The tourism market is a significant and constantly evolving industry. It encompasses a wide range of activities, from leisure travel to business trips, and from domestic tourism to international travel. In this article, we will explore the size and scope of the tourism market.
Overview of the Tourism Market
Tourism is a vital sector for many countries, contributing significantly to their economies. According to the World Tourism Organization (UNWTO), international tourist arrivals reached 1.4 billion in 2018, representing an increase of 6% over the previous year. This growth is expected to continue in the coming years, making tourism a major driver of economic development.
The Size of the Tourism Market
The tourism market is sizable and diverse, encompassing various types of travel activities. According to Statista, the global travel and tourism industry’s direct contribution to GDP was around 7.6 trillion U.S dollars in 2016 and is projected to reach over 11 trillion U.S dollars by 2028.
Domestic Tourism
Domestic tourism refers to people traveling within their country of residence for leisure or business purposes. According to UNWTO, domestic tourism accounted for around 9 billion trips globally in 2018.
International Tourism
International tourism refers to people traveling outside their country of residence for leisure or business purposes. The number of international tourist arrivals has been increasing steadily over time. In 2018 alone, there were over 1.4 billion international tourist arrivals globally.
The Impact of Tourism on Employment
Tourism also has a significant impact on employment worldwide. According to the World Travel & Tourism Council (WTTC), the travel and tourism industry supported over 319 million jobs globally in 2018.
The Future Outlook for the Tourism Market
The future outlook for the tourism market is bright, with continued growth expected. As more people become financially stable, they are likely to travel more frequently and explore new destinations.
However, the COVID-19 pandemic has significantly impacted the tourism industry in 2020. The industry is expected to see a slow recovery in 2021 and beyond.
Conclusion
In conclusion, the tourism market is a vital sector for many countries worldwide, contributing significantly to their economies and employment rates. The market is projected to continue growing in the coming years despite the current challenges posed by the COVID-19 pandemic. Understanding its size and scope can help businesses and policymakers make informed decisions about investments and policies related to this industry.
9 Related Question Answers Found
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