The UAE’s and Saudi Arabia’s inbound tourism spend are expected to top USD 25.3 billion USD 33.5 billion, respectively, by 2025, according to the findings of Travel Forecast Model from leading market research firm Euromonitor International.
The report predicts that global inbound tourism spending will recover by 2022 at the earliest – as long as mass vaccinations and testing enable travel to resume safely.
“World inbound tourism spending collapsed by 57% in 2020, and our forecast expects it to rebound by 82% in 2021,” said Caroline Bremner, head of travel and tourism research at Euromonitor International.
She is presenting the findings of Euromonitor International’s Travel Forecast Model in a webinar called ‘Travel Industry Update with Euromonitor 2021’to be hosted by Euromonitor International and WTM Global to discuss the prospects for the global travel and tourism market.
The virtual event will take place today starting at 6pm GST (2pm GMT) on WTM Global Hub. “In our most pessimistic scenario, spending growth is predicted to rise by 40% in 2021, leading to a more prolonged recovery timeline, returning to pre-crisis levels by 2024,” said Bremner.
She will also discuss Euromonitor International’s recent Voice of the Consumer global survey, which found that 65% of consumers remain concerned about climate change.
“Consumers are increasingly interested in having a positive impact on the environment through day-to-day actions,” added Bremner. “France and Germany show high levels of interest in sustainable travel.”
“Using Euromonitor’s research, I will outline the outlook for recovery in different regions – and pinpoint opportunities as the market looks to ‘build back better’. Consumer attitudes have changed during the pandemic so we will look at how travel businesses can adapt, while accelerating their digital and sustainable transformation. We’ll showcase noteworthy case studies to illustrate the most crucial trends and inspire others to seize opportunities in the coming months.”