels to 2019 only in 2025. Online booking revenues will, says...