The tourism industry took a massive hit during the global pandemic, as countries across the globe went into lock downs. But there is hope for the industry as people begin to holiday nationally and internationally.
Data shows that revenue in travel and tourism continues to grow after the major pandemic slowdown. It’s expected to hit USD $716.80 billion during 2022, with a compound annual growth rate (CAGR) of 8.46% from 2022 to 2026.
A range of submarkets – transportation, accommodation, recreation and entertainment, food and beverage, events and conferences, and travel services – have varying factors that should be taken into consideration when planning for this renewed growth. However, one focus remains central. All businesses within the travel and tourism industry must cater to visitors.
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