Where Data Tells the Story
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The global travel and tourism industry will hit nearly $1 trillion in global sales in 2025, according to estimates by Statista Market Insights. Hotels remain one of the leading segments and are forecast to see revenue of approximately $455 billion worldwide this year. Where cruises slowed to a near standstill during the Covid-19 pandemic, with a low of $3.1 billion in global revenue in 2021, the segment is expected to surpass $45 billion in 2025, predominantly driven by North America. Meanwhile, the package holiday market is also growing rapidly, particularly among vacationers in Europe and Asia.
As the following chart shows, the travel and tourism market has fully recovered from the slowdown of the pandemic, when lockdowns, travel restrictions and health risks made the industry come to a near standstill. In the years since, new travel trends have emerged, including the phenomenon of so-called “revenge travel”, as people wanted to make up for lost time. This surge of luxurious trips is now considered to be waning, however, and predicted to give way to slower and more meaningful travel.