Industry Analysis & Industry Trends
The Global Tourism industry is worth an estimated $1.4 trillion in 2013, with revenue rising at an annualized 2.5% over the past five years. However, this hides a strong decline in 2009 when revenue fell 11.2% as the global economy sank into recession and tourist numbers plummeted. In 2009, international arrivals fell by 6.0% in Europe, 5.0% across the Americas, 6.0% in the Middle East and 2.0% in the Asia-Pacific. This period marked the Global Tourism industry's worst period in over a decade. From 2010 onwards the industry began an impressive recovery, which was notable for the role that emerging economies played in stimulating growth... read more
International tourist expenditure varies according to whether the trip is to a short- or long-haul destination, its purpose, the size and composition of the travel party and the length of stay.
Spending on accommodation is the industry's biggest source of revenue. This component can be segments in a number of ways, including by star rating or by accommodation style (hotels, resorts, serviced apartments, guesthouses and bed and breakfasts). Visitors tend to demand different accommodation depending on the purpose of their trip, the length of their stay, their budget and size of their travel party... read more