The Global Travel Market
Overview of the Global Tourism Market
The contribution of tourism and travel to gross domestic product (GDP) in 2020 fell by 49.1%, or nearly US$4.5 trillion, compared with the pre-COVID level. In 2021, revenue in the sector rose by 30.7%, with an additional 31.7% gain forecast in 2022. The Americas led the recovery, with revenue rising by 36.8% in 2021 compared to 2020, followed closely by the Asia-Pacific region (up 36.3%), Africa (27.7%), the Middle East (27.1%), and Europe (23.9%) (WTTC).
In 2021, the number of international travelers increased by 4%, but remained 72% below the pre-COVID level of inbound travelers (2019). The economic contribution of the tourism and travel industry in 2021 (contribution to GDP) was estimated at about US$1.9 trillion, higher than the US$1.6 trillion in 2020, but still below the US$3.5 trillion level in 2019 before COVID (UNWTO).
Global traveler volume and revenue (including domestic and international travel) in 2021 recovered to less than 60% of the pre-COVID levels at 6.60 billion trips (53.7% of the 2019 level) and US$3.3 trillion (55.9%), respectively (WTCF).
Overview of Asian Tourism Markets
The number of inbound arrivals fell in all of Asia's tourism markets in 2021 due to COVID-19.
Number of Inbound Visitors for Major Asian Tourism Markets in 2021
