global tourism industry 2020

The losses in the tourism industry are projected to reduce global GDP by between 1.5% and 2.8%, depending on how long the tourism standstill lasts. All Rights Reserved, This is a BETA experience. The report also provides a detailed analysis of the COVID-19 impact on the travel and tourism market. You may opt-out by, (Photo by Aaron Chown/PA Images via Getty Images), EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change, Michigan Economic Development Corporation BrandVoice, Devastated by pandemic, tourism sector must be rebuilt in a safe, equitable and climate friendly way – UN chief, Another Rocky Cruise: First Alaskan Line To Resume Sailing Already Cut Short By Covid-19, Covid-19 Pandemic Could Shutter A Third Of All U.S. Indeed, one might say that tourism is itself one of the wonders of the world,” Guterres said Tuesday. All Regions; 19 Jan 20 Growth in international tourist arrivals continues to outpace the economy International tourist arrivals (overnight visitors) worldwide grew 4% in 2019 to reach 1.5 billion, based on data reported by … The 179-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. DUBLIN, Oct. 27, 2020 The "Global Travel and Tourism Market: Size & Forecasts with Impact Analysis of COVID-19 (2020-2024)" report has been added to's offering. 7 Key Tourism Trends To Follow In 2020 10 months ago Sarah Clayton-Lea 5 min read 2 comments Whether you’re working in the tourism industry and keen to keep up to date with the top tourism trends for 2020, or simply a traveller who wants to know what’s hot for travel, these are the things to … Market Dynamics6.1 Growth Driver6.1.1 Rapid Urbanization6.1.2 Increasing Spending of Middle Class Population 6.1.3 Rise in Travel by Millennial Population6.1.4 Growing Use of Internet6.1.5 Escalating Domestic Tourism 6.2 Challenges6.2.1 Economic Slowdown6.2.2 Cost of Vacation and Inflation6.3 Market Trends6.3.1 Rise in Cultural Tourism6.3.2 Growing Trend of Eco-tourism6.3.3 Increasing Focus on Creating New Experiences6.3.4 Surge in Bleisure Travel6.3.5 Emergence of Transformative Travel6.3.6 Escalating Popularity of Solo Travel6.3.7 Technological Advancements in the Travel and Tourism, 7. Made In NYC | World Tourism Barometer Nº18 January 2020. The travel and tourism market is expected to increase due to rapid urbanization, increasing spending of middle-class population, rise in travel by millennial population, growing use of the internet, escalating domestic tourism, etc. Competitive Landscape7.1 Global Travel and Tourism Market Players: A Financial Comparison7.2 Global Hotel Market Players by Customer Type7.3 China Hotel Market Players by Market Share, For more information about this report visit The publisher brings years of research experience to the 6th edition of this report. ... [+] (Photo by Aaron Chown/PA Images via Getty Images). “That is why it has been so painful to see how tourism has been devastated by the COVID-19 pandemic.”. Updated 10:53 AM ET, Wed May 13, 2020 © 2020 Insider Inc. and GmbH (Imprint). Yet the market faces some challenges such as economic slowdown, cost of vacation and inflation, etc. Apr 08, 2020 - The global tourism industry is further envisioned to witness a year-on-year (Y-O-Y) growth rate of 3.9% and reach USD 11,382 Billion (10.6% of GDP) by 2025. Museums (Forbes), As Airline Layoffs Loom, 28% Of Southwest Workers Opt For Buyouts, Extended Leave; 15% Of Delta Pilots Offer To Retire (Forbes), Disney Reopens Parks In Paris And Orlando—Even As Florida Case Numbers Climb (Forbes), Full coverage and live updates on the Coronavirus, I am a New York-based journalist covering breaking news at Forbes. 2020 is a catastrophe for tourism businesses. Registration on or use of this site constitutes acceptance of our Terms of Service and Privacy Policy. 2. Tourists gather outside Buckingham Palace while on the London Big Bus open-top tour in London. Total tourism & leisure industry private equity deals in Q3 2020 worth $4.61bn were announced globally, according to GlobalData’s deals database. Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research. The value marked an increase of 12.9% over the previous quarter and a rise of 5.5% when compared with the last four-quarter average, which stood at $4.41bn. The report provides a regional analysis of the travel and tourism market, including the following regions: Asia Pacific, Europe, North America, Middle East & Africa, and Latin America. Devastated by pandemic, tourism sector must be rebuilt in a safe, equitable and climate friendly way – UN chief (United Nations), Another Rocky Cruise: First Alaskan Line To Resume Sailing Already Cut Short By Covid-19 (Forbes), Covid-19 Pandemic Could Shutter A Third Of All U.S. © 2020 Forbes Media LLC. Disclaimer | Tourism “allows people to experience some of the world’s cultural and natural riches and brings people closer to each other, highlighting our common humanity.

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