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Possible increase in global travel and tourism revenue by more than 50 percent CROPIX

Possible increase in global travel and tourism revenue by more than 50 percent

Written by  The Dubrovnik Times Jan 23, 2021

Despite the pandemic crisis and the sharp decline in tourism in 2020 and the continuation of negative trends in early 2021, global tourism analysts and experts still predict some market recovery with a possible increase in global travel and tourism revenue by more than 50 percent compared to 2020.

Experts from the world tourism exchange ITB Berlin and analysts of the global Institute for Market Research and Statistics state this in a new forecast published this week, in which, in addition to a review of 2020, as one of the most turbulent years for travel, they make forecasts for 2021.

By 2023, they predict that the tourist market should recover more strongly from the pandemic crisis, provided, of course, that in 2021 the pandemic begins to be more 'restrained', to which the use of vaccines should contribute.

“Billions of people around the world, their lives and businesses were affected in 2020 by the spread of coronavirus and various restrictions and anti-pandemic measures, but the arrival of vaccines still gives hope. If everything goes according to plan, the global travel and tourism market could fully recover from the coronavirus pandemic by 2023 and achieve record traffic figures," the ITB and Statiste said.

They also predict that in 2021 global revenues from travel and tourism could increase by more than 50 percent compared to 2020, and that these revenues will continue to grow, while in 2025 they could increase by more than 20 percent compared to a record 2019 for world tourism.

Although there are no complete data for 2020 yet, the research house predicts that the loss of traffic in the world tourism industry for 2020 will be around 55 percent, which is one of the few years with a loss in the last 30 years.

"Experts' forecasts must be handled with caution and regularly assessed in accordance with current trends. It is certain that people want to travel and make up for the last few months of missed travel experiences, and the tourism and travel industry expect that," conclude the ITB and Statiste.


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