Summer has arrived in the Northern hemisphere. All this week, our daily charts will focus on travel and tourism. We’ll explore shifting travel preferences, new business models, luxury travel, disruptions affecting the industry, and more.
Eastern Europe, India, and Southeast Asia have fast-growing pools of first-time tourists, senior partner Caroline Tufft and coauthors find. These are comparatively small source markets, and their travelers spend less per person per night than Western European travelers, but travel spending from these regions is expected to grow by 7, 9, and 7 percent, respectively, between 2023 and 2030.
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Three line graphs show the outbound travel spending for rising source markets and the projected change from 2023 to 2030. Eastern Europe’s spending was $148 billion in 2023 and is projected to hit $228 billion by 2030. India’s was $176 billion in 2023 and is projected to hit $319 billion by 2030. Southeast Asia’s was $217 billion in 2023 and is projected to hit $369 billion by 2030.
Source: Oxford Economics.
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To read the article, see “Now boarding: Faces, places, and trends shaping tourism in 2024,” May 29, 2024.