Global travel and revenue notably increased by 8.3 percent in 2024, reaching almost USD 930 billion. This outstanding surge marks the highest revenue recorded in the tourism sector, which displays a strong resurgence post-pandemic. Despite facing many challenges during Covid 19, the global tourism sector witnessed great and remarkable figures, with people spending a good amount on traveling and vacations.
According to the recent data, global travel and tourism expenditures have been more than USD 4 trillion in the past five years, which highlights people’s preference to travel and enjoy leisure activities.
Among all hotels, it has been merged as the main segment associated with spending and accounts for nearly half of total expenditure in the past five years. With an initial revenue of USD 1.85 trillion, hotels moved further in comparison to others like camping, holidays, cruises, and vacation rentals.
The tourism sector has faced many unexpected challenges in years 2020 and 2021 which lead to steep revenue declines. In spite of all these challenges and setbacks, people carried out to spend =their resources on travel and vacation activities which marks the significance of leisure experiences.
The regional spending pattern shows that Europeans are on the list of top spenders on vacations and travel, with an expenditure of over USD 1.2 trillion in the last five years. Following them are Americans who are too close to them with USD 917.7 billion in spending and the Chinese recorded USD 666 billion during the same duration.
Between 2018 and the current year, the old continent residents spent about 1.2 trillion USD on vacation almost 40 percent more than Americans and twice more than Chinese. The above-recorded data displays the global appetite and need for travel and availability activities, highlighting the tourism sector’s feasibility and capacity for recovery post-pandemic.
Also Read : Bali had 4 lakh Indian visitors in 2023; plans for a direct flight from Bombay to Bali