1. Global Leisure Travel Market Revenue Share Analysis by Region
The share of global leisure travel market revenue has changed among different regions from 2018 to 2023. The Asia-Pacific region held the largest market share of 33.03% in 2018, but it fell to 31.67% in 2020 and 23.43% in 2022, and is expected to rise back to 28.58% in 2023. The share of the European market was 29.70% in 2018, rising to 30.55% in 2020, and then reaching 31.99% in 2021, and is expected to remain at 31.90% in 2023. The share of the North American market gradually increased from 24.25% in 2018 to 27.78% in 2022, and is expected to decline slightly to 26.79% in 2023. The market shares of Latin America and the Middle East and Africa are relatively small, with Latin America falling from 8.33% in 2018 to 7.35% in 2023. The share of the Middle East and Africa has not changed much throughout the period, remaining between 4% and 6%, reflecting the dynamic changes in the global leisure travel market and the relative performance of different regions in this market.
Table Global Leisure Travel Market Revenue Share by Region (2018-2023)
|
|
2018 |
2019 |
2020 |
2021 |
2022 |
2023E |
|
North America |
24.25% |
24.36% |
23.99% |
24.69% |
27.78% |
26.79% |
|
Europe |
29.70% |
30.13% |
30.55% |
31.99% |
34.94% |
31.90% |
|
Asia Pacific |
33.03% |
32.75% |
31.67% |
30.52% |
23.43% |
28.58% |
|
Latin America |
8.33% |
8.20% |
8.24% |
7.61% |
8.07% |
7.35% |
|
Middle East & Africa |
4.68% |
4.55% |
5.57% |
5.19% |
5.78% |
5.39% |
|
Total |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
2. North America Leisure Travel Market Analysis
North American leisure travel revenue was US$950.2 billion in 2018, and subsequently increased to US$1027.9 billion in 2019, with a growth rate of 8.18%. However, revenue dropped significantly in 2020 to US$506.7 billion, with a growth rate of -50.70%, which may have been affected by the global epidemic. Revenue rebounded to US$615.3 billion in 2021, with the growth rate rising significantly to 21.43%. It will continue to grow to US$1,098.7 billion in 2022, with a growth rate reaching a high of 78.56%. Revenue in 2023 will reach US$1,247.7 billion, with a growth rate of 13.56%, showing that the North American leisure travel market is steadily recovering and continuing to grow.
Figure North America Leisure Travel Revenue (B USD) and Growth Rate (2018-2023)
2.1 North America Leisure Travel Market Trends Analysis Under Global Inflation
The economic dominance of the United States has a major impact on the North American economic environment. In June 2022, headline U.S. inflation hit a 40-year high of 9.1% According to data released by the U.S. Department of Labor on May 10, 2023, the U.S. annual inflation rate for the 12 months ended April was 4.9%. U.S. annual inflation is expected to fall to 3.5% in 2023. In 2022, the U.S. central bank announced its biggest rate hike in nearly 30 years to tighten its grip on soaring consumer prices. It raised the borrowing rate the Fed charges banks by three-quarters of a percentage point. Inflation increases costs for companies and reduces people’s spending power. High inflation has now spread far beyond physical goods to the vast service industries across North America, including everything from dental care and apartment rents to car repairs and hotel rates. The immediate impact is that in the United States, people will face higher borrowing costs on mortgages, credit cards, student loans, and other debts. Prices of risky assets such as cryptocurrencies also fell, and stock exchanges outside the U.S. were also hit. The post-pandemic labor market boom is coming to an end as demand cools. The job market is slowing and recession risks. The Fed is raising interest rates to slow demand and curb wage and price growth. The Fed’s move prompted investors to move money to the United States in pursuit of higher returns, boosting demand for the greenback. However, Americans experience inflation differently in different parts of the country. For example, mountain western states such as Utah and South Atlantic states such as Florida have seen home prices rise the fastest, while food prices have risen the fastest in the Pacific and Midwest. Overall, the U.S. has higher inflation than other advanced economies.
2.2 North America Leisure Travel Market Revenue Analysis by Country
North American leisure travel revenue has experienced significant fluctuations from 2018 to 2023. As the main market in the region, the United States’ revenue increased from US$877.9 billion in 2018 to US$949.6 billion in 2019, but dropped sharply to US$461.9 billion in 2020 due to the impact of the epidemic. Subsequently, the U.S. market gradually recovered in 2021 and 2022, with revenue reaching US$562.1 billion and US$1009 billion respectively, increasing to US$1144.1 billion in 2023. Canada’s leisure travel revenue also shows a similar trend, growing from US$72.3 billion in 2018 to US$78.3 billion in 2019, falling to US$44.8 billion in 2020, and then rising year by year, and is expected to reach US$103.6 billion in 2023. billion dollars. Overall, North American leisure travel revenue will recover steadily from 2021 after suffering a heavy blow in 2020, reaching US$1,247.7 billion in 2023.
Table North America Leisure Travel Revenue (B USD) by Country (2018-2023)
|
|
2018 |
2019 |
2020 |
2021 |
2022 |
2023E |
|
United States |
877.9 |
949.6 |
461.9 |
562.1 |
1009.0 |
1144.1 |
|
Canada |
72.3 |
78.3 |
44.8 |
53.2 |
89.7 |
103.6 |
|
Total |
950.2 |
1027.9 |
506.7 |
615.3 |
1098.7 |
1247.7 |
3. Europe Leisure Travel Market Analysis
European leisure travel revenue in 2018 was US$1,163.8 billion, and revenue increased to US$1,271.5 billion in 2019, with a growth rate of 9.25%. However, revenue dropped significantly in 2020 to $645.3 billion, with a growth rate of -49.25%. Revenue rebounded to US$797.3 billion in 2021, with the growth rate rising significantly to 23.56%. It will continue to grow to US$1381.6 billion in 2022, with a growth rate reaching a high of 73.28%. Revenue in 2023 will reach US$1,485.8 billion, with a growth rate of 7.54%.
Figure Europe Leisure Travel Revenue (B USD) and Growth Rate (2018-2023)
3.1 Europe Leisure Travel Market Trends Analysis Under Global Inflation
After peaking in 2022, headline inflation in Europe continued to decline in the first quarter of 2023 as energy prices fell sharply. Margins are expected to decline gradually over the forecast period as margins absorb higher wage pressure and tighten financing conditions. Core inflation in the euro area is forecast to average 6.1% in 2023 before falling to 3.2% in 2024. Europe has been hit hard by the economic fallout of Russia’s invasion of Ukraine after emerging strongly from the pandemic. Growth slowed sharply, inflation soared, and financial stress built up. Europe is currently facing the arduous task of maintaining recovery, beating inflation, and maintaining financial stability. The deterioration in the near-term growth outlook for the European region reflects subdued private consumption and investment amid tighter global financial conditions, weak external demand, and persistent inflation. Continued weakness in external demand is expected to hold back exports, as activity in the euro area continues to be subdued, while spillovers from the reopening of the Chinese economy remain modest. In Europe, the extent of this recession varies from country to country. While companies find ways to become more energy efficient by 2022, continued increases in energy prices will shave 1% off medium-term output in the euro area, with losses larger in energy-intensive economies such as Germany and Italy. Central and Eastern European economies have been hit especially hard by a global shortage of raw materials and disruptions in trade relations with Russia. Because these countries are close to Russia in geographical location and history and are energy-intensive countries. Inflation rates in Central and Eastern Europe are significantly higher than in most other EU countries.
3.2 Europe Leisure Travel Market Revenue Analysis by Country
European leisure travel revenue has experienced significant fluctuations from 2018 to 2023. In 2018, Germany led the way with revenue of $257.8 billion, followed by the United Kingdom and France with $154.8 billion and $164.5 billion respectively. In 2019, the revenue of these countries increased to US$289.6 billion, US$169.3 billion and US$176.0 billion respectively. However, due to the impact of the epidemic in 2020, the income of all countries declined, with Germany, the United Kingdom, and France falling to US$125.5 billion, US$80.9 billion, and US$95.0 billion respectively. In 2021 and 2022, as the epidemic eases, revenue begins to rebound, with revenue in Germany, the United Kingdom, and France increasing to US$156.5 billion, US$99.3 billion, and US$113.9 billion respectively. Germany’s revenue is expected to reach $321.7 billion by 2023, while the United Kingdom and France will reach $183.9 billion and $207.4 billion respectively. Overall, European leisure travel revenue dropped from US$1,163.8 billion in 2018 to US$645.3 billion in 2020, and then gradually recovered, and is expected to reach US$1,485.8 billion in 2023.
Table Europe Leisure Travel Revenue (B USD) by Country (2018-2023)
|
|
2018 |
2019 |
2020 |
2021 |
2022 |
2023E |
|
Germany |
257.8 |
289.6 |
125.5 |
156.5 |
299.6 |
321.7 |
|
UK |
154.8 |
169.3 |
80.9 |
99.3 |
176.9 |
183.9 |
|
France |
164.5 |
176.0 |
95.0 |
113.9 |
197.5 |
207.4 |
|
Italy |
159.9 |
175.0 |
85.8 |
111.0 |
204.8 |
216.7 |
|
Spain |
85.7 |
95.9 |
52.1 |
67.9 |
125.9 |
131.6 |
|
Russia |
107.3 |
113.6 |
54.7 |
65.8 |
62.4 |
90.8 |
|
Poland |
30.7 |
33.8 |
21.7 |
28.1 |
48.6 |
51.6 |
|
Others |
203.2 |
218.2 |
129.6 |
154.8 |
265.8 |
282.0 |
|
Total |
1163.8 |
1271.5 |
645.3 |
797.3 |
1381.6 |
1485.8 |
