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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State of the industry

Trending Facts & Insights

  • Total contribution of travel and tourism to gross domestic product (GDP) worldwide in 2019 and 2022, with a forecast for 2023 and 2033 (in trillion U.S. dollars)

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  • Total travel and tourism spending worldwide from 2019 to 2022, by type (in trillion U.S. dollars)

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  • Countries with the highest number of international tourist arrivals worldwide from 2019 to 2022 (in millions)

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  • Market size of the hotel and resort industry worldwide from 2013 to 2022, with a forecast for 2023 (in trillion U.S. dollars)

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  • Leading online travel agencies (OTAs) worldwide from 2019 to 2021, by revenue (in billion U.S. dollars)

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  • Revenue of Airbnb worldwide from 2017 to 2022 (in billion U.S. dollars)

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  • Share of travelers that believe sustainable travel is important worldwide in 2022

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  • Most visited museums worldwide from 2019 to 2022 (in millions)

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  • Change in international tourist arrivals during the coronavirus (COVID-19) pandemic worldwide from 2019 to 2022

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  • Most downloaded travel apps worldwide in 2022, by aggregated number of downloads (in millions)

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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.

More interesting topics from the industry "Travel, Tourism & Hospitality"

More interesting topics from the industry "Travel, Tourism & Hospitality"

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