Luxury travel and tourism amid the pandemic

A Statista DossierPlus on luxury tourism amid the corona pandemic and future outlooks

Luxury travel and tourism amid the pandemic Travel and tourism has been one of the hardest-hit industries by the pandemic. In 2020, global internal tourism revenues are expected to drop drastically and amount to 3.1 trillion U.S. dollars. Nonetheless, the market is forecast to recover rapidly and reach a value of 6.9 trillion U.S. dollars by 2023.

Luxury tourism, the industry designed to satisfy the lavish travel expectations of high net worth individuals, appears to be more resistant against the pandemic than tourism in general as in 2020, the decrease in global internal luxury tourism revenues is forecast to be smaller than that in global internal overall tourism revenues. The value of the global luxury tourism industry will reach 545 billion U.S. dollars in 2020.

After an introduction into the current status and future outlooks of the tourism industry, this DossierPlus presents what affects the pandemic will have on the global luxury tourism market with special focus on the most trending travel destinations and a forecast for 2023.

For a deeper insight into European luxury tourism, download our Luxury travel and tourism in Europe amid the pandemic DossierPlus.

In this study, luxury tourism was defined as all acquisitions of consumer goods, services, and valuables for and during trips by individuals who have a net asset of over one million U.S. dollars. Through a complex analysis taking data on overall tourism and such high net worth individuals into consideration, this DossierPlus gives valuable insight into the luxury tourism industry.

To provide country-specific data as well, the most significant travel destinations per region have been identified. These trending destinations were identified as having the highest total internal tourism revenues in their regions in 2019. Thus, this research provides detailed information on the luxury tourism industry of the United States, China, Germany, India, Mexico, Australia, the United Arab Emirates, South Africa, and Morocco.

This DossierPlus also breaks down luxury tourism by domestic and international inbound tourism and reveals from which countries most international tourists arrive from. The statistics reveal the impact of the corona pandemic on the luxury tourism markets of these countries and the most predominant trends. Mexico’s luxury market is forecast to see the strongest hit in 2020; and China and India’s luxury market are forecast to grow strongly between 2019 and 2023 despite current events, mostly driven by the growth of the domestic luxury market.

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