Package holidays are forecast to generate $115.7 billion in revenue this year, 54% less than in 2019. Vacation rentals follow with a 15% drop compared to pre-COVID-19 levels and $71.1 billion in revenue in 2021.
The Number of Users in the Travel and Tourism Sector Still Down by 40%
Analyzed by geography, the Сједињене Америчке Државе represents the largest travel and tourism industry globally, expected to grow by 32% YoY and reach $83.3 billion value this year, $62.1 billion less than in 2019.
The revenues of the Chinese market, as the second-largest globally, are forecast to jump by 41% year-over-year to $82.4 billion in 2021, still $37 billion below pre-COVID-19 levels. Germany, Japan, and the United Kingdom follow with $23.8 billion, $22.3 billion, and $14 billion in revenue, respectively, nearly half the pre-pandemic levels.
The Statista survey also showed the total number of people traveling and going on a vacation this year will remain 40% below the pre-COVID-19 levels. In 2019, the global travel and tourism sector had nearly 1.65 billion users. This figure is expected to amount to $971.1 million in 2021, a massive 679 million drop in two years.
