PUBLISHER: MarketLine | PRODUCT CODE: 1419309
PUBLISHER: MarketLine | PRODUCT CODE: 1419309
Global Travel & Tourism industry profile provides top-line qualitative and quantitative summary information including: Industry size (value , and forecast to 2027). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the Industry.
The travel & tourism industry consists of revenues generated by passenger airlines, passenger rail, hotels & motels, foodservice, travel intermediaries, and casinos & gaming.
The passenger airlines segment includes expenditures made by passengers for traveling by flight for both inbound and domestic trips.
The passenger rail segment includes expenditures made by passengers for traveling by rail.
The hotels & and motels industry consists of establishments that provide paid lodging and full guest services, typically with a continuous staff presence. In the case of motels, this includes off-street parking facilities, but not necessarily meal services. The industry value consists of the total revenue generated by (a) rent that a guest pays for an occupied room and (b) other revenues, including revenue from food and beverages, telecommunications, health and leisure operations, and car rent.
Foodservice is total direct spending exclusively on food and beverages from food service outlets by inbound, domestic, and outbound tourists within a single economy. Foodservice outlets include full-service restaurants, cafes/bars, fast food, street stalls/kiosks, self-service cafeterias, and 100% home delivery takeaway.
Travel intermediaries are the total direct spending via travel intermediaries by inbound, domestic, and outbound tourists within a single economy so, this data point includes only the revenue (i.e., commission only) of the intermediaries, not the total market value generated by the travel intermediaries.
The casinos & gaming market values are stated in terms of gross gambling yield (GGY). It is the amount of money retained by the casino and gaming operators after winnings amounts have been paid and before operating costs are deducted.
All market data and forecasts are represented in nominal terms (i.e., without adjustment for inflation) and all currency conversions used in the creation of this report have been calculated using constant 2022 annual average exchange rates.
The global travel & tourism industry had total revenues of $3,169.1 billion in 2022, representing a negative compound annual growth rate (CAGR) of 2.4% between 2017 and 2022.
The travel intermediaries segment accounted for the industry's largest proportion in 2022, with total revenues of $931.7 billion, equivalent to 29.4% of the industry's overall value.
The growth of industry is attributed to rising leisure and business tourism, growth in the hotel and motel industry, an increasing number of global events attracting large visitors, boosting infrastructure development, easing mobility, and emerging adventure tourists. For instance, according to the International Trade Administration's (ITA) National Travel and Tourism Office (NTTO), in July 2022, non-US resident international arrivals to the US reached 5.2 million, up 160.8% over July 2021.