The outlook for global travel and tourism in Q4 2023 was upbeat, as the speed of recovery to peak levels accelerated, pointing to a full return for international tourism spending in 2024. Nevertheless, despite this reversal of fortune for many destinations, the conflict in Gaza and rising tensions in the wider Middle East may slow the sector’s pace of recovery, as attention turns to peace and stability, as well as safety and security.
This report comes in PPT.
International tourism spending is almost back to its peak levels, and 2024 is gearing up to be a record year, with USD2 trillion forecast to be spent worldwide on travel and tourism services and products. New and old challenges mean, however, that the path ahead will be tough, requiring an agile approach to diversifying demand, digitalisation and sustainable transformation.
The Middle East was the star performer of 2023, seeing a faster recovery in inbound tourism spending than its regional peers. However, the conflict in Gaza is forecast to slow tourism demand in the region, as travellers cancel and reschedule their travel plans for when safety and security are restored. The soon to be launched GCC Common Visa scheduled for 2024/2025 will be an important tool for facilitating travel within the region.
European and North American destinations enjoyed upgrades to their inbound tourism spending performance over the previous forecast, boosted by stronger than anticipated intra-regional demand during the peak summer season, whilst the return of Chinese outbound travel demand remained slow and sluggish in volume terms, but accelerated in terms of spending.
Germany is preparing to host the UEFA Euro Football Championships in 2024, across 10 cities – an opportunity to showcase its unique experiences to the rest of world, andput it in the global spotlight. With popular Southern European destinations suffering from the direct impact of climate change, such as wildfires, Germany has a significant opportunity to reach potential new target markets at home and abroad.
Travel encompasses several categories including tourism flows, lodging, travel modes, in-destination spending and booking.
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