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.
Indian tourists will be some of the most desirable travellers, given India’s growing economy, young population and rising middle class, according to GlobalData. The leading data and analytics company notes that the country is projected to reach record levels of 29 million outbound trips by 2025 – a buoyant outlook considering the strains of COVID-19.
UK-based domestic airlines will see the reduction in domestic air passenger duty (APD) as a vital boost to the aviation industry. With demand for domestic trips rising, combined with the halving of APD in 2023, airlines could benefit extensively, according to GlobalData, a leading data and analytics company.
Job postings marginally declined month over month (MoM), in September of this year, verses August, but the number of active jobs increased by 9,1 percent, according to GlobalData’s Job Analytics database. The leading data and analytics company notes that there were over four million active jobs up for grabs in September globally.
European travellers are set to become a key source market for the Gulf region, especially Gulf Cooperation Council (GCC) countries, which will help their post pandemic tourist industry recovery.
Post-pandemic travel recovery has led people to head out to explore outdoors with various tourist activities, a way to address the individual mental health. An analysis of GlobalData’s Social Media Analytics (SMA) Platform, which identifies and tracks the emerging trends, pain areas, new fields of innovation among discussions of Twitter Influencers and Redditors, has revealed ‘Hiking’ as the most popular tourist activity during the first half (H1) of this year.
Vaccine tourism, where tourist hotspots are now offering COVID-19 vaccinations on holiday to attract visitors, is a double-edged sword as, while it could assist travel’s restart, it also raises the question of vaccine equity as it will further increase the divide between the wealthy and less privileged, according to GlobalData, a leading data and analytics company.