Weakened traveller confidence, combined with strict COVID-19 measures, saw Poland’s outbound tourism numbers shrink to a fraction of what they were in 2019, according to GlobalData.
As the travel industry’s recovery starts to gather pace, many tourist boards are looking to differentiate themselves from rival destinations by focusing on their cuisine rather than traditional natural hot spots, cities, or coastal locations, observes GlobalData, a leading data and analytics company.
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.
Millennials and Gen Z will be the two cohorts driving demand for buy now, pay later schemes as they were hit particularly hard by the pandemic, 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.
A total of 1,080 deals were announced in the global travel and tourism sector during 2021, which is an improvement of 1,3 percent over the 1,066 deals announced during 2020, according to GlobalData, a leading data and analytics company.
A total of 79 deals (mergers and acquisitions (M&A), private equity, and venture financing were announced in the global travel and tourism sector during November 2021, which is an increase of 9,7 percent over the 72 deals announced in October 2021, according to GlobalData, a leading data and analytics company.