Travel, Tourism & Hospitality

In 2022, the total contribution of travel and tourism to the global gross domestic product (GDP) was 23 percent lower than in 2019, the year prior to the onset of the coronavirus (COVID-19) pandemic. Overall, the contribution of travel and tourism to the global GDP amounted to 7.7 trillion U.S. dollars in 2022. This figure was forecast to reach an estimated 9.5 trillion U.S. dollars in 2023, remaining five percent below pre-pandemic levels.

Which countries record the highest travel and tourism contribution to GDP? GDP is the total value of all goods and services produced in a country in a year. It is considered an important indicator of a country's economic strength, and a positive change in GDP is a sign of economic growth. In 2022, the United States and China were by far the leading travel markets based on the total contribution of travel and tourism to GDP. That year, Germany, the United Kingdom, and Japan followed in the ranking.

What are the most visited countries in the world? In 2021, the number of international tourist arrivals worldwide slightly increased over the previous year but stayed way below the figures recorded prior to the health crisis. Despite the significant drop in inbound travelers, France remained the country with the highest number of international tourist arrivals worldwide in 2021. That year, the European destination welcomed nearly 50 million international visitors, while Mexico and Spain ranked second and third, respectively, with just above 30 million inbound tourist arrivals.

Global travel and tourism spending increased by roughly 30 percent in 2022 compared to the previous year, whereas it more than halved in 2020 due to the impact of the coronavirus (COVID-19) pandemic. Overall, the travel and tourism expenditure worldwide amounted to approximately five trillion U.S. dollars in 2022, remaining below pre-pandemic levels. That year, leisure trips accounted for 81 percent of this market's global spending.

The number of international tourist arrivals worldwide rose sharply in 2023 compared to the previous year across all the most visited destinations in the world. Overall, France was the most visited country by inbound travelers worldwide in 2023, with 100 million international tourist arrivals. Spain, the United States, and Italy followed in the ranking that year.

In 2023, the number of international tourist arrivals worldwide totaled approximately 1.3 billion. While this figure represented a 33 percent annual increase, it remained below the peak in inbound tourist arrivals reported in 2019, the year before the onset of the COVID-19 pandemic. That said, international tourism receipts worldwide exceeded pre-pandemic levels in 2023, peaking at nearly 1.5 trillion U.S. dollars.

When breaking down the number of international tourist arrivals worldwide by region, Europe has consistently reported the highest volume of inbound travelers, both before and after the impact of the health crisis. In 2023, this region alone accounted for roughly 55 percent of global inbound tourist arrivals. Meanwhile, Asia and the Pacific recorded the second-highest number of inbound tourist arrivals worldwide in 2023.

The market size of the hotel and resort sector worldwide peaked at 1.52 trillion U.S. dollars in 2019. As a result of the coronavirus (COVID-19) pandemic, the market size dropped below one trillion in 2020 and 2021. In 2023, the market size was forecast to reach 1.21 trillion U.S. dollars.

What are the leading hotel brands globally?

In 2023, among hotel brands with the highest brand values globally were industry giants like Hilton, Hyatt, and Hampton Inn. Hilton was reported to have a brand value exceeding 11 billion U.S. dollars. However, while Hilton led brand value, Wyndham hotels and resorts claimed the top spot for the hotel company with the largest number of properties worldwide, boasting over nine thousand hotels globally, while Hilton ranked fourth.

Hotel booking behavior of global travelers

In 2023, hotel booking growth worldwide peaked in January and February, surpassing 130 percent - there was also a notable increase in hotel booking growth during the summer months of June and August. As of 2024, Vietnam and China stood out as the countries with the highest share of consumers booking hotels or private accommodation. Meanwhile, countries with the lowest share of hotel and private accommodation bookings were Hungary and Pakistan.  

Revenue of leading online travel agencies (OTAs) worldwide increased significantly in 2023 compared to the previous year, in most cases exceeding the earnings recorded before the COVID-19 pandemic. Overall, Booking Holdings reported the highest figure in 2023, generating roughly 21.4 billion U.S. dollars. That year, Expedia Group and Airbnb followed in the ranking, with revenue of approximately 12.8 billion and 9.9 billion U.S. dollars, respectively.

In April 2024, booking.com - the website of Booking Holdings' leading brand - topped the ranking of the most visited travel and tourism website worldwide, with nearly 560 million visits. That month, tripadvisor.com, aribnb.com, and expedia.com followed on the list. When looking at the traffic breakdown of booking.com by country, the United States accounted for the highest share of website visits in April 2024, ahead of the United Kingdom and Germany.

As estimated by the Statista Mobility Market Insights, online sales channels in the travel and tourism market worldwide generated roughly 70 percent of total revenue in 2023. That year, global revenue of the travel and tourism market, including hotels, package holidays, vacation rentals, and cruises, surpassed 850 billion U.S. dollars.

The total revenue of Airbnb worldwide reached 9.92 billion U.S. dollars in 2023. This was an increase over the previous year's total of 8.4 billion. The decrease in revenue in 2020 can be attributed to the coronavirus (COVID-19) pandemic, which caused travel disruption across the globe. When breaking down Airbnb revenue by region, North America, where Airbnb was founded, brought in the most revenue in 2022.

Airbnb is a home sharing economy platform that operates in many countries around the world. The company’s biggest market is in North America where Airbnb’s gross booking value per night was also the highest at approximately 240.29 U.S. dollars in 2022. Meanwhile, Latin America had the cheapest gross booking value per night and travelers there stayed more nights with Airbnb on average than the Asia Pacific region.

The COVID-19 pandemic impacted the travel and tourism industry worldwide, with many countries initiating stay at home orders or travel bans to prevent the spread of the virus. In addition to a decrease in revenue in 2020, the company also experienced a reduction in the number of nights and experiences booked with Airbnb. Bookings fell to a low of under 150 million in 2020 due to these travel restrictions which was less than half the total number of bookings from the previous year. In 2023, Airbnb reported over 448 million booked nights and experiences, a significant increase over the previous year.

The UN Intergovernmental Panel on Climate Change (IPCC) released a special report in 2018 stating that the world has just over a decade to restrict global warming to 1.5°C above pre-industrial levels, beyond which the risk of floods, droughts and extreme heat will significantly worsen. With a growing awareness of climate change people are becoming more environmentally conscious. According to the source, as of February 2023, 80 percent of travelers worldwide believe that sustainable travel is important.

Attendance at museums and galleries worldwide increased sharply in 2022 compared to the previous years due to the recovery from the coronavirus (COVID-19) pandemic. The Louvre in Paris, France, has recorded the highest attendance rates every year since 2019, welcoming over 9.5 million visitors prior to the pandemic, and less than three million during COVID-19. In 2022, the French museum recorded roughly 7.7 million visitors, remaining bellow pre-pandemic figures.

The number of international tourist arrivals worldwide grew by roughly 33 percent in 2023 compared to the previous year, showing strong signs of recovery since the impact of the COVID-19 pandemic. Despite the significant annual increase, global inbound tourist arrivals remained 11 percent lower than in 2019, totaling 1.3 billion in 2023.

The Google Maps mobile app reported the highest number of downloads worldwide among the selected travel apps in 2023. That year, this app recorded nearly 130 million aggregated downloads on iOS and Google Play. The Uber app was the second most downloaded app in the ranking, with roughly 114 million downloads.