travel and market

What next for travel and tourism? Here's what the experts say

In many countries, more than 80% of travel and tourism spending actually comes from the domestic market. Image:  Unsplash/Surface

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Stay up to date:.

• In 2020 alone, the travel and tourism sector lost $4.5 trillion and 62 million jobs globally.
• But as the world recovers from the impacts of the COVID-19 pandemic, travel and tourism can bounce back as an inclusive, sustainable, and resilient sector.
• Two experts highlight some of the key transformations in the sector going forward during the World Economic Forum's Our World in Transformation series.

The Travel & Tourism sector was one of the hardest hit by the COVID-19 pandemic, leaving not only companies but also tourism-driven economies severely affected by shutdowns, travel restrictions and the disappearance of international travel.

In 2020 alone, the sector lost $4.5 trillion and 62 million jobs, impacting the living standards and well-being of communities across the globe. Moreover, the halt in international travel gave both leisure and business travellers the chance to consider the impact of their choices on the climate and environment.

Amid shifting demand dynamics and future opportunities and risks, a more inclusive, sustainable and resilient travel and tourism sector can be - and needs to be - built.

The World Economic Forum's Travel & Tourism Development Index 2021 finds that embedding inclusivity, sustainability and resilience into the travel and tourism sector as it recovers, will ensure it can continue to be a driver of global connectivity, peace and economic and social progress.

We spoke to Sandra Carvao , Chief of Market Intelligence and Competitiveness at the United Nations World Tourism Organization (UNWTO), and Liz Ortiguera , CEO of the Pacific Asia Travel Association in Thailand (PATA), and asked them to highlight some of the key areas of risk and opportunity in the sector during an episode of the World Economic Forum's Our World in Transformation series.

Have you read?

Travel & tourism development index 2021: rebuilding for a sustainable and resilient future, towards resilience and sustainability: travel and tourism development recovery, how can we really achieve sustainability in the travel sector, what are some of the top global trends you're witnessing currently in the travel and tourism sector.

Liz Ortiguera: Given the extended lockdown that we had on travel with the pandemic, vacation for friends and relatives (VFR) is now a high priority for people who haven’t been in touch for a long time thanks to the pandemic. So, people are reconnecting. And that kind of links to the second trend, which is multi-purpose or blended travel. Never before, particularly now that we can connect digitally through Zoom, has the ability to work from anywhere enabled travellers to cover multiple purposes, like visits with friends and multiple business trips. So, we'll find that the duration of travel and the length of stay is longer. And third is the continued high focus on safety and wellness which is top of mind for travellers due to the pandemic. All travel is wellness-related now.

Sandra Carvao: I think there is a bigger concern with sustainability, which is very welcome in our industry. Consumers, particularly the younger generation, are much more aware of the impact they have, not only on the environment but also socially and on the communities they live in. We've also seen an increase in expenditure per trip, so I think people are very eager to go outside, and they're staying longer. And on the other side, I think there are some challenges: we’re seeing a rise in late bookings because restrictions can change at short notice and that’s having an impact on the decisions of travellers. This is putting pressure on the industry in terms of planning and anticipating fluctuations in demand.

Social media surveys have shown that travellers who have immersive experiences are more likely to post about them, which is good for the industry.

What is community-based tourism and why is it important?

Sandra Carvao: One of the positive impacts of the pandemic is that people are looking for local experiences and are spending more time with communities. So, the concept of community-based tourism is obviously one that puts the community at the core of every development, ensuring that it's engaged and empowered and that it benefits. At the UNWTO, we worked with the G20 and the Saudi presidency back in 2020 and produced a framework for tourism development in communities, which states that communities need to be part of the planning and management of tourism activities. We need to go beyond traditional definitions of community to a point where the industry leans on partnerships between the public and private sectors and communities.

Liz Ortiguera: In July 2022, PATA is hosting a destination-marketing forum and one of the key themes is community-based tourism. The purpose is really to put the community and authenticity-in-culture activities at the heart of the travel experience. There are benefits for all stakeholders. One is that travellers can have an authentic experience. They're not in overcrowded, touristic locations and they experience something new and unique within the community. These experiences are designed in partnership with communities who get the benefit of financial inclusion, and if activities are designed properly, the reinforcement of their cultural heritage. Governments also engage in economic development more broadly across countries. Another interesting trend is creative tourism, which means you create an experience for tourists to participate in, like a dance lesson, or a cooking lesson. Social media surveys have shown that travellers who have these kinds of immersive experiences are more likely to post about them online and that's good for the industry.

It is important to emphasize that virtual experiences, while they are a fun tool, can never replace visiting a destination.

How is technology and innovation helping to leverage cultural resources?

Sandra Carvao: One interesting trend we’re seeing is that more and more people are booking trips directly, so communities need to be supported to digitize their systems. Education and upskilling of communities are important so that they can leverage digital platforms to market themselves. From the tourists’ perspective, it is important to emphasize that virtual experiences, while they are a fun tool, can never replace visiting a destination.

Liz Ortiguera: People have been living virtually for more than two years. Amazing innovations have emerged, such as virtual reality and augmented reality, and all kinds of applications and tools. But the important thing is the experience. The destination. Real-world experiences need to remain front and centre. Technology tools should be viewed as enablers and not the core experience. And when it comes to staff, technology can really democratize education. There’s an opportunity to mobilize a mobile-first approach for those who are on the frontlines, or out in the field, and can’t easily access computers, but need to get real-time information.

How is the sector dealing with labour shortages and re-employment of the workforce?

Liz Ortiguera: Labour shortages are much more dynamic in North America and in Europe. But it’s having a knock-on effect on Asia. If, for example, their air carriers are limited by staff and they have to cancel flights, which we're very much seeing out of Europe, seating capacity then becomes a limiting factor in the recovery of Asia Pacific. That's the main constraint right now. And compounding that is the rising price of fuel. But people in the Asia Pacific are keen to get reemployed.

Sandra Carvao: Labour shortages are a priority for the sector in countries around the world. Many workers left the sector during the pandemic and the uncertainty that surrounded the measures taken to contain it left many people unsure of whether the sector would recover. It is time to address things like conditions, scheduling, and work/life balance, all things which have been top of mind for workers during the pandemic. As the sector recovers, we need time to bring new hires on board and to train them to take over where those who switched jobs left off.

Are we seeing a growing trend towards domestic tourism?

Sandra Carvao: We’re talking about 9 billion people travelling within their own countries. And in many countries, for example in Germany, more than 80% of the tourism spending actually comes from the domestic market, similarly in countries like Spain and even smaller economies. Whenever it's possible to travel again, domestic markets tend to be more resilient. They kick off first mostly due to perceptions of safety and security issues. As the world economy recovers from the pandemic, there is a good opportunity for nations to rethink their strategy, look at the domestic market in a different way, and leverage different products for domestic tourists.

When it comes to sustainable tourism, how quickly could we mainstream eco-friendly modes of transportation?

Sandra Carvao: Transport is one of the key contributors to energy impacts and tourism. But it's also important that we look at the whole value chain. The UNWTO together with the One Planet Sustainable Tourism Programme just launched the Glasgow Declaration, which includes green commitments from destinations and companies. We’re seeing a strong movement in the airline industry to reduce emissions. But I think, obviously, technological developments will be very important. But it's also very important to look at market shifts. And we can't forget small islands and developing states that rely on long-haul air travel. It’s important to make sure that we invest in making the problem much less impactful.

Liz Ortiguera: 'Travel and tourism' is such a broad encompassing term that it’s not fair to call it an industry: it is actually a sector of many industries. The pandemic taught us how broad the impact of the sector is in terms of sustainability. There's a big movement in terms of destination resilience, which is the foundation for achieving sustainability in the journey to net-zero. We now have standards to mitigate that impact including meetings-and-events (MIE) standards and standards for tour operators. There are multiple areas within our industry where progress is being made. And I'm really encouraged by the fact that there is such a focus not just within the sector but also among consumers.

This interview was first done at the World Economic Forum's studios in Geneva as part of 'Our World in Transformation' - a live interactive event series for our digital members. To watch all the episodes and join future sessions, please subscribe here .

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Now boarding: Faces, places, and trends shaping tourism in 2024

After falling by 75 percent in 2020, travel is on its way to a full recovery by the end of 2024. Domestic travel is expected to grow 3 percent annually and reach 19 billion lodging nights per year by 2030. 1 Unless otherwise noted, the source for all data and projections is Oxford Economics. Over the same time frame, international travel should likewise ramp up to its historical average of nine billion nights. Spending on travel is expected to follow a similar trajectory, with an estimated $8.6 trillion in traveler outlays in 2024, representing roughly 9 percent of this year’s global GDP.

About the authors

This article is a collaborative effort by Caroline Tufft , Margaux Constantin , Matteo Pacca , and Ryan Mann , with Ivan Gladstone and Jasperina de Vries, representing views from McKinsey’s Travel, Logistics & Infrastructure Practice.

There’s no doubt people still love to travel and will continue to seek new experiences in new places. But where will travelers come from, and where will they go? We developed a snapshot of current traveler flows, along with estimates for growth through 2030. For the purposes of this report, we have divided the world into four regions—the Americas, Asia, Europe, and the Middle East and Africa.

Our analysis identifies three major themes for industry stakeholders to consider:

• The bulk of travel spending is close to home. Stakeholders should ensure they capture the full potential of domestic travel before shifting their focus to international travelers. And they should start with international travelers who visit nearby countries—as intraregional trips represent the largest travel segment after domestic trips.
• Source markets are shifting. Although established source markets continue to anchor global travel, Eastern Europe, India, and Southeast Asia are all becoming fast-growing sources of outbound tourism.
• The destinations of the future may not be the ones you imagine. Alongside enduring favorites, places that weren’t on many tourists’ maps are finding clever ways to lure international travelers and establish themselves as desirable destinations.

The bulk of travel spending is close to home

International travel might feel more glamorous, but tourism players should not forget that domestic travel still represents the bulk of the market, accounting for 75 percent of global travel spending (Exhibit 1). Domestic travel recovered from the COVID-19 pandemic faster than international travel, as is typical coming out of downturns. And although there has been a recent boom in “revenge travel,” with travelers prioritizing international trips that were delayed by the pandemic, a return to prepandemic norms, in which domestic travel represents 70 percent of spending, is expected by 2030.

The United States is the world’s largest domestic travel market at $1 trillion in annual spending. Sixty-eight percent of all trips that start in the United States remain within its borders. Domestic demand has softened slightly, as American travelers return abroad. 2 Dawit Habtemariam, “Domestic U.S. tourism growth levels off as Americans head overseas,” Skift, August 18, 2023. But tourism players with the right offerings are still thriving: five national parks broke attendance records in 2023 (including Joshua Tree National Park, which capitalized on growing interest from stargazers indulging in “dark sky” tourism 3 Scott McConkey, “5 national parks set attendance records in 2023, and the reasons may surprise you,” Wealth of Geeks, April 16, 2024. ).

China’s $744 billion domestic travel market is currently the world’s second largest. Chinese travelers spent the pandemic learning to appreciate the diversity of experiences on offer within their own country. Even as borders open back up, Chinese travelers are staying close to home. And domestic destinations are benefiting: for example, Changchun (home to the Changchun Ice and Snow Festival) realized 160 percent year-on-year growth in visitors in 2023. 4 Shi Xiaoji, “Why don’t Chinese people like to travel abroad anymore? The global tourism industry has lost 900 billion yuan. What is the situation?,” NetEase, February 12, 2024. In 2024, domestic travel during Lunar New Year exceeded prepandemic levels by 19 percent.

China’s domestic travel market is expected to grow 12 percent annually and overtake the United States’ to become the world’s largest by 2030. Hotel construction reflects this expectation: 30 percent of the global hotel construction pipeline is currently concentrated in China. The pipeline is heavily skewed toward luxury properties, with more than twice as many luxury hotels under construction in China as in the United States.

India, currently the world’s sixth-largest domestic travel market by spending, is another thriving area for domestic travel. With the subcontinent’s growing middle class powering travel spending growth of roughly 9 percent per year, India’s domestic market could overtake Japan’s and Mexico’s to become the world’s fourth largest by 2030. Domestic air passenger traffic in India is projected to double by 2030, 5 Murali Krishnan, “Can India’s airports cope with rapid passenger growth?,” Deutsche Welle, February 7, 2024. boosted in part by a state-subsidized initiative that aims to connect underserved domestic airports. 6 “India is seeing a massive aviation boom,” Economist , November 23, 2023.

When travelers do go abroad, they often stay close to home (Exhibit 2).

Europe and Asia, in particular, demonstrate strong and growing intraregional travel markets.

Recognizing this general trend, stakeholders have been funneling investment toward regional tourism destinations. An Emirati wealth fund, for instance, has announced its intent to invest roughly $35 billion into established hospitality properties and development opportunities in Egypt. 7 Michael Gunn and Mirette Magdy, “UAE’s $35 billion Egypt deal marks Gulf powers’ buying spree,” Bloomberg, April 27, 2024.

Europe has long played host to a high share of intraregional travel. Seventy percent of its travelers’ international trips stay within the region. Europe’s most popular destinations for intraregional travelers are perennial warm-weather favorites—Spain (18 percent), Italy (10 percent), and France (8 percent)—with limited change to these preferences expected between now and 2030.

Despite longer travel distances between Asian countries, Asia’s intraregional travel market is beginning to resemble Europe’s. Intraregional travel currently accounts for about 60 percent of international trips in Asia—a share expected to climb to 64 percent by 2030. As in Europe in past decades, Asian intraregional travel is benefiting from diminishing visa barriers and the development of a low-cost, regional flight network.

Thailand is projected to enjoy continued, growing popularity with Asian travelers. Thailand waived visa requirements for Chinese tourists in 2023 and plans to do the same for Indian tourists starting in 2024. It has aggressively targeted the fast-growing Indian traveler segment, launching more than 50 marketing campaigns directed at Indians over the past decade. The investment may be paying off: Bangkok recently overtook Dubai as the most popular city destination for Indian tourists. 8 “Bangkok overtakes Dubai as top destination for Indians post visa relaxation, reveals Agoda,” PR Newswire, January 18, 2024.

A McKinsey ConsumerWise survey on consumer sentiment, conducted in February 2024, suggests that Chinese travelers are also exhibiting high interest in international travel, with 36 percent of survey respondents indicating that they intend to spend more on international travel in the next three months. 9 Daniel Zipser, “ China brief: Consumers are spending again (outside of China) ,” McKinsey, April 8, 2024. Much of this interest is directed toward regional destinations such as Southeast Asia and Japan, with interest in travel to Europe down from previous years. 10 Guang Chen, Zi Chen, Steve Saxon, and Jackey Yu, “ Outlook for China tourism 2023: Light at the end of the tunnel ,” McKinsey, May 9, 2023.

Given travelers’ preference for proximity, how can tourism stakeholders further capitalize on domestic and intraregional travel demand? Here are a few strategies:

• Craft offerings that encourage domestic tourists to rediscover local gems. Destinations, hotels, and transportation providers can encourage domestic tourists to integrate lesser-known cultural landmarks into their trips to visit friends and relatives. In France, the upscale hotel chain Relais & Châteaux markets historic properties that lie far from classic tourist sights—such as Château Saint-Jean in rural Auvergne—as a welcome escape from the bustle of Paris. In Mexico, the Pueblos Mágicos program has successfully boosted domestic tourist visits to a set of “magical towns” that showcase Mexican heritage.
• Fold one-off domestic destinations into fuller itineraries. Route 66 in the United States is a classic road trip pathway, which spurs visits to attractions all along the highway’s length. Tourism stakeholders can collaborate to create similar types of domestic itineraries around the world. For instance, Mexico has expanded on its Pueblos Mágicos concept by branding coordinated visits to multiple villages as “magical routes.” In France, local tourism boards and vineyards have collaborated to promote bucket list “wine routes” around the country.
• Make crossing borders into neighboring countries seamless. Removing logistical barriers to travel can nudge tourists to upgrade a one-off trip to a single attraction into a bucket list journey across multiple, less-trodden destinations. In Africa, for example, Ethiopian Airlines is facilitating cross-border travel to major regional tourist sites through improved air connectivity. In Asia, Thailand has announced its intent to create a joint visa easing travel among Cambodia, Laos, Malaysia, Myanmar, Thailand, and Vietnam.

Source markets are shifting

The United States, Germany, the United Kingdom, China, and France remain the world’s five largest sources of travelers, in that order. These countries collectively accounted for 38 percent of international travel spending in 2023 and are expected to remain the top five source markets through 2030. But interest in travel is blossoming in other parts of the world—causing a shift in the balance of outbound travel flows (Exhibit 3).

North Americans’ travel spending is projected to hold steady at roughly 3 percent annual growth. US consumers voice growing concerns about inflation, and the most cost-constrained traveler segments are reducing travel, which is affecting ultra-low-cost airlines and budget hotels. Most travelers, however, plan to continue traveling: McKinsey research suggests that American consumers rank international and domestic travel as their highest-priority areas for discretionary spending. Instead of canceling their trips, these consumers are adapting their behavior by traveling during off-peak periods or booking travel further in advance. Travel spending by Europeans paints a slightly rosier picture, with roughly 5 percent projected annual growth. Meanwhile, the projected 12 percent annual growth in Chinese travelers’ spending should anchor substantial increases in travel spending across Northeast Asia.

Alongside these enduring traveler segments, new groups of travelers are emerging. Eastern Europe, India, and Southeast Asia are still comparatively small source markets, but they are developing fast-growing pools of first-time tourists (Exhibit 4).

India’s breakneck GDP growth of 6 percent year over year is bolstering a new generation of travelers, 11 Benjamin Laker, “India will grow to become the world’s third-largest economy by 2027,” Forbes , February 23, 2024. resulting in a projected annual growth in travel spending of 9 percent between now and 2030. Indian air carriers and lodging companies are making substantial investments to meet projected demand. Budget airline IndiGo placed the largest aircraft order in commercial aviation history in 2023, when it pledged to buy 500 Airbus A320 planes 12 Anna Cooban, “Biggest plane deal in history: Airbus clinches massive order from India’s IndiGo,” CNN, June 19, 2023. ; that same week, Air India nearly equaled IndiGo’s order size with purchase agreements for 250 Airbus and 220 Boeing jets. IndiGo later added an order for 30 additional Airbus A350 planes, well suited to serving both domestic and international routes. 13 “Airbus confirms IndiGo's A350 aircraft order,” Economic Times , May 6, 2024. The Indian Hotels Company Limited is ramping up its hotel pipeline, aiming to open two new hotels per month in the near future. International players are not sitting on the sidelines: seven hotel chains are launching new brands in India in 2024, 14 Peden Doma Bhutia, “Indian Hotels expansion plans: 2 new brands launching, 2 hotels opening every month,” Skift, February 2, 2024. including Marriott’s first Moxy- and Tribute-branded hotels in India and entrants from Hilton’s Curio and Tapestry brands. 15 Forum Gandhi, “Check-in frenzy: International hotel giants unleash fresh brands in India’s booming hospitality landscape,” Hindu Businessline , February 13, 2024. Development focus has shifted away from major metropolises such as Mumbai and Delhi and toward fast-developing, smaller cities such as Chandigarh and Hyderabad.

Southeast Asian travel spending is projected to grow at roughly 7 percent per year. Pockets of particularly high growth exist in Cambodia, Malaysia, and the Philippines. To capitalize on this blossoming source market, neighboring countries are rolling out attractive visa arrangements: for example, China has agreed to reciprocal visa waivers for short-term travelers from Malaysia, Singapore, and Thailand. 16 Julienna Law, “China launches ‘visa-free era’ with Southeast Asia. Will travel retail boom?,” Jing Daily , January 30, 2024.

Travel spending by Eastern Europeans is expected to grow at 7 percent per year until 2030—two percentage points higher than spending by Western Europeans. Areas of especially high growth include the Czech Republic, Hungary, and Poland, where middle-class travelers are increasingly venturing farther afield. Major tourism players, including the TUI Group, have tapped into these new source markets by offering charter flights to warm-weather destinations such as Egypt. 17 Hildbrandt von Klaus, “TUI develops Czech Republic as a new source market,” FVW, December 22, 2023.

Although the number of travelers from these new source markets is growing, their purchasing power remains relatively limited. Compared with Western European travelers (who average $159 per night in total travel spending), South Asians spend 20 percent less, Eastern Europeans spend 40 percent less, and Southeast Asians spend 55 percent less. Only 3 percent of the current Asian hotel construction pipeline caters to economy travelers, suggesting a potential supply gap of rooms that could appeal to budget-constrained tourists.

While acknowledging that historical source markets will continue to constitute the bulk of travel spending, tourism players can consider actions such as these to capitalize on growing travel demand from newer markets:

• Reduce obstacles to travel. Countries can look for ways to strategically invest in simplifying travel for visitors from growing source markets. In 2017, for example, Azerbaijan introduced express processing of electronic visas for Indian visitors; annual arrivals from India increased fivefold in two years. Requirements regarding passport photocopies or in-person check-ins can similarly be assessed with an eye toward reducing red tape for travelers.
• Use culturally relevant marketing channels to reach new demographics. Unique, thoughtful marketing strategies can help destinations place themselves on first-time travelers’ bucket lists. For example, after the release of Zindagi Na Milegi Dobara , a popular Bollywood movie shot in Spain with support from the Spanish Ministry of Tourism, Indian tourism to Spain increased by 65 percent. 18 “ Zindagi Na Milegi Dobara part of syllabus in Spain colleges,” India Today , June 6, 2004.
• Give new travelers the tech they expect. Travelers from newer source markets often have access to tech-forward travel offerings. For example, Indian travelers can travel anywhere within their country without physical identification, thanks to the Digi Yatra app. The Southeast Asian rideshare app Grab has several helpful travel features that competitors lack, such as automated menu translation and currency conversion. Tourism stakeholders should consider how to adapt to the tech expectations of newer travelers, integrating relevant offerings that ease journeys.
• Create vibrant experiences tailored to different price points. Crafting lower-budget offerings for more cost-constrained travelers doesn’t need to result in giving them a subpar experience. Capsule hotels, in which guests sleep in small cubbies, began as a response to the high cost of accommodations in Japan, but they have become an attraction in their own right—appearing on many must-do lists. 19 Philip Tang, “24 of the best experiences in Japan,” Lonely Planet, March 23, 2024.

The places you’ll go: The destinations of the future may not be the ones you imagine

The world’s top ten destination countries (the United States, Spain, China, France, Saudi Arabia, Türkiye, Italy, Thailand, Japan, and India, in that order) currently receive 45 percent of all travel spending, including for domestic travel. But some new locales are gaining traction (Exhibit 5).

A significant number of travelers are expanding their horizons, booking journeys to less visited countries that are near to old standbys. For instance, Laos and Malaysia, which both border Thailand—an established destination that is home to Bangkok, the world’s most visited city 20 Katherine LaGrave, “This is the world’s most visited city,” AFAR , January 31, 2024. —are up a respective 20 percent and 17 percent, respectively, in year-over-year international travel spending.

The world’s top ten destination countries currently receive 45 percent of all travel spending, including domestic-travel spending. But some new locales are gaining traction.

Several other countries that have crafted thoughtful tourism demand generation strategies—such as Peru, the Philippines, Rwanda, and Vietnam—are also expected to reap benefits in the coming years. Vietnam logged a remarkable 40 percent increase in tourism spending in the five years before the pandemic. Postpandemic, it has rebounded in part by waiving visa requirements for European travelers (while indicating intent to offer similar exemptions in the future for Chinese and Indian travelers). 21 Ashvita Singh, “Vietnam looks to offer visa-free entry to Indians: India report,” Skift, November 20, 2023. The Philippines has made a concerted effort to shift its sun-and-beach branding toward a more well-rounded image, replacing its long-standing “It’s more fun in the Philippines” tourism slogan with “Love the Philippines.” Peru is highlighting less visited archeological sites while also marketing itself as a top-notch culinary destination through the promotion of Peruvian restaurants abroad. Rwanda is investing in infrastructure to become a major African transit hub, facilitated by Qatar Airways’ purchase of a 60 percent stake in the country’s major airport. 22 Dylan Cresswell, “Rwanda plots ambitious tourism recovery,” African Business , July 28, 2022. Rwanda has also successfully capitalized on sustainable tourism: by charging $1,500 per gorilla trekking permit, for instance, it has maximized revenue while reducing environmental impact.

Tourism players might consider taking some of these actions to lure tourists to less familiar destinations:

• Collaborate across the tourism ecosystem. Promotion is not solely the domain of destination marketing organizations. Accommodation, transportation, and experience providers can also play important roles. In Singapore, for instance, the luxury resort Marina Bay Sands partners extensively with Singapore Airlines and the Singapore Tourism Board to offer compelling tourism offerings. Past collaborations have included flight and stay packages built around culinary festivals. 23 “Singapore Tourism Board, Marina Bay Sands & UOB partner to enliven Marina Bay precinct,” Singapore Tourism Board news release, January 25, 2024.
• Use infrastructure linkage to promote new destinations. By extending route options, transportation providers can encourage visitors to create itineraries that combine familiar destinations with new attractions. In Asia, Thailand’s tourism authority has attempted to nudge visitors away from the most heavily trafficked parts of the country, such as Bangkok and Phuket, and toward less popular destinations.
• Deploy social media to reach different demographics. Innovative social media campaigns can help put a destination on the map. Australia launched its “Ruby the kangaroo” campaign in China to coincide with the return of postpandemic air capacity between the two places. A video adapted for Chinese context (with appropriate gestures and a hashtag in Mandarin) garnered more than 20 million views in a single day on one of China’s largest social media platforms. 24 Nicole Gong, “Can Ruby the kangaroo bring Chinese tourists hopping back to Australia?,” SBS, June 5, 2023.
• Embrace unknown status. “Off the beaten path” messaging can appeal to widely traveled tourists seeking fresh experiences. Saudi Arabia’s “#WhereInTheWorld” campaign promoted the country’s tourist spots by acknowledging that they are less familiar to travelers, using a series of images that compared these spots with better-known destinations.

As tourism stakeholders look to the future, they can take steps to ensure that they continue to delight existing travelers while also embracing new ones. Domestic and intraregional tourism remain major opportunities—catering to local tourists’ preferences while building infrastructure that makes travel more seamless within a region could help capture them. Creative collaboration among tourism stakeholders can help put lesser-known destinations on the map. Travel tides are shifting. Expertly navigating these currents could yield rich rewards.

Caroline Tufft is a senior partner in McKinsey’s London office, Margaux Constantin is a partner in the Dubai office, Matteo Pacca is a senior partner in the Paris office, Ryan Mann is a partner in the Chicago office, Ivan Gladstone is an associate partner in the Riyadh office, and Jasperina de Vries is an associate partner in the Amsterdam office.

The authors wish to thank Abdulhadi Alghamdi, Alessandra Powell, Alex Dichter, Cedric Tsai, Diane Vu, Elisa Wallwitz, Lily Miller, Maggie Coffey, Nadya Snezhkova, Nick Meronyk, Paulina Baum, Peimin Suo, Rebecca Stone, Sarah Fellay, Sarah Sahel, Steffen Fuchs, Steffen Köpke, Steve Saxon, Sophia Wang, and Urs Binggeli for their contributions to this article.

This article was edited by Seth Stevenson, a senior editor in the New York office.

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2024 travel industry outlook

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After more than two years of consistent year-over-year gains, leisure travel may have tapped all its pent-up demand from the peak pandemic years. Is US travel demand due for a correction? Our 2024 travel industry outlook explores signals of the strength of travel demand.

Balancing budgets with the benefits of travel

Even during times of financial anxiety, travel has held a consistent share of Americans’ wallets. Enthusiasm for in-destination activities, growing interest in more diverse destinations, and the return of baby boomers in greater numbers add to the positive indicators for travel. And workplace flexibility appears poised to further buoy demand. 

Despite this optimistic outlook, could an economic downturn shift travel behaviors? Travel frequency and certain indulgences may see a decline, but if higher-income groups are relatively insulated from economic headwinds, higher-end travel products could have a better year than budget ones. On the corporate side, many decision-makers in the coming year will seek a delicate balance between conservative budgeting and pursuing the strategic benefits that travel can support.

Our 2024 travel outlook takes a closer look at five trends expected to shape the industry this year:

• Suppliers find ways to touch up the travel experience. High interest rates and elevated costs of some goods can make it difficult to update, let alone upgrade, hotels. And some of airlines’ biggest challenges have stemmed from weather events and staffing matters not entirely in their control. Still, airlines and hospitality providers know they need to improve the experiences they offer or risk losing travelers’ attention.
• The corporate comeback continues, but gains decelerate. While trips to build client relationships and support team collaboration remain key to business success, costs are a significant concern. Amid these efforts at prudent budgeting, US corporate travel spend is still likely to finally pass the pre-pandemic line within the next year.
• More trips or longer trips? Travelers choose their own adventure. One of the most lasting effects of the pandemic has been a shift in how white-collar work gets done. Remote and hybrid arrangements appear to be here to stay, and the share of travelers who plan to work on their longest leisure trips has surged. In addition to adding and extending trips, this laptop lugger behavior also has an impact on travelers’ in-destination needs and preferences.
• Marketing spend shifts to account for changes in platforms and demographics. As travel demand has returned and shown continued resilience to economic anxiety, the industry’s marketing spend has trended up, and travel providers have ridden a wave of pent-up demand. But as travel growth slows, there will be a greater need for more targeted marketing and for travel providers to build new strategies for a changing landscape.
• Gen AI: Behind the scenes and front and center. Gen AI is already influencing travel, with call center efficiencies the most widely reported benefit. In the coming year, expect it to influence the industry in major ways. More visible applications (new options for discovery, shopping, booking) will garner much of the attention, but less visible applications might actually be more influential. Promising use cases for travel providers include advertising strategy, marketing content, and personalization.

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Travel and Tourism Market

Travel and Tourism Market (Type: Leisure, Educational, Business, Sports, Medical Tourism, and Others; and Application: Domestic and International) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2023-2031

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Global Travel and Tourism Market Outlook 2031

• The global industry was valued at US$ 615.2 Bn in 2022
• It is estimated to grow at a CAGR of 5.3% from 2023 to 2031 and reach US$ 972.5 Bn by the end of 2031

Analysts’ Viewpoint on Market Scenario Growth in disposable income, affordable commutes, easy accessibility of remote locations, and emerging travel trends are major factors boosting the travel and tourism market growth during the forecast period. Rise in government investment in the tourism sector is also projected to drive demand for travel and tourism in the next few years. Surge in adoption of IoT is likely to offer lucrative opportunities to players in the global travel and tourism industry. However, political instability, natural disasters, and implementation of stringent immigration policies are estimated to limit the travel and tourism market progress in the near future.

Market Introduction

Travel and tourism refers to the movement of people from one place to another due to various reasons such as leisure, education, business, and sports. It can be domestic, overseas, short distance, or long distance. The tourism sector is witnessing immense growth opportunities around the globe owing to rise in discretionary income, governmental support, infrastructural development, and technical integration to facilitate easy commutes.

Online booking platforms, mobile apps , and travel websites are gaining traction among travelers. Rapid globalization has led to a more interconnected world through trade, social media networks, business, and culture. Thus, people are traveling within and out of their borders with ease. These scenarios and travel trends are expected to augment the travel and tourism market value in the next few years.

Social media platforms and online websites are being used widely to promote various tourist destinations and hospitality and leisure facilities. They are attracting travelers through influencer marketing , travel blogs, articles, and user-generated content. This, in turn, is projected to spur growth of the travel and tourism industry. Moreover, increase in investment in infrastructural development and emergence of new travel trends among millennials are boosting the travel and tourism market size.

Tourism is becoming one of the major sectors driving a country’s revenue. Thus, governments across the globe are promoting and investing heavily in the sector, which is leading to improvements in public transportation, tourist destinations, and accommodation facilities. According to the latest travel and tourism market trends, travel and tourism is gaining traction among the middle-class population due to surge in disposable income.

In 2019, an average household in the U.S. spent around US$ 2,100 on travel. Security and health concerns play a major role in the tourism sector. This average dropped to US$ 926 post the emergence of the COVID-19 pandemic in 2020. Thus, travelers prefer safe and secure destinations.

Rise in Government Investment in Travel and Tourism Sector

The tourism sector across the globe is growing at a rapid pace, especially after COVID-19 lockdowns were lifted. Major governments are focusing on promoting and enhancing tourist traffic. In India, the Ministry of Tourism, under the CSSS Scheme of ‘Incentive to Tour Operators for Enhancing Tourist Arrivals to India’ is extending financial incentives to foreign tour operators, approved by the government. These promotional activities are contributing to the market size of travel and tourism.

Accessibility to remote yet beautiful tourist places and increase in popularity of travel destinations through online platforms has resulted in the tourist industry emerging as one of the key sectors in many countries. According to the U.S. Department of Commerce, International arrivals to the U.S. grew from 19.2 million in 2020 to 22.1 million in 2021. Moreover, the U.S. government is focusing on attracting around 90 million international visitors who are expected to spend approximately US$ 279 Bn annually by 2027. Hence, rise in number of international visitors is estimated to fuel the travel and tourism market.

Surge in Disposable Income

Rise in digital transformation and growth in penetration of the internet are offering emerging opportunities in the travel and tourism market. Online resources provide convenience in booking flight tickets and hotels and searching for places to plan trips.

Increase in disposable income provides a sense of economic stability, in which people tend to spend on leisure activities such as travel. Families are more likely to plan vacations, leading to surge in demand for trips and tourism. The gross national disposable income in India reached US$ 3,182.4 Bn in the financial year 2021-2022, recording a growth of 17.4% compared to the previous year. In the U.S., personal income increased US$ 45.0 billion (0.2% at a monthly rate) in July 2023, according to the Bureau of Economic Analysis. Hence, rise in disposable income is projected to boost the travel and tourism market revenue during the forecast period.

Regional Outlook

According to the latest travel and tourism market forecast, Asia Pacific is anticipated to hold largest share from 2023 to 2031. Rise in disposable income and growth in government investment are fueling the market dynamics of the region. Geographical advantages, increase in number of international travelers, and presence of a well-established tourism sector are driving the travel and tourism market statistics in North America.

Analysis of Key Players

Most travel and tourism service providers are offering lucrative tour packages to attract more travelers. They are also investing heavily in promotional activities to increase their travel and tourism market share.

Accor, Adris Grupa d.d., Airbnb, Inc., Balkan Holidays Ltd., Carnival Corporation & plc, Crown Resorts Ltd., G Adventures, Hilton Worldwide Holdings Inc., TUI Group, Travel Leaders Group, LLC, Insight Vacations, and Frosch International Travel, Inc. are key players in the travel and tourism market.

Key Developments

• In August 2023 , G Adventures added two new National Geographic Family Journeys in Italy and Tanzania. The eight-day Tanzania Family Journey is expected to take families on game drives in the Serengeti throughout the tour and include a visit to a community tourism project.
• In July 2023 , TUI Group released a ChatGPT-powered chatbot on its U.K. app, the first of what is expected to be a wave of rollouts that incorporates generative AI into the company’s tech, to help consumers search through its own portfolio of products
• In February 2023 , Adris announced plans to invest US$ 511 Mn in its tourism arm Maistra until 2025 with an aim to boost its luxury segment

Travel and Tourism Market Snapshot

Frequently asked questions, how big was the travel and tourism market in 2022.

It was valued at US$ 615.2 Bn in 2022

What would be the CAGR of the travel and tourism industry during the forecast period?

It is estimated to be 5.3% from 2023 to 2031

How big will the travel and tourism business be in 2031?

It is projected to reach US$ 972.5 Bn by the end of 2031

What are the prominent factors driving demand for travel and tourism?

Rise in government investment in travel and tourism sector and surge in disposable income

Which region is likely to record the highest demand for travel and tourism?

Asia Pacific is anticipated to record the highest demand from 2023 to 2031

Who are the prominent travel and tourism service providers?

Accor, Adris Grupa d.d., Airbnb, Inc., Balkan Holidays Ltd., Carnival Corporation & plc, Crown Resorts Ltd., G Adventures, Hilton Worldwide Holdings Inc., TUI Group, Travel Leaders Group, LLC, Insight Vacations, and Frosch International Travel, Inc.

    1.1. Market Definition and Scope

    1.2. Market Segmentation

    1.3. Key Research Objectives

    1.4. Research Highlights

2. Assumptions

3. Research Methodology

4. Executive Summary

5. Market Overview

    5.1. Market Dynamics

        5.1.1. Drivers

        5.1.2. Restraints

        5.1.3. Opportunities

    5.2. Key Trends Analysis

        5.2.1. Demand Side Analysis

        5.2.2. Supply Side Analysis

    5.3. Key Market Indicators

        5.3.1. Overall Entertainment Market Overview

    5.4. Industry SWOT Analysis

    5.5. Porter’s Five Forces Analysis

    5.6. Value Chain Analysis

    5.7. Service Provider Analysis

    5.8. Global Travel and Tourism Market Analysis and Forecast, 2017 - 2031

        5.8.1. Market Value Projection (US$ Bn)

6. Global Travel and Tourism Market Analysis and Forecast, By Type

    6.1. Travel and Tourism Market (US$ Bn), By Type, 2017 - 2031

        6.1.1. Leisure

        6.1.2. Educational

        6.1.3. Business

        6.1.4. Sports

        6.1.5. Medical Tourism

        6.1.6. Others (Event Travel, Volunteer Travel, etc.)

    6.2. Incremental Opportunity, By Type

7. Global Travel and Tourism Market Analysis and Forecast, By Application

    7.1. Travel and Tourism Market (US$ Bn), By Application, 2017 - 2031

        7.1.1. Domestic

        7.1.2. International

    7.2. Incremental Opportunity, By Application

8. Global Travel and Tourism Market Analysis and Forecast, By Traveler Type

    8.1. Travel and Tourism Market (US$ Bn), By Traveler Type, 2017 - 2031

        8.1.1. Solo Traveler

        8.1.2. Couple Traveler

        8.1.3. Group Traveler

    8.2. Incremental Opportunity, By Traveler Type

9. Global Travel and Tourism Market Analysis and Forecast, By Travel Days

    9.1. Travel and Tourism Market (US$ Bn), By Travel Days, 2017 - 2031

        9.1.1. Less than 7 Days

        9.1.2. 8-15 Days

        9.1.3. 16-30 Days

        9.1.4. More than 30 Days

    9.2. Incremental Opportunity, By Travel Days

10. Global Travel and Tourism Market Analysis and Forecast, By Travel Mode

    10.1. Travel and Tourism Market (US$ Bn), By Travel Mode, 2017 - 2031

        10.1.1. Travel Packages

        10.1.2. Self-catered

    10.2. Incremental Opportunity, By Travel Mode

11. Global Travel and Tourism Market Analysis and Forecast, By Booking

    11.1. Travel and Tourism Market (US$ Bn), By Booking, 2017 - 2031

        11.1.1. Online

        11.1.2. Offline

    11.2. Incremental Opportunity, By Booking

12. Global Travel and Tourism Market Analysis and Forecast, by Region

    12.1. Travel and Tourism Market (US$ Bn), by Region, 2017 - 2031

        12.1.1. North America

        12.1.2. Europe

        12.1.3. Asia Pacific

        12.1.4. Middle East & Africa

        12.1.5. South America

    12.2. Incremental Opportunity, by Region

13. North America Travel and Tourism Market Analysis and Forecast

    13.1. Regional Snapshot

    13.2. Price Trend Analysis

        13.2.1. Weighted Average Selling Price (US$)

    13.3. Demographic Overview

    13.4. Key Brand Analysis

    13.5. Key Trends Analysis

        13.5.1. Demand Side Analysis

        13.5.2. Supply Side Analysis

    13.6. Consumer Buying Behavior Analysis

    13.7. Travel and Tourism Market (US$ Bn), By Type, 2017 - 2031

        13.7.1. Leisure

        13.7.2. Educational

        13.7.3. Business

        13.7.4. Sports

        13.7.5. Medical Tourism

        13.7.6. Others (Event Travel, Volunteer Travel, etc.)

    13.8. Travel and Tourism Market (US$ Bn), By Application, 2017 - 2031

        13.8.1. Domestic

        13.8.2. International

    13.9. Travel and Tourism Market (US$ Bn), By Traveler Type, 2017 - 2031

        13.9.1. Solo Traveler

        13.9.2. Couple Traveler

        13.9.3. Group Traveler

    13.10. Travel and Tourism Market (US$ Bn), By Travel Days, 2017 - 2031

        13.10.1. Less than 7 Days

        13.10.2. 8-15 Days

        13.10.3. 16-30 Days

        13.10.4. More than 30 Days

    13.11. Travel and Tourism Market (US$ Bn), By Travel Mode, 2017 - 2031

        13.11.1. Travel Packages

        13.11.2. Self-catered

    13.12. Travel and Tourism Market (US$ Bn), By Booking, 2017 - 2031

        13.12.1. Online

        13.12.2. Offline

    13.13. Travel and Tourism Market (US$ Bn) Forecast, By Country, 2017 - 2031

        13.13.1. U.S.

        13.13.2. Canada

        13.13.3. Rest of North America

    13.14. Incremental Opportunity Analysis

14. Europe Travel and Tourism Market Analysis and Forecast

    14.1. Regional Snapshot

    14.2. Price Trend Analysis

        14.2.1. Weighted Average Selling Price (US$)

    14.3. Demographic Overview

    14.4. Key Brand Analysis

    14.5. Key Trends Analysis

        14.5.1. Demand Side Analysis

        14.5.2. Supply Side Analysis

    14.6. Consumer Buying Behavior Analysis

    14.7. Travel and Tourism Market (US$ Bn), By Type, 2017 - 2031

        14.7.1. Leisure

        14.7.2. Educational

        14.7.3. Business

        14.7.4. Sports

        14.7.5. Medical Tourism

        14.7.6. Others (Event Travel, Volunteer Travel, etc.)

    14.8. Travel and Tourism Market (US$ Bn), By Application, 2017 - 2031

        14.8.1. Domestic

        14.8.2. International

    14.9. Travel and Tourism Market (US$ Bn), By Traveler Type, 2017 - 2031

        14.9.1. Solo Traveler

        14.9.2. Couple Traveler

        14.9.3. Group Traveler

    14.10. Travel and Tourism Market (US$ Bn), By Travel Days, 2017 - 2031

        14.10.1. Less than 7 Days

        14.10.2. 8-15 Days

        14.10.3. 16-30 Days

        14.10.4. More than 30 Days

    14.11. Travel and Tourism Market (US$ Bn), By Travel Mode, 2017 - 2031

        14.11.1. Travel Packages

        14.11.2. Self-catered

    14.12. Travel and Tourism Market (US$ Bn), By Booking, 2017 - 2031

        14.12.1. Online

        14.12.2. Offline

    14.13. Travel and Tourism Market (US$ Bn) Forecast, By Country, 2017 - 2031

        14.13.1. U.K.

        14.13.2. Germany

        14.13.3. France

        14.13.4. Rest of Europe

    14.14. Incremental Opportunity Analysis

15. Asia Pacific Travel and Tourism Market Analysis and Forecast

    15.1. Regional Snapshot

    15.2. Price Trend Analysis

        15.2.1. Weighted Average Selling Price (US$)

    15.3. Demographic Overview

    15.4. Key Brand Analysis

    15.5. Key Trends Analysis

        15.5.1. Demand Side Analysis

        15.5.2. Supply Side Analysis

    15.6. Consumer Buying Behavior Analysis

    15.7. Travel and Tourism Market (US$ Bn), By Type, 2017 - 2031

        15.7.1. Leisure

        15.7.2. Educational

        15.7.3. Business

        15.7.4. Sports

        15.7.5. Medical Tourism

        15.7.6. Others (Event Travel, Volunteer Travel, etc.)

    15.8. Travel and Tourism Market (US$ Bn), By Application, 2017 - 2031

        15.8.1. Domestic

        15.8.2. International

    15.9. Travel and Tourism Market (US$ Bn), By Traveler Type, 2017 - 2031

        15.9.1. Solo Traveler

        15.9.2. Couple Traveler

        15.9.3. Group Traveler

    15.10. Travel and Tourism Market (US$ Bn), By Travel Days, 2017 - 2031

        15.10.1. Less than 7 Days

        15.10.2. 8-15 Days

        15.10.3. 16-30 Days

        15.10.4. More than 30 Days

    15.11. Travel and Tourism Market (US$ Bn), By Travel Mode, 2017 - 2031

        15.11.1. Travel Packages

        15.11.2. Self-catered

    15.12. Travel and Tourism Market (US$ Bn), By Booking, 2017 - 2031

        15.12.1. Online

        15.12.2. Offline

    15.13. Travel and Tourism Market (US$ Bn) Forecast, By Country, 2017 - 2031

        15.13.1. China

        15.13.2. India

        15.13.3. Japan

        15.13.4. Rest of Asia Pacific

    15.14. Incremental Opportunity Analysis

16. Middle East & Africa Travel and Tourism Market Analysis and Forecast

    16.1. Regional Snapshot

    16.2. Price Trend Analysis

        16.2.1. Weighted Average Selling Price (US$)

    16.3. Demographic Overview

    16.4. Key Brand Analysis

    16.5. Key Trends Analysis

        16.5.1. Demand Side Analysis

        16.5.2. Supply Side Analysis

    16.6. Consumer Buying Behavior Analysis

    16.7. Travel and Tourism Market (US$ Bn), By Type, 2017 - 2031

        16.7.1. Leisure

        16.7.2. Educational

        16.7.3. Business

        16.7.4. Sports

        16.7.5. Medical Tourism

        16.7.6. Others (Event Travel, Volunteer Travel, etc.)

    16.8. Travel and Tourism Market (US$ Bn), By Application, 2017 - 2031

        16.8.1. Domestic

        16.8.2. International

    16.9. Travel and Tourism Market (US$ Bn), By Traveler Type, 2017 - 2031

        16.9.1. Solo Traveler

        16.9.2. Couple Traveler

        16.9.3. Group Traveler

    16.10. Travel and Tourism Market (US$ Bn), By Travel Days, 2017 - 2031

        16.10.1. Less than 7 Days

        16.10.2. 8-15 Days

        16.10.3. 16-30 Days

        16.10.4. More than 30 Days

    16.11. Travel and Tourism Market (US$ Bn), By Travel Mode, 2017 - 2031

        16.11.1. Travel Packages

        16.11.2. Self-catered

    16.12. Travel and Tourism Market (US$ Bn), By Booking, 2017 - 2031

        16.12.1. Online

        16.12.2. Offline

    16.13. Travel and Tourism Market (US$ Bn) Forecast, By Country, 2017 - 2031

        16.13.1. GCC

        16.13.2. South Africa

        16.13.3. Rest of Middle East & Africa

    16.14. Incremental Opportunity Analysis

17. South America Travel and Tourism Market Analysis and Forecast

    17.1. Regional Snapshot

    17.2. Price Trend Analysis

        17.2.1. Weighted Average Selling Price (US$)

    17.3. Demographic Overview

    17.4. Key Brand Analysis

    17.5. Key Trends Analysis

        17.5.1. Demand Side Analysis

        17.5.2. Supply Side Analysis

    17.6. Consumer Buying Behavior Analysis

    17.7. Travel and Tourism Market (US$ Bn), By Type, 2017 - 2031

        17.7.1. Leisure

        17.7.2. Educational

        17.7.3. Business

        17.7.4. Sports

        17.7.5. Medical Tourism

        17.7.6. Others (Event Travel, Volunteer Travel, etc.)

    17.8. Travel and Tourism Market (US$ Bn), By Application, 2017 - 2031

        17.8.1. Domestic

        17.8.2. International

    17.9. Travel and Tourism Market (US$ Bn), By Traveler Type, 2017 - 2031

        17.9.1. Solo Traveler

        17.9.2. Couple Traveler

        17.9.3. Group Traveler

    17.10. Travel and Tourism Market (US$ Bn), By Travel Days, 2017 - 2031

        17.10.1. Less than 7 Days

        17.10.2. 8-15 Days

        17.10.3. 16-30 Days

        17.10.4. More than 30 Days

    17.11. Travel and Tourism Market (US$ Bn), By Travel Mode, 2017 - 2031

        17.11.1. Travel Packages

        17.11.2. Self-catered

    17.12. Travel and Tourism Market (US$ Bn), By Booking, 2017 - 2031

        17.12.1. Online

        17.12.2. Offline

    17.13. Travel and Tourism Market (US$ Bn) Forecast, By Country, 2017 - 2031

        17.13.1. Brazil

        17.13.2. Rest of South America

    17.14. Incremental Opportunity Analysis

18. Competition Landscape

    18.1. Market Player - Competition Dashboard

    18.2. Market Revenue Share Analysis (%), (2022)

    18.3. Company Profiles (Details - Company Overview, Sales Area/Geographical Presence, Revenue, Strategy & Business Overview)

        18.3.1. Accor

            18.3.1.1. Company Overview

            18.3.1.2. Sales Area/Geographical Presence

            18.3.1.3. Revenue

            18.3.1.4. Strategy & Business Overview

        18.3.2. Adris Grupa d.d.

            18.3.2.1. Company Overview

            18.3.2.2. Sales Area/Geographical Presence

            18.3.2.3. Revenue

            18.3.2.4. Strategy & Business Overview

        18.3.3. Airbnb, Inc.

            18.3.3.1. Company Overview

            18.3.3.2. Sales Area/Geographical Presence

            18.3.3.3. Revenue

            18.3.3.4. Strategy & Business Overview

        18.3.4. Balkan Holidays Ltd.

            18.3.4.1. Company Overview

            18.3.4.2. Sales Area/Geographical Presence

            18.3.4.3. Revenue

            18.3.4.4. Strategy & Business Overview

        18.3.5. Carnival Corporation & plc

            18.3.5.1. Company Overview

            18.3.5.2. Sales Area/Geographical Presence

            18.3.5.3. Revenue

            18.3.5.4. Strategy & Business Overview

        18.3.6. Crown Resorts Ltd.

            18.3.6.1. Company Overview

            18.3.6.2. Sales Area/Geographical Presence

            18.3.6.3. Revenue

            18.3.6.4. Strategy & Business Overview

        18.3.7. G Adventures

            18.3.7.1. Company Overview

            18.3.7.2. Sales Area/Geographical Presence

            18.3.7.3. Revenue

            18.3.7.4. Strategy & Business Overview

        18.3.8. Hilton Worldwide Holdings Inc.

            18.3.8.1. Company Overview

            18.3.8.2. Sales Area/Geographical Presence

            18.3.8.3. Revenue

            18.3.8.4. Strategy & Business Overview

        18.3.9. TUI Group

            18.3.9.1. Company Overview

            18.3.9.2. Sales Area/Geographical Presence

            18.3.9.3. Revenue

            18.3.9.4. Strategy & Business Overview

        18.3.10. Travel Leaders Group, LLC

            18.3.10.1. Company Overview

            18.3.10.2. Sales Area/Geographical Presence

            18.3.10.3. Revenue

            18.3.10.4. Strategy & Business Overview

        18.3.11. Insight Vacations

            18.3.11.1. Company Overview

            18.3.11.2. Sales Area/Geographical Presence

            18.3.11.3. Revenue

            18.3.11.4. Strategy & Business Overview

        18.3.12. Frosch International Travel, Inc.

            18.3.12.1. Company Overview

            18.3.12.2. Sales Area/Geographical Presence

            18.3.12.3. Revenue

            18.3.12.4. Strategy & Business Overview

        18.3.13. Other Key Players

            18.3.13.1. Company Overview

            18.3.13.2. Sales Area/Geographical Presence

            18.3.13.3. Revenue

            18.3.13.4. Strategy & Business Overview

19. Go To Market Strategy

    19.1. Identification of Potential Market Spaces

    19.2. Understanding Procurement Process of Customers

    19.3. Preferred Sales & Marketing Strategy

    19.4. Prevailing Market Risks

List of Tables

Table 1: Global Travel and Tourism Market Value (US$ Bn) Projection By Type 2017-2031

Table 2: Global Travel and Tourism Market Value (US$ Bn) Projection By Application 2017-2031

Table 3: Global Travel and Tourism Market Value (US$ Bn) Projection By Traveler Type 2017-2031

Table 4: Global Travel and Tourism Market Value (US$ Bn) Projection By Travel Days 2017-2031

Table 5: Global Travel and Tourism Market Value (US$ Bn) Projection By Travel Mode 2017-2031

Table 6: Global Travel and Tourism Market Value (US$ Bn) Projection By Booking 2017-2031

Table 7: Global Travel and Tourism Market Value (US$ Bn) Projection By Region 2017-2031

Table 8: North America Travel and Tourism Market Value (US$ Bn) Projection By Type 2017-2031

Table 9: North America Travel and Tourism Market Value (US$ Bn) Projection By Application 2017-2031

Table 10: North America Travel and Tourism Market Value (US$ Bn) Projection By Traveler Type 2017-2031

Table 11: North America Travel and Tourism Market Value (US$ Bn) Projection By Travel Days 2017-2031

Table 12: North America Travel and Tourism Market Value (US$ Bn) Projection By Travel Mode 2017-2031

Table 13: North America Travel and Tourism Market Value (US$ Bn) Projection By Booking 2017-2031

Table 14: North America Travel and Tourism Market Value (US$ Bn) Projection By Country 2017-2031

Table 15: Europe Travel and Tourism Market Value (US$ Bn) Projection By Type 2017-2031

Table 16: Europe Travel and Tourism Market Value (US$ Bn) Projection By Application 2017-2031

Table 17: Europe Travel and Tourism Market Value (US$ Bn) Projection By Traveler Type 2017-2031

Table 18: Europe Travel and Tourism Market Value (US$ Bn) Projection By Travel Days 2017-2031

Table 19: Europe Travel and Tourism Market Value (US$ Bn) Projection By Travel Mode 2017-2031

Table 20: Europe Travel and Tourism Market Value (US$ Bn) Projection By Booking 2017-2031

Table 21: Europe Travel and Tourism Market Value (US$ Bn) Projection By Country 2017-2031

Table 22: Asia Pacific Travel and Tourism Market Value (US$ Bn) Projection By Type 2017-2031

Table 23: Asia Pacific Travel and Tourism Market Value (US$ Bn) Projection By Application 2017-2031

Table 24: Asia Pacific Travel and Tourism Market Value (US$ Bn) Projection By Traveler Type 2017-2031

Table 25: Asia Pacific Travel and Tourism Market Value (US$ Bn) Projection By Travel Days 2017-2031

Table 26: Asia Pacific Travel and Tourism Market Value (US$ Bn) Projection By Travel Mode 2017-2031

Table 27: Asia Pacific Travel and Tourism Market Value (US$ Bn) Projection By Booking 2017-2031

Table 28: Asia Pacific Travel and Tourism Market Value (US$ Bn) Projection By Country 2017-2031

Table 29: Middle East & Africa Travel and Tourism Market Value (US$ Bn) Projection By Type 2017-2031

Table 30: Middle East & Africa Travel and Tourism Market Value (US$ Bn) Projection By Application 2017-2031

Table 31: Middle East & Africa Travel and Tourism Market Value (US$ Bn) Projection By Traveler Type 2017-2031

Table 32: Middle East & Africa Travel and Tourism Market Value (US$ Bn) Projection By Travel Days 2017-2031

Table 33: Middle East & Africa Travel and Tourism Market Value (US$ Bn) Projection By Travel Mode 2017-2031

Table 34: Middle East & Africa Travel and Tourism Market Value (US$ Bn) Projection By Booking 2017-2031

Table 35: Middle East & Africa Travel and Tourism Market Value (US$ Bn) Projection By Country 2017-2031

Table 36: South America Travel and Tourism Market Value (US$ Bn) Projection By Type 2017-2031

Table 37: South America Travel and Tourism Market Value (US$ Bn) Projection By Application 2017-2031

Table 38: South America Travel and Tourism Market Value (US$ Bn) Projection By Traveler Type 2017-2031

Table 39: South America Travel and Tourism Market Value (US$ Bn) Projection By Travel Days 2017-2031

Table 40: South America Travel and Tourism Market Value (US$ Bn) Projection By Travel Mode 2017-2031

Table 41: South America Travel and Tourism Market Value (US$ Bn) Projection By Booking 2017-2031

Table 42: South America Travel and Tourism Market Value (US$ Bn) Projection By Country 2017-2031

List of Figures

Figure 1: Global Travel and Tourism Market Value (US$ Bn) Projection, By Type 2017-2031

Figure 2: Global Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Type 2023-2031

Figure 3: Global Travel and Tourism Market Value (US$ Bn) Projection, By Application 2017-2031

Figure 4: Global Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Application 2023-2031

Figure 5: Global Travel and Tourism Market Value (US$ Bn) Projection, By Traveler Type 2017-2031

Figure 6: Global Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Traveler Type 2023-2031

Figure 7: Global Travel and Tourism Market Value (US$ Bn) Projection, By Travel Days 2017-2031

Figure 8: Global Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Travel Days 2023-2031

Figure 9: Global Travel and Tourism Market Value (US$ Bn) Projection, By Travel Mode 2017-2031

Figure 10: Global Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Travel Mode 2023-2031

Figure 11: Global Travel and Tourism Market Value (US$ Bn) Projection, By Booking 2017-2031

Figure 12: Global Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Booking 2023-2031

Figure 13: Global Travel and Tourism Market Value (US$ Bn) Projection, By Region 2017-2031

Figure 14: Global Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Region 2023-2031

Figure 15: North America Travel and Tourism Market Value (US$ Bn) Projection, By Type 2017-2031

Figure 16: North America Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Type 2023-2031

Figure 17: North America Travel and Tourism Market Value (US$ Bn) Projection, By Application 2017-2031

Figure 18: North America Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Application 2023-2031

Figure 19: North America Travel and Tourism Market Value (US$ Bn) Projection, By Traveler Type 2017-2031

Figure 20: North America Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Traveler Type 2023-2031

Figure 21: North America Travel and Tourism Market Value (US$ Bn) Projection, By Travel Days 2017-2031

Figure 22: North America Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Travel Days 2023-2031

Figure 23: North America Travel and Tourism Market Value (US$ Bn) Projection, By Travel Mode 2017-2031

Figure 24: North America Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Travel Mode 2023-2031

Figure 25: North America Travel and Tourism Market Value (US$ Bn) Projection, By Booking 2017-2031

Figure 26: North America Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Booking 2023-2031

Figure 27: North America Travel and Tourism Market Value (US$ Bn) Projection, By Country 2017-2031

Figure 28: North America Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Country 2023-2031

Figure 29: Europe Travel and Tourism Market Value (US$ Bn) Projection, By Type 2017-2031

Figure 30: Europe Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Type 2023-2031

Figure 31: Europe Travel and Tourism Market Value (US$ Bn) Projection, By Application 2017-2031

Figure 32: Europe Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Application 2023-2031

Figure 33: Europe Travel and Tourism Market Value (US$ Bn) Projection, By Traveler Type 2017-2031

Figure 34: Europe Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Traveler Type 2023-2031

Figure 35: Europe Travel and Tourism Market Value (US$ Bn) Projection, By Travel Days 2017-2031

Figure 36: Europe Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Travel Days 2023-2031

Figure 37: Europe Travel and Tourism Market Value (US$ Bn) Projection, By Travel Mode 2017-2031

Figure 38: Europe Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Travel Mode 2023-2031

Figure 39: Europe Travel and Tourism Market Value (US$ Bn) Projection, By Booking 2017-2031

Figure 40: Europe Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Booking 2023-2031

Figure 41: Europe Travel and Tourism Market Value (US$ Bn) Projection, By Country 2017-2031

Figure 42: Europe Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Country 2023-2031

Figure 43: Asia Pacific Travel and Tourism Market Value (US$ Bn) Projection, By Type 2017-2031

Figure 44: Asia Pacific Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Type 2023-2031

Figure 45: Asia Pacific Travel and Tourism Market Value (US$ Bn) Projection, By Application 2017-2031

Figure 46: Asia Pacific Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Application 2023-2031

Figure 47: Asia Pacific Travel and Tourism Market Value (US$ Bn) Projection, By Traveler Type 2017-2031

Figure 48: Asia Pacific Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Traveler Type 2023-2031

Figure 49: Asia Pacific Travel and Tourism Market Value (US$ Bn) Projection, By Travel Days 2017-2031

Figure 50: Asia Pacific Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Travel Days 2023-2031

Figure 51: Asia Pacific Travel and Tourism Market Value (US$ Bn) Projection, By Travel Mode 2017-2031

Figure 52: Asia Pacific Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Travel Mode 2023-2031

Figure 53: Asia Pacific Travel and Tourism Market Value (US$ Bn) Projection, By Booking 2017-2031

Figure 54: Asia Pacific Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Booking 2023-2031

Figure 55: Asia Pacific Travel and Tourism Market Value (US$ Bn) Projection, By Country 2017-2031

Figure 56: Asia Pacific Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Country 2023-2031

Figure 57: Middle East & Africa Travel and Tourism Market Value (US$ Bn) Projection, By Type 2017-2031

Figure 58: Middle East & Africa Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Type 2023-2031

Figure 59: Middle East & Africa Travel and Tourism Market Value (US$ Bn) Projection, By Application 2017-2031

Figure 60: Middle East & Africa Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Application 2023-2031

Figure 61: Middle East & Africa Travel and Tourism Market Value (US$ Bn) Projection, By Traveler Type 2017-2031

Figure 62: Middle East & Africa Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Traveler Type 2023-2031

Figure 63: Middle East & Africa Travel and Tourism Market Value (US$ Bn) Projection, By Travel Days 2017-2031

Figure 64: Middle East & Africa Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Travel Days 2023-2031

Figure 65: Middle East & Africa Travel and Tourism Market Value (US$ Bn) Projection, By Travel Mode 2017-2031

Figure 66: Middle East & Africa Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Travel Mode 2023-2031

Figure 67: Middle East & Africa Travel and Tourism Market Value (US$ Bn) Projection, By Booking 2017-2031

Figure 68: Middle East & Africa Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Booking 2023-2031

Figure 69: Middle East & Africa Travel and Tourism Market Value (US$ Bn) Projection, By Country 2017-2031

Figure 70: Middle East & Africa Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Country 2023-2031

Figure 71: South America Travel and Tourism Market Value (US$ Bn) Projection, By Type 2017-2031

Figure 72: South America Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Type 2023-2031

Figure 73: South America Travel and Tourism Market Value (US$ Bn) Projection, By Application 2017-2031

Figure 74: South America Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Application 2023-2031

Figure 75: South America Travel and Tourism Market Value (US$ Bn) Projection, By Traveler Type 2017-2031

Figure 76: South America Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Traveler Type 2023-2031

Figure 77: South America Travel and Tourism Market Value (US$ Bn) Projection, By Travel Days 2017-2031

Figure 78: South America Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Travel Days 2023-2031

Figure 79: South America Travel and Tourism Market Value (US$ Bn) Projection, By Travel Mode 2017-2031

Figure 80: South America Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Travel Mode 2023-2031

Figure 81: South America Travel and Tourism Market Value (US$ Bn) Projection, By Booking 2017-2031

Figure 82: South America Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Booking 2023-2031

Figure 83: South America Travel and Tourism Market Value (US$ Bn) Projection, By Country 2017-2031

Figure 84: South America Travel and Tourism Market, Incremental Opportunities (US$ Bn), Forecast, By Country 2023-2031

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Online travel market - statistics & facts

How big is the online travel market, what are the leading online travel agencies (otas), what travel products do consumers book online, key insights.

Detailed statistics

Online travel market size worldwide 2017-2028

Distribution of sales channels in the travel and tourism market worldwide 2019-2029

Most popular travel and tourism websites worldwide 2024

Editor’s Picks Current statistics on this topic

Online Travel Market

Market cap of leading online travel companies worldwide 2023

Further recommended statistics

Industry overview.

• Premium Statistic Market size of the tourism sector worldwide 2011-2024
• Premium Statistic Travel and tourism revenue worldwide 2020-2029, by segment
• Premium Statistic Distribution of sales channels in the travel and tourism market worldwide 2019-2029
• Premium Statistic Online travel market size worldwide 2017-2028
• Premium Statistic Revenue of the travel apps industry worldwide 2017-2027
• Premium Statistic Estimated EV/Revenue ratio in the online travel market 2024, by segment
• Premium Statistic Estimated EV/EBITDA ratio in the online travel market 2024, by segment

Market size of the tourism sector worldwide 2011-2024

Market size of the tourism sector worldwide from 2011 to 2023, with a forecast for 2024 (in trillion U.S. dollars)

Travel and tourism revenue worldwide 2020-2029, by segment

Revenue of the travel and tourism market worldwide from 2020 to 2029, by segment (in billion U.S. dollars)

Revenue share of sales channels of the travel and tourism market worldwide from 2019 to 2029

Online travel market size worldwide from 2017 to 2023, with a forecast until 2028 (in billion U.S. dollars)

Revenue of the travel apps industry worldwide 2017-2027

Revenue of the travel apps market worldwide from 2017 to 2027 (in billion U.S. dollars)

Estimated EV/Revenue ratio in the online travel market 2024, by segment

Estimated enterprise value to revenue (EV/Revenue) ratio in the online travel market worldwide as of April 2024, by segment

Estimated EV/EBITDA ratio in the online travel market 2024, by segment

Estimated enterprise value to EBITDA (EV/EBITDA) ratio in the online travel market worldwide as of April 2024, by segment

Online bookings

• Premium Statistic Travel product online bookings in the U.S. 2024
• Premium Statistic Travel product online bookings in Canada 2024
• Premium Statistic Travel product online bookings in the UK 2024
• Premium Statistic Travel product online bookings in China 2024
• Premium Statistic Travel product online bookings in India 2024
• Premium Statistic Importance to book a trip fully online among travelers worldwide 2023, by generation

Travel product online bookings in the U.S. 2024

Travel product online bookings in the U.S. as of June 2024

Travel product online bookings in Canada 2024

Travel product online bookings in Canada as of June 2024

Travel product online bookings in the UK 2024

Travel product online bookings in the UK as of June 2024

Travel product online bookings in China 2024

Travel product online bookings in China as of June 2024

Travel product online bookings in India 2024

Travel product online bookings in India as of June 2024

Importance to book a trip fully online among travelers worldwide 2023, by generation

Share of travelers who think it is important to be able to book their trip entirely online worldwide as of July 2023, by generation

Market leaders

• Premium Statistic Revenue of leading OTAs worldwide 2019-2023
• Premium Statistic Marketing expenses of leading OTAs worldwide 2019-2023
• Premium Statistic Marketing/revenue ratio of leading OTAs worldwide 2019-2023
• Premium Statistic Number of employees at leading travel companies worldwide 2023
• Basic Statistic Market cap of leading online travel companies worldwide 2023
• Premium Statistic Number of aggregated downloads of leading online travel agency apps worldwide 2023
• Premium Statistic Most popular travel and tourism websites worldwide 2024

Revenue of leading OTAs worldwide 2019-2023

Leading online travel agencies (OTAs) worldwide from 2019 to 2023, by revenue (in million U.S. dollars)

Marketing expenses of leading OTAs worldwide 2019-2023

Marketing expenses of leading online travel agencies (OTAs) worldwide from 2019 to 2023 (in million U.S. dollars)

Marketing/revenue ratio of leading OTAs worldwide 2019-2023

Marketing to revenue ratio of leading online travel agencies (OTAs) worldwide from 2019 to 2023

Number of employees at leading travel companies worldwide 2023

Number of employees at selected leading travel companies worldwide in 2023

Market cap of leading online travel companies worldwide as of September 2023 (in million U.S. dollars)

Number of aggregated downloads of leading online travel agency apps worldwide 2023

Number of aggregated downloads of selected leading online travel agency apps worldwide in 2023 (in millions)

Most visited travel and tourism websites worldwide as of April 2024 (in million visits)

Booking Holdings

• Basic Statistic Revenue of Booking Holdings worldwide 2007-2023
• Premium Statistic Number of bookings through Booking Holdings worldwide 2010-2023, by segment
• Premium Statistic Operating income of Booking Holdings worldwide 2007-2023
• Premium Statistic Net income of Booking Holdings worldwide 2007-2023

Revenue of Booking Holdings worldwide 2007-2023

Revenue of Booking Holdings worldwide from 2007 to 2023 (in billion U.S. dollars)

Number of bookings through Booking Holdings worldwide 2010-2023, by segment

Number of bookings through Booking Holdings worldwide from 2010 to 2023, by business segment (in millions)

Operating income of Booking Holdings worldwide 2007-2023

Operating income of Booking Holdings worldwide from 2007 to 2023 (in billion U.S. dollars)

Net income of Booking Holdings worldwide 2007-2023

Net income of Booking Holdings worldwide from 2007 to 2023 (in billion U.S. dollars)

Expedia Group

• Premium Statistic Revenue of Expedia Group, Inc. worldwide 2007-2023
• Premium Statistic Revenue of Expedia Group, Inc. worldwide 2017-2023, by business model
• Premium Statistic Operating income of Expedia Group, Inc. worldwide 2007-2023
• Premium Statistic Net income of Expedia Group, Inc. worldwide 2007-2023

Revenue of Expedia Group, Inc. worldwide 2007-2023

Revenue of Expedia Group, Inc. worldwide from 2007 to 2023 (in billion U.S. dollars)

Revenue of Expedia Group, Inc. worldwide 2017-2023, by business model

Revenue of Expedia Group, Inc. worldwide from 2017 to 2023, by business model (in million U.S. dollars)

Operating income of Expedia Group, Inc. worldwide 2007-2023

Operating income of Expedia Group, Inc. worldwide from 2007 to 2023 (in million U.S. dollars)

Net income of Expedia Group, Inc. worldwide 2007-2023

Net income of Expedia Group, Inc. worldwide from 2007 to 2023 (in million U.S. dollars)

• Premium Statistic Airbnb revenue worldwide 2017-2023
• Premium Statistic Airbnb revenue worldwide 2019-2023, by region
• Premium Statistic Airbnb operations income worldwide 2017-2023
• Premium Statistic Airbnb net income worldwide 2017-2023

Airbnb revenue worldwide 2017-2023

Revenue of Airbnb worldwide from 2017 to 2023 (in billion U.S. dollars)

Airbnb revenue worldwide 2019-2023, by region

Revenue of Airbnb worldwide from 2019 to 2023, by region (in billion U.S. dollars)

Airbnb operations income worldwide 2017-2023

Income from operations of Airbnb worldwide from 2017 to 2023 (in million U.S. dollars)

Airbnb net income worldwide 2017-2023

Net income of Airbnb worldwide from 2017 to 2023 (in million U.S. dollars)

Trip.com Group

• Premium Statistic Total revenue of Trip.com Group 2013-2023
• Premium Statistic Revenue of Trip.com 2013-2023, by product
• Premium Statistic Revenue of Trip.com 2017-2023, by region
• Premium Statistic Net income of Trip.com 2013-2023

Total revenue of Trip.com Group 2013-2023

Total revenue of Trip.com Group Ltd. in China from 2013 to 2023 (in billion yuan)

Revenue of Trip.com 2013-2023, by product

Revenue of Trip.com Group Ltd. from 2013 to 2023, by product (in million yuan)

Revenue of Trip.com 2017-2023, by region

Revenue of Trip.com Group Ltd. from 2017 to 2023, by region (in million yuan)

Net income of Trip.com 2013-2023

Net profit of Trip.com Group Ltd. from 2013 to 2023 (in million yuan)

Tripadvisor

• Premium Statistic Revenue of Tripadvisor worldwide 2008-2023
• Premium Statistic Revenue of Tripadvisor worldwide 2017-2023, by business segment
• Premium Statistic Revenue of Tripadvisor worldwide 2012-2023, by region
• Premium Statistic Operating income of Tripadvisor worldwide 2008-2023
• Premium Statistic Net income of Tripadvisor worldwide 2008-2023

Revenue of Tripadvisor worldwide 2008-2023

Revenue of Tripadvisor, Inc. worldwide from 2008 to 2023 (in million U.S. dollars)

Revenue of Tripadvisor worldwide 2017-2023, by business segment

Revenue of Tripadvisor, Inc. worldwide from 2017 to 2023, by business segment (in million U.S. dollars)

Revenue of Tripadvisor worldwide 2012-2023, by region

Revenue of Tripadvisor, Inc. worldwide from 2012 to 2023, by region (in million U.S. dollars)

Operating income of Tripadvisor worldwide 2008-2023

Operating income of Tripadvisor, Inc. worldwide from 2008 to 2023 (in million U.S. dollars)

Net income of Tripadvisor worldwide 2008-2023

Net income of Tripadvisor, Inc. worldwide from 2008 to 2023 (in million U.S. dollars)

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U.S. most powerful travel market

Industry added record $2.36 trillion to nation’s economy.

The World Travel & Tourism Council announced that the United States is the world’s most powerful travel and tourism market, contributing a record-breaking $2.36 trillion to the nation’s economy last year.

According to the WTTC’s 2024 Economic Impact Trends Report, the U.S. broke the record despite the “slow return of spending from international travelers,” with America nearly doubling the economic contribution of its nearest rival.

In total, travel and tourism investment grew 13 percent in 2023 to reach more than $1 trillion, with a return to pre-pandemic levels anticipated by 2025.

“As we look forward to a record-breaking 2024, it’s clear that travel and tourism is not only back on track, but also set to achieve unprecedented growth,” WTTC President and CEO Julia Simpson said.

“We will continue to prioritize sustainability and inclusivity, ensuring that this growth benefits everyone and protects our planet for future generations,” Simpson continued. “The sector’s resilience and potential for innovation continues to drive us forward.”

The WTTC ranked China as the world’s second most powerful market with a GDP contribution of $1.3 trillion in 2023, but officials are predicting that it will become the biggest travel and tourism market over the next decade.

As for the rest of the top five nations in terms of travel contributions to GDP, Germany secured the third spot, while Japan ranked fourth overall and the United Kingdom rounded out the top five.

According to the report, many key destinations will profit from a surge in international spending this year compared to pre-pandemic levels, with Saudi Arabia up 91.3 percent, Turkey up 38.2 percent, Kenya up 33.3 percent, Colombia up 29.1 percent, and Egypt up 22.9 percent.

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Traveloka Team

16 Sep 2024 - 4 min read

9 Best Shopping Districts in Japan: Tokyo, Osaka, Kyoto, Fukuoka

Which part of Japan is good for shopping? This guide will highlight some of the premier shopping locations throughout the country.

Best Shopping Districts in Tokyo

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1. Shibuya: The Heart of Youth Culture

Shibuya is closely associated with Tokyo's lively and youthful atmosphere. This best cheap shopping in Tokyo is well-known for its busy intersection, glowing neon signs, and trendsetting shops.

Japan's top shopping areas would only be full of renowned retail centres in Shibuya, like the famous Shibuya 109. This destination is a fashion hotspot, offering the newest styles in streetwear and accessories.

This area combines contemporary trends with underground culture, featuring a range of options from luxury labels to eccentric, independent boutiques. If you appreciate discovering various fashion trends and cutting-edge brands, Shibuya is a destination you shouldn't miss.

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2. Harajuku: A Wonderland of Trendsetting Styles

Harajuku stands out as a significant force within Tokyo’s retail areas. Famous for its bold and unconventional fashion culture, no list of Japan’s top shopping districts would be complete without mentioning Harajuku’s Takeshita Street.

This lively neighbourhood has vibrant boutiques, retro shops, and innovative pop-up stores. You’ll find a variety of distinctive fashion pieces here, ranging from quirky accessories to high-end couture.

The district's impact goes beyond just fashion. Harajuku is also home to various beauty and lifestyle stores, making it a hotspot for trendsetters.

3. Ginza: Elegance and Luxury

What is the luxury district in Japan? For you searching for elegance and high-end experiences, the Ginza shopping district is among Japan's premier shopping destinations.

Renowned for its luxury shopping scene, Ginza boasts many high-end shops, flagship stores, and fine dining establishments. This area is famous for its sophisticated retail establishments like Mitsukoshi and Wako, where high-end fashion, exquisite jewellery, and opulent items are available.

Ginza's sophisticated ambience and luxurious selections make it the perfect locale for those seeking a more premium shopping adventure.

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Best Shopping Districts in Osaka

4. Shinsaibashi: The Perfect Blend of Modern and Classic

Shinsaibashi is a lively retail area in Osaka that elegantly combines contemporary shopping experiences with a touch of historic allure.

As a premier retail area in Japan, Shinsaibashi's principal shopping thoroughfare, Shinsaibashi-suji, features an eclectic assortment of stores, from international fashion labels to neighbourhood boutiques.

The region is renowned for its vibrant ambience and diverse dining choices, making it an excellent spot for shopping and eating. Whether you are searching for the newest fashion styles or classic Japanese keepsakes, Shinsaibashi offers a distinctive shopping adventure that suits every preference.

5. Namba: A Dynamic Shopping Paradise

Namba is a notable shopping area in Osaka, celebrated for its lively streets and wide range of retail choices. Frequently highlighted among Japan's top shopping destinations, Namba is renowned for its dynamic nightlife and extensive array of shopping options.

This region features expansive retail centres such as Namba Parks and the fashionable boutiques of Dotonbori. It's an ideal spot for those who appreciate a lively environment with a blend of shopping, entertainment, and dining.

The vibrant ambience and diverse range of stores in Namba make it an essential destination for visitors to Osaka.

Best Shopping Districts in Kyoto

6. Shijo-Dori: The Historic Shopping Street

Shijo-Dori, a prominent shopping avenue in Kyoto, combines classic allure with contemporary ease. Renowned as one of Japan's top retail destinations, Shijo-Dori features an array of stores that appeal to timeless and modern preferences.

You can discover vintage department stores, traditional Japanese craft stores, and contemporary shops. This area is renowned for its Kyoto-style items, such as kimonos, ceramics, and handcrafted sweets.

Shijo-Dori offers a distinctive shopping adventure that showcases Kyoto’s profound cultural legacy while offering contemporary shopping amenities.

7. Nishiki Market: A Culinary Shopping Adventure

For a classic shopping experience, Nishiki Market is prominent among Japan's top retail districts.

Referred to as the culinary heart of Kyoto, Nishiki Market is a lively bazaar featuring an extensive range of food items, from fresh seafood and pickles to sweets and street food.

This marketplace offers an engaging opportunity to taste regional specialities and buy distinctive food products to take home.

Nishiki Market's lively ambience and wide range of selections make it an essential destination for food lovers and anyone searching for genuine Japanese dining adventures.

Best Shopping Districts in Fukuoka

8. Tenjin: Fukuoka’s Shopping Mecca

Tenjin stands out as Fukuoka's leading shopping area, renowned for its extensive variety of retail choices. Recognised as one of Japan's top shopping destinations, Tenjin boasts a blend of expansive department stores, trendy boutiques, and bustling shopping galleries.

The region is well-known for its energetic nightlife and varied dining choices, making it a bustling spot for shopping and entertainment.

Tenjin's contemporary facilities and ease of access enhance the shopping experience, making it a pleasant and hassle-free destination for shoppers.

9. Canal City Hakata: A Shopping and Entertainment Hub

Canal City Hakata is a distinctive retail and entertainment hub in Fukuoka. This extensive complex features many stores, from luxury fashion outlets to eclectic speciality shops.

Top shopping areas in Japan frequently highlight Canal City Hakata, renowned for its cutting-edge design and various products. Beyond shopping, this complex boasts numerous dining venues, a theatre, and a canal that flows through its heart.

Japan's retail areas reflect the country's rich variety, each combining elements of contemporary style, heritage, and creativity. Whether exploring Tokyo’s lively avenues or Kyoto’s ancient lanes, the best shopping districts in Japan promise an unparalleled experience for every shopper.

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• Hawker Guides: Tiong Bahru Market, Singapore

Check out our MICHELIN Guide inspectors’ top picks at the breezy two-storey Tiong Bahru Market. Delightful delicacies such as Hainanese chicken rice, Hokkien mee, and pig’s organ soup await.

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Nestled among the historic shophouses of the Tiong Bahru neighbourhood is its namesake wet market and hawker centre, Tiong Bahru Market. The spacious two-storey building has been through quite the journey since it was first erected as Seng Poh Road Market back in 1951, functioning then as not just a food centre for itinerant hawkers to gather and peddle their nosh, but also as a nexus for the local community. Tiong Bahru Market earned its name in 1993, when the existing food centre and market was revamped, though it underwent an even bigger change from 2004 to 2006, when it was torn down and replaced by the charming building we know today. Key to that charm, beside the Art Deco elements and playful murals adorning its exterior, is the market’s impressive retinue of over 200 hawker stalls, many of which have withstood the test of time — and multiple renovations — and remain to this day. Read on for the hawker stalls that most impressed our MICHELIN Guide inspectors with their time-worn recipes and strict adherence to culinary tradition.

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