International departures will reach 68 percent of the pre-COVID-19 levels globally this year and are expected to improve to 82 percent in 2023 and 97 percent in 2024, before making a full recovery by 2025 at 101 percent of 2019 levels, with a projected 1.5 billion international departures. However, the trajectory for the recovery in international departures is not linear across regions or countries, according to GlobalData, a leading data and analytics company.
Companies in the tourism sector are investing in emerging technologies such as augmented reality (AR) to improve traveller experience after the industry was severely impacted by the COVID-19 pandemic and geopolitical tensions, according to GlobalData.
COVID-19 has accelerated the need for companies within the travel and tourism industry to rapidly invest in digital strategies including the global online travel market which is expected to grow at a compound annual growth rate (CAGR) of eight percent to reach USD765,3 billion between 2022 and 2025, according to GlobalData.
With an average spend per resident amounting to USD3,580, the US source market is projected to be the most valuable globally in terms of average overseas tourism expenditure in 2021, according to GlobalData’s latest forecast.
Price is the most important factor to 47 percent of consumers when selecting accommodation, according to a poll by GlobalData. The data and analytics company notes that, with less budget for travel but a strong desire to escape, many will turn to budget providers to satisfy their travel cravings.
Despite travel restrictions caused by COVID-19, it appears that consumer confidence has not been deterred too drastically, as a recent survey by GlobalData, a leading data and analytics company, indicated.