Is the Travel Industry Growing? Market Trends for Travel & Tourism
By: Ben Schreiber
Highlights
- The travel industry is growing 4% annually and is expected to surpass $1.1 Trillion in 2029
- Travel and tourism revenue reached $916 billion in 2024
- Hotels accounted for $446.5 billion in 2024 travel and tourism revenue
- In 2024 the travel and tourism industry supported 357 million jobs
- 1 in 10 jobs are supported by travel and tourism globally
- The travel industry is expected to reach $955.94 billion in 2025
- The United States is the world's largest travel and tourism market, generating $476 Billion in 2023
- 76% of all travel and tourism revenue will come from online sales by 2028
- 52% percent of adults prefer beach vacations
Is the travel industry growing?
It has never been easier to travel. A combination of access to airports, flights, and public transportation, along with the ability to research destinations and book with ease thanks to the internet, few industries have benefited as much as the travel industry in recent decades.
The travel industry is currently growing 4% annually and is expected to surpass $1.1 Trillion in 2029.
How big is the travel industry?
Global revenue from travel and tourism reached $916 billion in 2024, with hotels specifically responsible for $446.5 billion in revenue.
In 2024, 357 million jobs were supported by the travel and tourism industry, which accounts for nearly 1 in 10 jobs.
How large is the tourism industry worth worldwide?
Current estimates for 2025 predict that the global travel and tourism industry will reach $955.94 billion this year.
The largest travel industry markets include:
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United States
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China
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Germany
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Japan
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United Kingdom
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France
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Mexico
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India
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Italy
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Spain
What is the World's Largest Travel Market?
The United States consistently leads all travel markets globally, accounting for $476 Billion in 2023.
How has technology affected the travel agency industry?
The travel industry has transformed dramatically thanks to technology. Experts predict 76% of all travel and tourism revenue will come from online sales by 2028.
How covid affected the travel industry?
The pre-COVID travel industry accounted for 10% of global GDP and supported 320 million jobs worldwide. During the peak of COVID-19, up to 100 million jobs globally were at risk of being negatively impacted.
Fortunately, in the past couple of years the travel industry has quickly recovered and is growing again. Towards the end of 2024, global tourism had already recouped 98% of its pre-pandemic revenue.
What are the most popular travel destinations?
The most popular travel destinations globally and in the U.S. fluctuate from year to year.
Currently the most popular destinations worldwide are:
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London, U.K.
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Bali, Indonesia
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Dubai, U.A.E.
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Sicily, Italy
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Paris, France
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Rome, Italy
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Hanoi, Vietnam
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Marrakech, Morocco
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Crete, Greece
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Bangkok, Thailand
And in the United States the most popular destinations include:
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New York City, NY
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O'ahu, HI
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Las Vegas, NV
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Florida Keys, FL
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New Orleans, LA
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Nashville, TN
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San Francisco, CA
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Chicago, IL
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Charleston, SC
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Washington, D.C.
What are the most Popular Types of Vacations?
52% percent of adults in the United States consider a beach vacation to be their favorite type of vacation.
Sources
https://www.statista.com/outlook/mmo/travel-tourism/worldwide
https://www.phocuswire.com/phocuswright-top-15-global-travel-markets
https://www.imf.org/en/Publications/fandd/issues/2020/12/impact-of-the-pandemic-on-tourism-behsudi
https://www.statista.com/topics/962/global-tourism/
https://wttc.org/research/economic-impact
https://www.statista.com/statistics/667802/leading-vacation-types-us-adults/