Global tourism market to triple by 2040, with China spending the most

By 2040, the leisure travel market will be worth $15 trillion. Annual consumer spending on travel will triple, according to a report from Boston Consulting Group (BCG) and estimates from the World Travel and Tourism Council (WTTC).

Reported by UNN with reference to Bloomberg.

Details

Global spending on leisure and tourism will triple over the next 15 years due to demand from emerging markets, according to a report by leading consulting firm Boston Consulting Group (BCG).

According to the Boston Consulting Group report, annual consumer spending on travel will triple from $5 trillion in 2024 to $15 trillion in 2040. At the same time, international tourist travel will more than triple from $424 billion in 2024 to $1.4 trillion in 2040.

China will become the country with the highest leisure spending. China, India, and Saudi Arabia will drive significant growth in the tourism industry.

“Emerging markets will really drive a lot of the growth, countries like China, India, and Saudi Arabia,” says Lara Koslow, senior partner at BCG and one of the report’s authors.

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The possible emergence of a “renewed” resort culture will be facilitated by the growth of the middle class in the aforementioned countries. A similar example was demonstrated by the US several decades ago when there was also a rise in earnings and opportunities among the middle-class segments of the United States.

At the same time, Bloomberg notes:

The tourism industry is difficult to quantify.

Most estimates, such as those from the World Travel and Tourism Council (WTTC), include things like restaurant spending or the impact of hospitality workers on local economies; in April, the organization estimated that the industry would reach $11.7 trillion, or 10.3% of global gross domestic product, by the end of this year.

The BCG figures align with the same approach, Bloomberg summarizes.

Notably, the BCG study did not account for current risks of trade wars or geopolitical conflicts that could disrupt travel in major regions, such as the Middle East. Koslow says these situations are currently “very unclear.”

Recall

UNN reported that despite constant threats and instability, Ukrainians are not giving up on travel. The focus is on safe destinations: Lviv Oblast, Ivano-Frankivsk Oblast, and Zakarpattia. However, the industry faces new difficulties: seasonal price fluctuations, staff shortages.

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