Global travel and tourism market predicted to grow by 5.3% up to 2031

This represents a compound annual growth rate (CAGR) of 5.3% between 2023 and 2031. The global travel and tourism industry was previously valued at $615.2 billion in 2022.

The robust projected growth is expected to be fuelled by “rising disposable incomes, technological advancements like online booking platforms, and increased government investments in tourism infrastructure,” according to Transparency Market Research.

Disposable incomes are rising especially fast in emerging markets such as China, India, and parts of South America, causing more individuals and families to prioritise travel and leisure activities, particularly among the growing middle classes, the research company said.

Government investment in better airports, resorts, and transport links, as well as new promotional material, has seen countries that were previously overlooked become increasingly popular as travel destinations.

Additionally, advances in aviation have led to many previously hard-to-reach destinations becoming more accessible to travellers. These include remote parts of the Arctic, Africa, and the Pacific islands.

The data also suggested that consumer preferences have continued to evolve in recent years, with travellers increasingly seeking out “experiential travel” that offers a “deeper connection to local cultures, authentic encounters, and once-in-a-lifetime experiences”.

Adventure tourism, eco-tourism, and culinary tourism are also becoming more popular – although traditional resorts and historic city trips remain stable too.

Brazil’s tourist board recently reported record numbers of tourists in 2024.