The Total national tourism expenditure on Retail sector, attained a global value of USD 944,510.62 million in 2023
The indicator recorded a historical growth (CAGR) of 40% between 2020 to 2023, and is expected to grow by ...
GlobalData projects the indicator to grow ...
Impact of COVID-19 on global travel and tourism segment
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. Worldwide tourism had been booming before the pandemic, driven by the increasing affordability of flights and the rise of China’s globetrotting middle class. Growth in this industry before 2020 was largely driven by the AsiaPacific region, where growing purchasing power, increased air connectivity, and enhanced visa facilitation boosted travel within and outside the region. Notably, the growth of international arrivals in the Asia-Pacific region has been greater than the global average in recent years.
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. For example, the artificial island resorts in Hainan showcase how China is competing with other luxury market destinations, such as Abu Dhabi and Dubai.
Category Segmentation
Foodservice is the largest segment of the global travel & tourism industry, accounting for a significant percentage of the industry's total value. The Travel intermediaries segment is the second-largest segment.
McDonald's Corp (McDonald's) is a foodservice retail chain operator. The company operates and franchises McDonald’s restaurants that serve a locally-relevant menu of food and beverages. Its menu offering includes hamburgers and cheeseburgers, chicken sandwiches, chicken nuggets, wraps, French fries, salads, oatmeal, shakes, desserts, sundaes, soft serve cones, pies, soft drinks, coffee, and other beverages.
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