Travel, Tourism & Hospitality

Some of the key influencers on the travel and tourism industry in recent years have been globalization, digitalization, sustainability, and the coronavirus pandemic. Ease of mobility, increased awareness of new destinations, and the internet as a source of information and commerce have caused the industry to grow exponentially. Yet with this growth has also come increasing public concern about the industry’s impact on the environment, resulting in consumer demand for more sustainable travel options. That being said, the industry’s environmental impact declined significantly during the coronavirus pandemic, with travel bans and social distancing measures having a devastating effect on travel and tourism worldwide. When it comes to the future of the industry, increased domestic tourism, excellent hygiene conditions, and contactless service are all examples of changing consumer interests due to the COVID-19 pandemic.

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Trending Facts & Insights

  • Total contribution of travel and tourism to gross domestic product (GDP) worldwide from 2006 to 2020 (in billion U.S. dollars)

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  • Leisure tourism spending worldwide from 2000 to 2020 (in billion U.S. dollars)

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  • Countries with the largest number of international tourist arrivals worldwide in 2019 (in millions)

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  • Market size of the global hotel industry from 2014 to 2018 (in billion U.S. dollars)

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  • Revenue of Airbnb worldwide from 2017 to 2020 (in billion U.S. dollars)

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  • Leading online travel agencies (OTAs) worldwide in 2019 and 2020 (in billion U.S. dollars), by revenue

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  • Share of travelers that believe sustainable travel is important worldwide in 2021

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  • Most visited museums worldwide in 2019 and 2020 (in millions)

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  • Forecasted change in revenue from the travel and tourism industry due to the coronavirus (COVID-19) pandemic worldwide from 2019 to 2020 (in million U.S. dollars)

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  • Forecast employment loss in the travel and tourism industry due to the coronavirus (COVID-19) pandemic worldwide in 2020, by region (in millions)

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Industry Definition

The travel and tourism industry does not sell one specific product, rather, it incorporates many industries. These include leisure travel, business travel, accommodation, food and drink services, and more. Within these industries there are many markets such as hotels, short-term rentals, cruises, meetings and events, and the online travel market. Additionally, these individual industries are subject to different trends, one example that is relevant to all of them is the rise of digitization and the online market. Trend topics can also be more industry specific, the home-sharing economy in the accommodation industry being one. These emerging trends are sure to shape the industry's outlook, and the long-term impact of the coronavirus is expected to change the face of the travel and tourism industry for years to come.

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

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

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