URBAN TOURISM MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Urban Tourism Market Size and Trends

Global urban tourism market is estimated to be valued at USD 6.98 TN in 2024 and is expected to reach USD 10.56 TN by 2031, exhibiting a compound annual growth rate (CAGR) of 6.1% from 2024 to 2031.

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Global urban tourism market is witnessing high growth due to rising trend of urban explorations and experience seeking among millennials and generation Z travelers. These people are more interested in uniqueness, discovering new places and immersing themselves in local culture. Many cities are coming up with varied offerings such as street food tours, niche interest tours and mixed reality experiences to cater to this dynamic segment. Cities are also enhancing connectivity and infrastructure to improve visitor experience. With rapid urbanization, many emerging cities in developing regions are promoting their heritage and culture to attract foreign visitors, and this drives the market growth.

Growing interest in culture and history

Urban Tourism Market, By Purpose of Visit (Leisure, Entertainment, Shopping, Cultural, Others), By Type of Activities (Sightseeing, Outdoor recreation, Dining, Nightlife, Others), By Type of Accommodation (Hotels, Hostels, Homestays, Others), By Geography (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)

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The changing lifestyle preferences of people around the world is driving significant growth in the global urban tourism market. As people have higher disposable incomes and more paid leave opportunities, they are prioritizing unique experiences while traveling over conventional vacation activities. This thirst for new experiences is leading more tourists to flock to major cities instead of traditional beach or nature destinations.  Cities now offer an enormous variety of attractions that continually evolve and new hotspots emerge. Be it diverse cuisines, vibrant arts and culture scenes, intriguing architecture and infrastructure, trendy retail and nightlife or myriad niche experiences - global cities have it all and then some. The concentrated nature of all these urban pleasures within walkable areas adds to city breaks being action-packed yet convenient. Further, improving connectivity makes cities more accessible than ever before. These compelling advantages are drawing tourists in droves to metropolitan areas worldwide.