In 2019, earlier than the “attack” of Covid-19, the tourism business contributed $ 8,900 billion to the world economic system, ranked third within the high 3 above.
World tourism state of affairs 2010 – 2019
Before the Covid-19 pandemic occurred, the world tourism state of affairs maintained a comparatively steady progress price within the interval 2010 – 2019. Total worldwide arrivals and tourism income from worldwide guests recorded respectively. CAGR 2010 – 2019 is 4.8%/yr and 4.7%/yr.
Total worldwide arrivals, 2010 – 2019. Source: UNWTO, BP. Research CBRE Vietnam.
Before Covid-19, world tourism grew steadily because of the continued sturdy breakthroughs within the international financial state of affairs, the expansion of the center class in creating economies, the price of tourism. affordable and visa licensing can also be eased or facilitated in some nations.
By area, in 2019, Europe and Asia-Pacific (TBD) attracted essentially the most worldwide guests in 2019, accounting for 51% and 25% of the full variety of worldwide guests recorded on this planet, respectively. The progress price of holiday makers of those two areas in comparison with 2018 is almost 4%.
Total arrivals of worldwide guests and income from worldwide guests by area, 2019. Source: UNWTO, BP. Research CBRE Vietnam.
What did hundreds of tourism contribute to GDP construction earlier than the Covid-19 pandemic?
In 2019, the tourism business contributed $8.9 trillion to the world economic system, of which the direct contribution to world GDP was 3.5%. The tourism business can also be within the high 3 industries with the very best direct contribution to the world GDP construction in 2019, behind the Information & Communication Technology business (contributing 4.8%) and the Financial Services business (contributing 3.7%).
Contribution of the travel & tourism business by area, 2019. Source: UNWTO, BP. Research CBRE Vietnam.
Asia-Pacific recorded the full worth of its contribution to the worldwide economic system and the very best direct contribution to world GDP among the many continents, at $3 trillion and 5.5% respectively.
In addition to attracting many worldwide guests, Europe can also be house to the most important variety of overseas vacationers, accounting for almost 50% of the full variety of international outbound guests, with a CAGR of 2010 – 2019 of 4.1%/per yr. yr. Next, the Asia-Pacific area and the Americas accounted for 26% and 17% of complete outbound guests on this planet, respectively.
Outbound vacationer construction within the area, 2019. Source: UNWTO, BP. Research CBRE Vietnam.
However, prior to now 10 years, by way of progress charges, Asia – Pacific and America recorded CAGR 2010 – 2019 a lot larger than Europe, respectively 7.1%/yr. and 5.1%/yr. Asia – TBD achieved a powerful enhance because of the truth that China is at all times the most important worldwide vacationer market with the worldwide tourism business, particularly in 2019 there have been about 170 million Chinese vacationers touring overseas (in 2010). solely about 10.5 million turns), attaining CAGR 2010 – 2019 of 36.3%/yr.
China continues to carry the primary place on this planet by way of spending on outbound tourism. In 2019, the spending of Chinese vacationers going overseas reached almost 255 billion USD, however decreased by 4.2% over the identical interval (in 2018 elevated by 5.2% in comparison with 2017). French vacationers, though ranked on the fifth place by way of spending on overseas tourism, are exhibiting a reasonably excessive progress pattern, rising by almost 11% in 2019 and eight% in 2018 over the identical interval.
Spending on abroad travel, 2019. Source: UNWTO, BP. Research CBRE Vietnam.
Considering Southeast Asia alone, this area welcomed almost 139 million guests in 2019, a rise of 8% over the identical interval. In which, Myanmar recorded an excellent enhance of 23% over the identical interval (in 2018 solely elevated by 3% in comparison with 2017). In 2019, the variety of Chinese guests to Myanmar recorded a rise of almost 140%, because of the direct flight from Shanghai and Yangon, operated since July 2019, saving travel time. Countries resembling Brunei, Indonesia, Laos and Vietnam exhibit the most effective progress traits and these 4 nations all noticed a rise of about 16% over the identical interval, primarily because of some great benefits of out there pure situations. have and affordable travel bills.
In phrases of direct contribution to world GDP, the area additionally holds the very best place with 5.5% in 2019, in comparison with the typical international tourism contribution to world GDP (3.5% ).
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