The Total outbound tourist expenditure on Retail sector, attained a global value of USD 434,906.44 million in 2023
The indicator recorded a historical growth (CAGR) of 50% between 2020 to 2023, and is expected to grow by ...
GlobalData projects the indicator to grow ...
Global travel and tourism segment overview
Global total outbound tourist expenditure on the Retail sector experienced a decline between 2020 and 2021.
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.
A significant player in the retail sector:
Booking Holdings
Booking Holdings Inc, formerly The Priceline Group Inc, is a provider of online travel and related services. The combination of the retail price-disclosed model and the Name Your Price (NYOP) model allows Booking Holdings to offer a broad array of options to value-conscious travelers. This NYOP service uses the flexibility of buyers to enable sellers to accept a lower price to sell their excess capacity without disrupting their existing distribution channels or retail pricing structures. The company offers price-disclosed retail services in the US to its customers to complement the NYOP service. This enables the company to offer a one-stop-shopping solution to its customers by simultaneously fulfilling the needs of those customers who are prepared to accept the unique restrictions of the NYOP service in exchange for receiving savings relative to retail prices, and those customers who are less price-sensitive and require the certainty of knowing the full details of their travel itinerary before purchasing.
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