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Growing Number of Tourists and Ability to Pay Premium for Unique Experiences is Driving Travel and Tourism Spending Market

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Published on : Dec 24, 2019

A recent market research report published by Researchmoz talks about the global travel and tourism spending market and its overall working dynamics. This report of the travel and tourism spending market offers comprehensive analysis, market shares, key trends, opportunities, and driving and restraining factors that are influencing the growth of the market. Along with in-detail market segmentation, the research report offers key insights and information that are imperative for devising decisive marketing strategies.

Travel and tourism spending tells tourists as to how much they need to pay for souvenirs, lodging and boarding, and overall travelling fees. The global travel and tourism spending domain also aids in calculating the rate of employment in the companies operating in this business. It is expected that the global travel and tourism spending market will grow at a great pace in the coming years of the given forecast period of 2019 to 2025. With the growing number of travel and tourism companies, the market is projected to witness healthy growth in the near future. 

Emerging Economies to Present Lucrative Business Opportunities

The global travel and tourism spending market is divided into the regional segments of Central and South America, India, Southeast Asia, Japan, China, Europe, and North America. Currently, the leading players in the market are targeting emerging economies such as India and China. With the development of tourism in mind, these emerging economies are offering great deals and packages for tourists. Moreover, there has been a great deal of investment spent on the development of world-class tourist spots to attract more number of tourists. This too has helped in the development of the global travel and tourism spending market. 

China in particular has been developing the travel and tourism spending market at a great speed. The outbound tourism in the country has been considered to present great opportunity for the players operating in the global market. With more and more people opting for an end-to-end travel solution, the market is expected to flourish in the coming years. Europe too is expected to continue its dominance over the course of the given forecast period. 

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There are several factors that are driving the growth of the global travel and tourism spending market. One of the biggest driving factor for market growth has been the substantial increase in the number of travelers. More and more tourist attractions are being opened up and create interest in their minds. It has been a well-known trend that travelers across the world are ready to spend premium for a unique experience. This has prompted a massive surge in providing such travel and tourism spending solutions and services to these travelers. Travelers these days are highly particular about food, hotels, and visiting spots among other things. With the travel companies providing a highly meticulous guide and itinerary for the travelers, they are willing to spend more. This too has helped in developing the travel and tourism spending market across the globe. 

Another important trend in the market has been of the influence of social media. With more and more travel blogs, video blogs becoming popular among people, they are creating great demand for travel companies. People want to experience exact same experiences from the video they watch or the movies they see. The leading companies in the market have identified this trend and provide exact costs required for such experiences. This too has helped in the growth of the market. 

Some fo the leading players in the global travel and tourism spending market include names such as Oyo Rooms, Balkan Holidays, Accor, Hilton Worldwide Holdings, and Airbnb Inc. among others.