WTM：2023年全球旅游報(bào)告

WTMGlobalTravelReport

InassociationwithTourismEconomics

6-8November2023

TOURISM

ECONOMICS

ANOXFORDECONOMICSCOMPANY

Contents

01.Foreword05

02.ExecutiveSummary

07

03.Global&RegionalSummary:202311

04.CountrySummary:202317

05.DriversofDemand29

06.2024Outlook35

07.Risks&Opportunities47

08.2033Outlook55

09.EvolvingLeisureTravelPreferences63

3

01.

TOURISM

ECONOMICS

ANOXFORDECONOMICSCOMPANY

01.Foreword

INTRODUCINGWTMGLOBALTRAVELREPORT

WorldTravelMarketbringstogetherthegloballeisuretravelcommunity;

providinginspiration,education,andsourcingfortravelprofessionalsseekingtobuilduniqueandcompetitiveworld-classtravelexperiences.

WTM’sgoalistoguidetheindustrythroughchange,ensuringthe

communityisequippedwithinformationtoensurenoopportunityismissed.CommissioningtheWTMGlobalTravelReportsupportsourcommitmenttoprovidingattendeestoWorldTravelMarketwiththelatesttrendsshapingthetravellandscape.

Usinganexpansivedata-bankcoveringmorethan185countriesworldwideasdestinationsandasoriginmarkets,coveringallmajorbilateraltourismflowsintermsofvisits,nightsandspend,aswellasuniqueindustryinsights,thereportgivesacomprehensiveoutlookontourism.

JulietteLosardo

ExhibitionDirector

WorldTravelMarketLondon

“TheWTMGlobalTravelReportgivesa

voicetothechangingneedsoftravellers

anduncoversbehavioursandnewtrends

for2024andbeyond”

INTRODUCINGTOURISMECONOMICS

TourismEconomicsisanOxfordEconomicscompanywithasingular

objective:combineanunderstandingofthetravelsectorwithproven

economictoolstoanswerthemostimportantquestionsfacingtheindustry.

TourismEconomicsisproudtopartnerwithWorldTravelMarkettoproducethiscomprehensiveoverviewoftravelandtourism.Consumerscontinuetodemonstrateseeminglyinsatiabledemandfortraveldespiteacomplexanddynamicbackdrop,includingeconomicandsocialchallenges.Byexaminingthepastandlookingtothefuturewecanbetterunderstandtoday’s

opportunities.Wehopethisreportsparksnewmeaningsandempowerstourismorganisationstomakebiggerandbetterdecisions.

DaveGoodger

ManagingDirectorEMEA

TourismEconomics

5

02.

TOURISM

ECONOMICS

ANOXFORDECONOMICSCOMPANY

02.ExecutiveSummary

Leisuredemandleadingglobalrebound

Globaltravelhasrebounded

stronglyinthefaceofmountingeconomicpressures,includinginflation,higherinterestrates,andsqueezedhousehold

budgets.Despitethese

headwinds,thenumberof

internationaltripsin2023shouldexceed1.26billion,equivalent

to86%ofdemandin2019.Thiswouldsurpasshistoricaldemandvolumesinallbutthreeyears

priortothepandemic(2017-19).

Theleisuretravelrecoveryhasbeenstrongerthanforbusinessorothertravelandcurrently

accountsforaround60%ofalltourismtrips.Thenumberof

leisuretripstakenin2023will

bejust10%lowerthanduring

thepriorpeakin2019,andthe

recoveryisevidentinmost

regionsworldwide,withthe

exceptionofAsia-Pacific.LeisuretraveltotheMiddleEaststandsoutforitspositiveperformance,aidedbysomelargeevents,withleisurearrivalsanticipatedtobe13%higherin2023thanin2019.

Travelspendingbyinbound

visitorswillexceedpre-pandemiclevelsinmostglobalregionsin

2023asaveragespendingper

triphasalsorisen,partlyduetohigherprices,butalsoprovidinglargeeconomicbenefits.The

exceptionsaremostlyinAsia-

Pacificwheremanydestinationswereslowertore-openafter

prolongedCOVID-19restrictions,

butthesearenowalso

recoveringstrongly.

Internationaltravelactivityisstilllaggingdomesticdemandwhichhassurpassedpriorpeaklevelsinallglobalregionsintermsof

nominalspendingin2023.Thisisparticularlynotableforthe

MiddleEast(+176%)andtheAmericas(+31%),butsomerebalancingisnowevident.

1.26billion

numberof

international

tripsin

2023

Travelisbeingprioritised

Encouraginglyforthenear-term

outlook,travelisbeingprioritised

withinconsumerspending.The

shareofconsumerspendontravelhastypicallyfallenduringprior

economicdownturnsorperiods

ofuncertaintywithagreater

prioritisationofmoreessential

spending.However,atpresent,weareseeingsavingonotheritemsofdiscretionaryspendingasthetravelshareofwallethasregained2019levelsamongadvancedeconomies.Withindevelopingmarkets,there

isevidencethatthetravelshareofspendingisresumingtheupwardtrendthatcharacterisedthepre-pandemicperiod.

Increasedspendingontravelis

partlymotivatedbysomerising

costs,drivenbyacombinationof

widerinflationarypressuresand

supplysidefactors.Forexample,

airfareshaveincreaseddueto

higherjetfuelprices,debtfinancingrequirements,andstaffingcosts.

Theseincreasingcostscombinedwithpotentialdownwardshiftsinconsumeroutlookposeathreattotheindustry,butthereare

currentlynoclearsignsthatcostsareadeterrenttotripvolumes.

Evenamonglowerincome

households,travelvolumesmay

notbesignificantlyimpacted.A

recentpollamongUSconsumersbyMMGYhighlightedhighoverallpropensitiestotravelinthenextsixmonths,althoughonly40%inthelowestincomeexpectedtotravel.However,somelowercosttravel

optionsarebeingsought.

7

Shiftingdemographics,

incomegrowthand

evolvingpreferenceswill

reshapepatternswithin

growingdemand

TOURISM

ECONOMICS

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Continuedgrowthinto2024

Rebalancingoftravelto

internationaldestinations

shouldcontinueoverthecomingyear,includinggreaterdiversityinchoiceswhichcouldspark

newopportunitiesforglobal

destinations.Thepaceofgrowthwillslowrelativeto2023as

leisuretravelvolumesconvergewiththeirpre-pandemiclevelsandpent-updemandhaslargelybeenrealised.

Mostdestinationsareexpectedtoachieveincreasedinboundtourismexpenditurein2024

comparedwith2019innominalterms.ManyofEurope’s

largestinboundmarketsare

expectedtoseesignificant

growthinspendcomparedto2019,withSpain,France,and

Turkeyleadingtheway.Thesethreemajormarketsareset

toaccountfor30%ofthe

incrementalglobaltravelspendbetween2019and2024.

However,internationalleisurespendinginAsia-Pacificisstillsettolagpre-pandemiclevelsduetothelaterre-openingofmajormarketsandprotracted

recoveryincapacityand

sentiment.KeyinboundmarketsintheregionsuchasChina,

ThailandandJapanareexpectedtorecordsub-2019levelsof

spend.However,evenifChinaislagging2019valuesofspending,itshouldstillleapfrogtheUStoregaintopspotasthelargest

countryintermsofinternationalleisuretravelspending.

Oldfavouritesandnewhotspots

Leisuretravelgrowthvaries

considerablyacrosscountriesinfluencedbythesourcemarketmixandtravellerpreference

aswellasdestinationspecific

factorsincludinginfrastructure,policy,andrelative

attractivenessforkeyactivities.

Manyestablisheddestinations,suchasSpain,Franceand

Turkey,areperformingwell,andareexpectedtocontinuetoseesignificantgrowthininbound

spendinthenearterm.Therankingoftopdestinationsineachregionissettoremainlargelyunchangedfrompre-pandemicnorms.

However,other,historically

smaller,marketsarebenefittingfromsignificantgrowthfollowingthereopeningoftourism.TheseincludeAlbania,Croatia,andtheMaldiveswitheachexpected

toreceivemorethan50%

growthrelativeto2019levelsby2024.Thesedestinationsare

allbenefittingfromincreased

connectivitytokeysourcemarketsandprioritisationofthesector.

2030andbeyond

Overthelongerrun,there

areclearopportunitiesfor

destinationstotakeadvantageofrisinghouseholdincomes

inemergingmarketsand

associatedincreasesintraveldemand.Theproportionof

Chinesehouseholdsableto

affordinternationaltravelis

settoroughlydoubleoverthenexttenyears,whilesignificantincreasesarealsoexpectedinothermajormarketssuchas

IndiaandIndonesia.

ThisgrowthindemandfromemergingAsianmarketswill

benefitdestinationswithin

theregionandbeyond.

ThailandandJapanaresettoexperienceespeciallystronggrowthfromthegrowing

demandfromChinesemiddle-classconsumers,helpedby

proximityandconnectivity.

Chinaisalsoexpectedtogrowasadestinationaswellasa

sourcemarketwithincreasedlinkagessupportingtravelin

alldirections.By2033Chinaisexpectedtomorethandoubleitsinboundtourismspend

comparedwith2024.

Elsewhere,countriessuchas

SaudiArabia,Egypt,andSouthAfricashouldalsocomfortablydoubletheamountofinbound

tourismspend,ascontinued

investmentanddestination

developmentwillallowthem

toaccommodateanincreasedshareofgrowingglobaldemand.Lowerratesofgrowthare

expectedintheAmericasandEuropewhichisreflectiveof

mature,butstrong,underlyingdemand.

Therearenotableriskstothegrowthoutlook,aswellasclearopportunitiesfordestinationstocontinuetogainmarket

share.Shiftingdemographicscouldshapetravelpatternsasanagingprofileinmany

economieswillinfluence

theindustry.By2050,the

proportionofthepopulationaged65oroverwillbenearlydoublethecurrentlevel,

withprofoundimplicationsforactivityanddestinationpreferences.

Increasingdemandformore

sustainabletravelwillalso

reshapethelandscape.This

couldincludeanincreasedtrendofslowtravelasconsumers

potentiallyundertakelongerbutfewertrips.Climatechangemayalsohaveamoredirectinfluenceontravelasweatherdisplaces

demand,potentiallyleadingtoshiftsinseasonality.

However,throughtechnologicaladvancementsandinnovative

managementplans,leisure

tourismcancontinuetothrive

andprovideforeconomies,

communities,andtravellersalike.

8

TOURISM

ECONOMICS

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Leisuretravelspending

isbeingpriortisedwithin

discretionaryspending

9

03.

0

2010

TOURISM

ECONOMICS

ANOXFORDECONOMICSCOMPANY

03.Global&Regional

Summary:2023

Consumers

prioritised

travelin

2023

despite

mounting

costs

Inthedecadepriortothe

Leisuretourismrecovery

In2023,theglobaltravel

andtourismindustryhas

demonstratedresiliencewith

pent-updemandandexcess

savingsfromtheCOVID-19

pandemicperiodsupportingthesector.Thisisdespiteeconomicchallengesand,inparticular,

thesqueezingofpersonal

disposableincomesinmostmajoreconomies.Thishasbeendrivenbyhighinflationandtheimpactofhigherinterestratesonborrowing.Consumersentimentisdeclininginmanyadvancedeconomiesandyet,manyconsumerscontinuetoprioritisetravel.

pandemic,globalinternationaltrips

grewfromunder1billionin2010to

nearly1.5billionin2019.However,

in2020,thenumberoftripsfell

tojustover400millionduetothe

COVID-19pandemic.Animpressive

recoverymeansthatglobaltripsin

2023arebackover1.2billion.

Leisuretripshaverecovered

morestronglythanbusiness

trips,althoughthelatterisona

recoverypathway.Leisuretrips

nowcomprise60%ofallglobal

internationaltripsandtherecovery

inleisurehascontinueddespite

increasedfinancialpressureson

households.

GlobalInboundTrips

1,600

1,400

1,200

1,000

800

600

400

200

201220142016201820202022

Note:Chartshowsmillionsoftripsperannum

Source:TourismEconomics

Leisuretrips

Totaltrips

11

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Thereisconsiderablevariationgloballyintherecoveryof

leisuretraveldemand.In2023,theMiddleEastisinpositive

territory(expectedtobeup13%comparedto2019),whileAsia-Pacificisexpectedtobe30%

lowerthanthenumberofleisurearrivalsin2019.Nevertheless,

overall,theindustryhas

undergoneremarkablerecovery.

InboundLeisureArrivalsBy

Region:(2023vs.2019)

PercentageChange

Region

2019

2023

-4%

-3%

-30%

123

440

213

117

428

149

Americas

Europe

Asia-Paci?c

However,travelinthepost-

pandemicworldislikelyto

evolvedifferentlycomparedtothepast.Higherairfaresandagreaterfocusonsustainabilitymayshifttraditionaltravel

patterns.Whiletheluxurytravelsectorhasbeenboomingin

MiddleEast

Africa

29

49

33+13%

43-13%

Note:Tableshowsmillionsoftrips

Source:TourismEconomics

theimmediatepost-pandemicperiod,therecouldbesome

increasedpolarisationintravelmarkets.Consumersunaffectedbyeconomicdownturnsare

likelytocontinueoptingfor

luxurydestinations.

Meanwhile,thoseinlowerincomegroupsmightincreasinglyfeel

theimpactofsqueezedpersonalincomesandseekoutmore

budgettraveloptionsorreducetheirtravelsoverall.

However,onefactorwhich

willcontinuetosupport

theindustryisthefactthat

manylabourmarketsremain

unusuallytight.Althoughthis

continuestocreaterecruitmentandretentiondifficulties,it

alsomeansthattravelremainsaffordableforallbutavery

smallminorityofhouseholdsintheadvancedeconomies.

13%

growthinMiddleEast

leisurearrivalswhile

Asia-Pacificlagsglobal

recovery

Source:TourismEconomics

12

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Intermsofinboundleisure

trips,thetwolargestdestinationcountriesin2023areFrance

andSpain–bothwithover70millionleisurevisits.ThosetwocountriesarefollowedbyTurkeyandtheUnitedStates–each

withover40millionvisits.

Top10DestinationsbyInboundLeisureTrips:(2023)

France72.4m

Spain70.8m

However,itisworthnoting

thatofthesetenlargestleisuretourismdestinationcountries,

onlyTurkeyandGreecehave

exceeded2019levels,while

Franceisbroadlyonparwith

2019.BothAsia-Pacificcountries(ThailandandJapan)remain

Turkey

UnitedStates

Greece

Thailand

Italy

45.5m

41.8m

27.5m

27.3m

25.9m

morethanaquarterdownon

Japan

20.7m

leisurevisitswhichispartly

duetothedelayedreopeningof

Germany

19.8m

Chineseoutboundtravel.

Althoughstartingfromlowerlevels,thestrongestgrowthinleisurearrivalshasbeen

Austria

16.5m

01020304050607080

Millions

Note:Tableshowsmillionsoftrips

Source:TourismEconomics

elsewhere.Forexample,SaudiArabiahasmajorplansto

repositionitselfasaleisure

tourismdestinationaspartof

its‘Vision2030’strategyto

diversifyitseconomy.Ithas

alreadyseena64%increaseinleisurearrivalswhencomparedwith2019.Similarly,Albaniahasrecordedoneofthestrongest

leisuretourismrecoveriesin

KeyGrowthMarkets

(2023vs.2019)

SaudiArabia64%

Albania43%

Poland35%

Source:TourismEconomics

Europewitha43%increasein

leisurearrivalscomparedto

2019.Polandhasalsoperformedstronglyachievinganincrease

ofover30%ininboundleisurevisits.

Aidedbyfavourable

exchangerates,Turkeyhas

strongestgrowthamong

top10destinations.In2023,

visitationisexpectedtobe

15%

higherthanin2019

Source:TourismEconomics

13

US$Billions

%of2019level

TOURISM

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LargestInboundLeisureDestinations:GlobalRegions(2023vs.2019)

600

146

160

140

120

100

80

60

40

20

0

%of2019level

US$Billions

500

400

300

200

100

0

119

103

98

68

EuropeAsia-Paci?cAmericasMiddleEastAfrica

Source:TourismEconomics

Recovered

Nearlyrecovered

Notrecovered

Inboundspendingbyglobalregion

In2023,mostglobalregions

areexpectedtoexceedpre-

pandemiclevelsofnominal

travelspend.Meanwhile,Asia-

Pacific,whichreopenedto

travelmuchlaterisbehindthe

curveintermsofmakingafull

recovery,especiallywithregardstointernationaltraveldemand.Nevertheless,Asia-Pacificisnowrecoveringstrongly,andAsia

isespeciallywellrepresented

amongthoseemergingmarketswhereanexpansioninfinancial

abilityandenthusiasmtotraveliscoupledwithstrongdemographicgrowthoverthecomingdecades.Europeistheregionwiththe

highestvolumeofinboundvisitsandisexpectedtoachieve19%morespendingin2023thanin

2019.Ingrowthterms,theMiddleEastistheleadingregionwith

46%morespendingexpectedin2023comparedwith2019.

Internationalleisurespendingisbroadly

onparorabovepre-pandemiclevelsinall

regionsexceptAsia-Pacific

14

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LargestDomesticLeisureDestinations:GlobalRegions(2023vs.2019)

1,600

276

1,400

250

1,200

200

1,000

800

116

600

100

400

50

200

0

AmericasAsia-Paci?cEuropeMiddleEastAfrica

Nearlyrecovered

Notrecovered

Recovered

Source:TourismEconomics

300

150

113

131

99

0

Domesticspendingbyglobalregion

Inmanycountries,domestic

visitationismoreimportant

thaninternationalvisits.This

isespeciallytrueforcountrieswhichareeithergeographicallyverylarge–suchastheUnitedStates–orhaveaburgeoningpopulationwhichcanaffordtoundertakesometravelsuch

asChina.

TheAmericasarestrongly

affectedbytheimportanceofdomestictourismwithinthe

UnitedStates.StrongrecoveryinUnitedStatesdomestictravelisexpectedtocontributetoanincreaseof31%ofleisuretravelspendintheAmericasin2023comparedwith2019.

Domestictravelamongthe

rapidlyexpandingpopulationofAsia-Pacificisalsoimportant,expectedtoaccountfornearly

$1.2trillionin2023,justslightly

belowthe2019level.Furthermore,domesticsubstitutionwhichtookplaceduringthepandemic,with

manyconsumerseitherforcedorpreferringtotraveldomestically

ratherthaninternationally,isstillhavingsomeimpact.In2023,all

globalregionsareexpectedto

recoverto2019nominallevelsofspendingfordomestictourism.InthecaseoftheMiddleEast,spendisexpectedtomassivelyexceed

2019levelsseeinggrowthof176%.

Domesticactivityhasrecoveredearlier

thaninternational,includingsome

lingeringsubstitutioneffects

15

US$Billions

%of2019level

UnitedStates

Mexico

Canada

DominicanRepublic

Colombia

Panama

Brazil

Bahamas

CostaRica

PuertoRico

04.

TOURISM

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04.CountrySummary:2023

InboundTourismRecovery

TheAmericas

NorthAmericandestination

countriesconstitutethe

largestinboundleisuretourismdestinationsintheAmericas.

Ofthese,theUnitedStatesis

byfarthesinglelargest.Itis

notablethattheUSisoneof

afewcountriesgloballywhichhasnotrecoveredtoits2019

levelofspendinnominalterms,

expectedtotrackabout17%

downon2019.Incontrast,

nominalinboundleisure

spendinginMexicoshouldbe28%uponits2019levelandupby7%inCanada.

PuertoRicoisanothercountryintheAmericaswhichhas

notyetrecoveredcompared

with2019withinboundleisuretourismspendingexpectedtobealittleoverhalfofthe

2019level.

LargestInboundLeisureDestinationCountries:Americas(2023vs.2019)

90

120

80

120

70

95

100

60

50

40

30

40

20

20

10

0

Nearlyrecovered

Source:TourismEconomics

Notrecovered

Recovered

128

123

107

140

127

112

89

83

80

60

55

0

17

€Billions

%of2019level

US$Billions

%of2019level

TOURISM

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Europe

MostEuropeandestinations

haveseenarecoveryinnominalleisurespendingsince2019.

Thestrongestincreasesin

spendingamongsttheten

largestinboundtourism

destinationshavebeenin

CroatiaandTurkey.Meanwhile,Portugal,FranceandSpain

hadthestrongestrecoveriesamongstthemajoreurozonedestinationcountries.

In2023,Spain,Franceand

Turkeyhavethehighestlevels

ofinboundleisuretourism

spending.Outsidethetenlargestdestinationstherearesome

countrieswhichareunlikelyto

reach2019levelsofinbound

leisuretourismspend.These

includecountriesaffectedbythewarinUkraine,includingHungaryduetoitsproximity,aswellastheIrishRepublic,whichisexpectedtoremainsignificantlyshortofafullrecovery.

LargestInboundLeisureDestinationCountries:Europe(2023vs.2019)

100

90

80

139

70

122

117

60

100

50

40

30

20

10

0

SpainFranceTurkeyItalyGermanyUnitedPortugalGreeceAustriaCroatia

Kingdom

Nearlyrecovered

Note:EuropehasbeenanalysedineuroratherthanUSdollarterms

Source:TourismEconomics

TurkeyandCroatiahaveseenthe

strongestinboundspendingincreases

amongstthelargestdestinations

Source:TourismEconomics

200

180

160

140

120

100

80

60

40

20

Notrecovered

Recovered

133

110

172

131

151

111

0

18

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Asia-Pacific

ManycountriesintheAsia-PacificregionwereslowertoendtravelrestrictionsafterCOVID-19.TheimportanceofChinaasasourcemarketmeansthatthelingeringrestrictionsonbothinboundand

outboundtravelinto2023hadalargeimpactondestination

performanceacrosstheregion.

Japanalsokeptasystemof

quotasonarrivalsinoperation

untilApril2023.Amongthe

largerdestinationcountries,IndiaandSouthKoreastandoutas

exceptionsinAsia-Pacificonthecuspofreceiving2019levelsofnominalspendingin2023.

LargestInboundLeisureDestinationCountries:Asia-Pacific(2023vs.2019)

100

90

90

70

80

60

70

60

50

60

50

40

30

30

20

20

10

10

0

MalaysiaAustraliaTaiwan

Nearlyrecovered

Source:TourismEconomics

RecoveryinIndiaandSouthKorea

isalmostcomplete,whileactivityis

laggingelsewhereinAsia-Pacific

Notrecovered

HongKong,China

Recovered

Macao,China

SouthKorea

Source:TourismEconomics

Thailand

China

Japan

India

94

54

62

80

40

73

57

57

57

71

0

19

US$Billions

%of2019level

US$Billions

Egypt

Morocco

SouthAfrica

Tanzania

Mauritius

Tunisia

Botswana

Uganda

Kenya

Madagascar

%of2019level

TOURISM

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MiddleEast

TheMiddleEasthasdemonstratedthestrongestregionalrecoveryinleisurearrivals.

SaudiArabiaandtheUnitedArabEmiratescontinuetobethetwolargestinbounddestinations

forleisurespending.Both

countriesareinvestingheavilyin

tourisminfrastructure,viewingtourismdevelopmentasakeystrategytodiversifyawayfromhydrocarbonsreliance.

In2023,allcountriesintheregionareexpectedtorecovertotheir

2019levelsofleisurespendingwiththesoleexceptionofIraq.

KuwaitandSaudiArabiaare

expectedtoseethestrongestgrowthinpercentageterms

(growthof66%and90%on

2019,respectively).Kuwaithasalsobeenattemptingtoboostnon-oilrevenuesandviews

tourismasanimportantpartofthisstrategy.

LargestInboundLeisureDestinationCountries:MiddleEast(2023vs.2019)

190

180

35

160

30

140

119

25

120

104

100

80

15

60

10

40

5

20

0

IsraelJordanQatarBahrainIraqOmanSyriaKuwait

Arab

Emirates

Nearlyrecovered

Source:TourismEconomics

In2023,allMiddleEasterncountriesare

expectedtorecoverto2019levelsof

leisurespend,exceptIraq

Source:TourismEconomics

Notrecovered

Recovered

SaudiArabia

United

200

104

108

166

129

107

121

92

40

20

0

20

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Africa

Africa’srangeofdiversecountrieshasresultedinavariedpicture

acrossthecontinent.ManySub-

Saharancountriesarenotexpectedtorecoverfromthedownturnin

inboundtourism.Thisincludes

SouthAfrica–oneofthethree

largestdestinationsintheregion.ButthepictureisfarfromuniversalinSub-SaharanAfricawithboth

KenyaandTanzaniahavingmadestrongrecoveries.

Thetwolargestdestinationcountriesintheregionin2023intermsof

inboundleisurespendareEgypt

andMorocco,bothofwhichhave

recoveredto2019levels–inthecaseofthelatter,exceedingthatby30%.

LargestInboundLeisureDestinationCountries:Africa(2023vs.2019)

180

160

12

140

121

120

101

93

100

81

80

60

4

40

2

20

0

Nearlyrecovered

Source:TourismEconomics

MoroccohasbenefitedfromrecoveryinEuropeandemandandisclosetoEgyptassecondlargestdestination

Notrecovered

Recovered

Source:TourismEconomics

130

166

111

98

88

10

71

14

0

8

6

21

US$Billions

%of2019level

UnitedStates

Mexico

Brazil

Canada

Argentina

Chile

Venezuela

Peru

Uruguay

Colombia

€Billions

Germany

UnitedKingdom

France

Italy

Netherlands

Spain

Russia

Turkey

Switzerland

Austria

%of2019level

TOURISM

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ANOXFORDECONOMICSCOMPANY

DomesticTourismRecovery

Americas

Morethan90%oftotaltourismspendingintheUnitedStatesisdomestic.Therefore,despitearelativelyweakrecoveryin

inboundleisurespendinginthe

US,anexpectedincreaseof30%indomesticleisurespendingon

2019representsastrongrecoveryoverall.Itisapicturethatis

reflectedacrossthemostvisited

destinationsacrossthecontinentwithonlyColombiaontrackto

missreachingits2019nominalspendinglevel.

LargestDomesticLeisureDestinationCountries:Americas(2023vs.2019)

1,200

300

1,000

250

800

200

600

138

150

119

400

100

200

50

0

Nearlyrecovered

Source:TourismEconomics

TheUnitedStatesdominatesdomestic

spendingintheAmericasandis29%

above2019levels

Notrecovered

Recovered

Source:TourismEconomics

325

222

350

130

134

144

124

118

90

0

22

TOURISM

ECONOMICS

ANOXFORDECONOMICSCOMPANY

Europe

Innominalspendingterms,all

ofEurope’slargestdomestic

tourismmarketsareexpectedtorecovertospendinglevelsabove2019in2023.Thisisespeciallyimportantindestination

countriessuchasGermany,

theUnitedKingdom,andthe

Netherlands,wheredomestic

tourismisahighshareoftotal

tourismspending.Evenbeyondthe‘top10’countries,thepicture

isreflectedacrossthecontinentwiththesoleexceptionof

Ukraine.

LargestDomesticLeisureDestinationCountries:Europe(2023vs.2019)

300

153

160

250

140

120