Industry Analysis & Industry Trends
The Global Tourism industry is worth an estimated $1.15 trillion in 2012, with revenue rising at an annualized 1.5% over the past five years. However, this hides a strong decline in 2009 (down 10.7%) as the global economy sank into recession and tourist numbers fell sharply. Forecast steady growth of 3.0% in 2012 indicates a return to better conditions for the industry as international visitor numbers increase.
Data from the United Nations World Tourism Organization indicates that although the industry generally began to recover in 2010, it was an uneven recovery. Total international arrivals increased by 6.4% to 940 million and are estimated to have reached 983 million in 2011.
During 2009, international arrivals fell by 6.0% in Europe, 5.0% across the Americas, 6.0%... read more
IBISWorld expects the Global Tourism industry to generate $1.15 trillion in revenue during 2012, which represents solid growth of 3.0% as the global economic recovery gains traction, stimulating a rise in international business and holiday travel demand. Over the five years through 2012, industry revenue is expected to increase by an annualized 1.5%. Revenue growth has been constrained over the period by the decline in travel during most of 2009 as the recession adversely affected travel demand. Late in the year, however, a strong rebound in demand occurred across the Asia-Pacific and the Middle East, areas that were not as badly affected by the global recession.
The UN World Tourism Organization (UNWTO) forecasts that international tourism will improve in 2012... read more