How fast is travel industry growing?

How fast is travel industry growing? The global business travel market size reached US$ 1.0 Trillion in 2022. Looking forward, the market is set to reach US$ 1.5 Trillion by 2028, exhibiting a growth rate (CAGR) of 7.6% during 2023-2028.

Is travel increasing in 2023?

Indeed, the World Travel & Tourism Council (WTTC) forecasts that the global travel and tourism sector will reach US$9.5 trillion in 2023 — just 5% below 2019 pre-pandemic levels. The positive summer travel outlook is echoed by data from J.P. Morgan Research.

Is tourism a fast growing industry?

When compared with other sectors, travel and tourism also ranks among the fastest growing. With a GDP growth rate of 3.5% in 2019, travel and tourism trailed only behind information and communication and financial services.

Is travel demand high?

Overall, global passenger demand is estimated to grow 22% year-on-year in 2023 and 6% in 2024, Moody's investor service said on Tuesday.

Is the travel industry doing well?

Key takeaways: Global leisure travel remains robust, up roughly 31% in March 2023 compared to the same period in 2019, representing an impressive 25% year-over-year-to-date change from 2022 to 2023.

Where is the travel industry headed?

People have been thirsting to travel — just not for work necessarily. But the data now shows that business travel is back, with flight bookings for business exceeding those for leisure at certain points in 2022 and business travel recovery keeping pace with leisure in 2023.

What are the top three mega trends in travel?

Four megatrends are likely to have significant impacts and relevance for tourism: i) evolving visitor demand; ii) sustainable tourism growth; iii) enabling technologies; and iv) travel mobility.

Why are people traveling 2023?

All types of trips remain popular for the coming year, though visiting with friends and family leads the list. Over half of respondents expect to take leisure trips to see loved ones.

Is tourism increasing or decreasing?

Based on the latest available data, global international tourist arrivals more than doubled (+130%) in January 2022 compared to 2021 - the 18 million more visitors recorded worldwide in the first month of this year equals the total increase for the whole of 2021.

Why are travel agents disappearing?

Then along came online booking sites like Travelocity and Expedia. These and other web platforms gave consumers the ability to plan and purchase their own trips. Losing clients to online providers and reduced commissions hurt brick-and-mortar agencies, leading many to downsize or leave the industry altogether.

Is travel the largest industry in the world?

According to IBISWorld experts' analysis, the global tourism industry is ranked 5th on the list of the 10 global biggest industries by revenue. However, if we rank the industry's size by employment, the travel industry comes in as the first one.

Is the travel market growing?

Revenue in the Travel & Tourism market is projected to reach US$854.70bn in 2023. Revenue is expected to show an annual growth rate (CAGR 2023-2027) of 4.42%, resulting in a projected market volume of US$1,016.00bn by 2027.

What is the future outlook for travel agents?

Job Outlook Employment of travel agents is projected to grow 3 percent from 2022 to 2032, about as fast as the average for all occupations. About 8,600 openings for travel agents are projected each year, on average, over the decade.

What is the biggest travel trend?

In addition to “set-jetting,” there's a renewed emphasis on food-focused travel, wellness and self-care on vacation, and traveling off the beaten path. Surveyed travelers say they want to shop at small businesses and spend more during a vacation if they know it supports the local community.

Are travel agents in demand 2023?

As of 2023, there are over 400,000 people employed in the Travel Agencies industry in the US. The industry is forecast to grow by 7.1% throughout 2023, clearly demonstrating that demand for travel agents remains strong.

Are travel agents declining?

A significant reduction in the number of travel agents. According to the U.S. Bureau of Labor Statistics, full-time agents declined from a peak of 124,000 in 2000 to 82,000 in 2019. From 1997 to 2013, retail travel agency headcount fell by 59 percent—from 22,938 to 9,387, said Skift, a travel media and events company.