Saudi Tourism sector exceeded global economy growth rate. The “Global Travel Market” expects the global market value of the travel and tourism sector to surpass a trillion dollars over the next four years.
The sector is projected to grow at a compound annual growth rate of 4.42 percent during the period 2023-2027, exceeding the trillion-dollar mark over the next four years.
Global Business Travel Market
“Alead Market Research” estimates that the global business travel market is on track to exceed $440 billion by 2030.
Digital Travel, Online Booking
Travel has become highly digital, with an expected 67% of consumers worldwide booking their travel reservations online in 2024, according to “Euromonitor.”
Middle East’s Tourism Triumph in 2023
In 2023, the Middle East became the top-performing global region in tourism, exceeding international tourist arrivals from 2019. UN World Tourism Organization data shows Q1 2023 arrivals in the Middle East were 15% higher than in 2019.
Optimistic Outlook for Q1 2024
Tourism specialist Mohammed Jasim Al-Rais foresees a significant surge in travel bookings for Q1 2024 compared to the previous year. Additionally, he highlights a remarkable increase in global airline seat capacity, expecting it to exceed 2019 levels this year, as reported by “The Independent.”
Global Tourist Preferences in 2024
Al-Rais predicts increased attraction to Asia and Europe, expecting fewer travelers interested in the Americas and Africa due to ongoing events. He highlighted a significant influx of tourists to the Middle East.
This will include the United Arab Emirates, Saudi Arabia, and other Gulf countries.
Challenges for Jordan, Egypt
Discussing tourist destinations, Al-Rais acknowledged that Jordan and Egypt may experience some challenges due to their geographical proximity to ongoing conflicts. However, if these crises are resolved, tourism in Jordan and Egypt is expected to return to normal levels.
Increased Travel Expenditure Due to Financial Solutions
Al-Rais mentioned the growth in travel spending due to financial solutions. The companies now bearing the cost of travel on behalf of travelers and allowing them to repay the trip cost to the company over several months through installment plans.
This means that individuals with limited incomes can now travel more than once a year. Al-Rais believes that these financial travel solutions have contributed to the increase in global travel and tourism spending.
Global Tourism Expenditure
Global tourism expenditure is expected to reach two trillion dollars, according to “Euromonitor International.”
Gulf Nationals’ Spending Habits
Gulf travelers, including Saudis, spend approximately 6.5 times more than tourists from other parts of the world, according to the United Nations World Tourism Organization.
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