In 2020, the travel industry saw the biggest downfall ever. Pandemic forced almost all countries to close their borders putting restrictions on travel. This resulted in drastic changes in the travel trends for 2020 and beyond.
Now businesses falling under this travel industry are looking to understand,
So, let’s explore the travel industry statistics for 2021-
1. As per Value Penguin research in Covid-19 Pandemic, many Americans are ready to spend some quality time with their nearest and dearest and the first trip Americans want to plan once travel restrictions are lifted will be to visit their family. The second top travel priority appears to be visiting friends (14%).
2. As per Value Penguin research, when travel restrictions are lifted in covid-19 pandemic then Americans most commonly plan to head to Florida (13%), California (12%), and New York (8%). Two other popular destinations include the great states of Texas (5%) and New Jersey (4%).
3. Value Penguin research about American’s vacation spending after travel restrictions are lifted and found that the majority of Americans don’t anticipate the coronavirus pandemic will affect their future vacation spending. 19% reported they plan to spend less due to the financial impacts of the virus, but a lucky 15% are expecting to spend more money on travel in the future since they haven’t been able to travel recently.
4. As per Value Penguin research, only 23% of consumers intend to buy travel insurance for their next trip. Once again, men and Gen Xers are leading the way and plan to buy the most travel insurance.
5. The forecast for the direct contribution of travel and tourism to global GDP in 2029 is a little under 5,563 trillion U.S. dollars. In contrast, the total contribution to GDP worldwide is predicted to reach 18,031 billion U.S. dollars in 2029 as per the research of Statista.
6. The outlook for global business tourism spending in 2020 is 1374 billion U.S. dollars and it is expected to reach 2,364 billion U.S. dollars in 2029.
7. The outlook for global leisure tourism spending in 2020 is 5130 billion U.S. dollars and it is expected to reach 9,332 billion U.S. dollars in 2029.
8. The outlook for global domestic tourism spending in 2020 is 4616 billion U.S. dollars and it is expected to reach 8,350 billion U.S. dollars in 2029.
9. As per Statista Outlook on COVID-19, the global revenue for the travel and tourism industry was estimated at 396.37 billion U.S. dollars in 2020 – a decrease of around 42.1 percent from the previous year. Additionally, this is significantly lower than the original 2020 forecast of around 712 billion dollars.
10. The U.S. travel market grew a healthy 5% in 2018, with gains remaining steady in 2019. By 2022, total gross bookings will have increased to $441 billion.
11. As per Statista Outlook on COVID-19, the revenue for the travel and tourism industry in Europe was the most affected by the pandemic, decreasing from 211.97 billion U.S. dollars in 2019 to roughly 124 billion U.S. dollars in 2020.
12. As per Statista Outlook on COVID-19, the revenue for the travel and tourism industry in Italy was the most affected by the pandemic, decreasing from 20.3 billion U.S. dollars in 2019 to about 11.2 billion U.S. dollars in 2020.
13. As per Statista research, Revenue in the Travel & Tourism market worldwide is projected to reach US$348,867m in 2020 and it is expected to show an annual growth rate (CAGR 2020-2025) of 21.1%, resulting in a projected market volume of US$909,235m by 2025.
14. As per Statista research, Revenue in the Travel & Tourism market in the United States is projected to reach US$65,249m in 2020 and it is expected to show an annual growth rate (CAGR 2020-2025) of 22.5%, resulting in a projected market volume of US$180,158m by 2025.
15. As per Statista Outlook on coronavirus (COVID-19) pandemic, the global travel and tourism market is predicted to see a loss of 100.8 million jobs worldwide in 2020. Asia Pacific region is losing approximately 63.4 million jobs, while Europe is forecast to be the second hardest hit with a forecasted employment drop of 13 million.
16. As per Statista Outlook on coronavirus (COVID-19) pandemic, the origin country of the virus, China, is losing approximately 25.6 million jobs. Meanwhile, Italy is predicted to see a loss of approximately one million jobs in the travel and tourism industry.
17. As per Statista Outlook on coronavirus (COVID-19) pandemic, the global business travel market is predicted to see a loss of 810.7 billion U.S. dollars in revenue in 2020. Business travel spending in China is projected to see the biggest loss from COVID-19, decreasing by a total of 404.1 billion U.S. dollars.
18. As per Statista Outlook on coronavirus (COVID-19) pandemic, in the United States there is predicted to be a drop in travel spending of 355 billion U.S. dollars in 2020, which is a percentage decrease of 31 percent.
19. As per Statista Outlook on coronavirus (COVID-19) pandemic, hotel occupancy rates were to drop by 50 percent in the U.S., this would potentially result in a loss of 925 billion U.S. dollars in business sales in 2020.
20. As per the research by Statista, in 2013, U.S. travelers took 462 million domestic business trips. This figure was forecasted to reach 437 million by 2023.
21. As per U.S. Travel Association, traveler spending totaled $1.1 trillion: $278.9B for food services, $242.3B for lodging, $210.8B for public transportation, $169.7B for auto transportation, $117.8B for recreation/amusement, and $107.3B for retail in 2019.
22. As per U.S. Travel Association, Direct spending on leisure travel by domestic and international travelers totaled $792.4 billion and direct spending on business travel by domestic and international travelers totaled $334.2 billion in 2019.
It’s never an end. You need to keep evolving with the changing consumer, business, and economic needs.
The moment the conditions would improvise, the travel industry would be the first industry to see growth as the majority of the world population loves traveling.
Are you ready for your travel business growth?
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