The Expenditure by Tourists on Domestic Trips, registered a global value of USD 2,255,108.65 million in 2023
The indicator recorded a historical growth (CAGR) of 27% between 2020 to 2023, and is expected to grow by ...
GlobalData projects the indicator to grow ...
Global Expenditure by Tourists on Domestic Trips experienced a notable decline in 2020.
The travel and tourism industry consists of revenues generated by passenger airlines, passenger rail, foodservice, hotels and motels, travel intermediaries, casinos, and gaming markets.
Impact of COVID-19 on domestic trips
The global travel and tourism industry had been growing moderately before 2020 when it suffered a steep decline amid the COVID-19 pandemic. The industry looks set to recover globally and grow at a healthy rate in the coming years. Due to COVID-19 and the safety of travel, travel within the US is likely to be favored over international travel. This allows domestic travel to boom in this instance. International visitations to the US are not projected to return to pre-pandemic levels until 2022, and it will feel the impact of this difficult period for a long time. The global industry is expected to recover over the coming three years, driven by a rebound in tourism as travel restrictions around the globe are lifted. Private investment in attractions and real estate show companies are starting to see the potential of China as a luxury leisure destination.
Buyer power: global travel and tourism
Steady economic performance in recent years has resulted in the rapid expansion of the travel and tourism industry in multiple countries. As the Chinese economy has developed in recent decades, an increasing number of the Chinese population has moved into middle-class lifestyles, consuming more and traveling. Traveling has been greatly popular for the Chinese, which has benefited all the segments within the industry. In India, the rising income of the population has spurred domestic travel and tourism expenditure, while international tourist arrivals were also increased by the relaxing of visa requirements. This has expanded the number of potential buyers within the industry.
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