Travel and Tourism Spending Market Increasing at A Phenomenal Pace to Reach USD 749.74 Billion by 2032

Some of the key players operating in the travel and tourism spending are Hilton Worldwide Holdings, Accor, Crown Resorts, Airbnb Inc., Carnival Corporation, G Adventures, OYO Rooms, Adris Grupa, TUI Group and Balkan Holidays amongst others. These players are set to bolster the development of global travel and tourism spending market.

According to analysts at Zion Market Research, The global travel and tourism spending market accounted for USD 204.96 Billion in 2023 and is expected to reach USD 749.74 Billion by 2032, growing at a CAGR of 15.5% from 2024 to 2032.

This review is based on a report by Zion Market Research, titled “Travel and Tourism Spending Market by Type (Domestic Expenditure and International Expenditure), by Application (Leisure Travel, Business Travel, and Others) by Travel Days (7 Days, 7-15 Days, more than 15 Days): Global Industry Perspective, Comprehensive Analysis and Forecast, 2024-2032”

Growing Popularity of Traveling Among Millennials to Spur Market Growth

People’s eagerness to explore unusual locations and learn new experiences will help the travel and tourism spending market prospers in the coming years. Millennial tourists especially are showing keen interest to derive exceptional experiences or once-in-a lifetime experiences; factors can boost travel and tourism spending business trends.

The number of people travelling around the world is also growing owing to factors such as increase in millennial tourists relative to other generations, increased knowledge of travel destinations among youth due to the growth of social networks, and lower air travel costs among others.

Increase in Income and Affordability Support Europe Dominance

With the largest share, Europe was a leading regional market for travel and tourism spending market in 2020 followed by Asia Pacific. The growth of this region is mainly attributed to rising income of millennials and availability of affordable packages for European countries such as UK, France and others. Asia Pacific is expected to grow with the highest CAGR during the analysis period.

Browse the full “Travel and Tourism Spending Market by Type (Domestic Expenditure and International Expenditure), by Application (Leisure Travel, Business Travel, and Others) by Travel Days (7 Days, 7-15 Days, more than 15 Days): Global Industry Perspective, Comprehensive Analysis and Forecast, 2024-2032.” Report at https://www.zionmarketresearch.com/report/travel-and-tourism-spending-market

The global travel and tourism spending market is segmented as follows:

By Type

• Domestic Expenditure
• International Expenditure

By Application

• Leisure Travel
• Business Travel
• Others

By Travel Days

• 7 Days
• 7-15 Days
• More than 15 Days

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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