Global urban tourism market is estimated to be valued at USD 6.98 TN in 2024, exhibiting a compound annual growth rate (CAGR) of 6.1% from 2024 to 2031. Global urban tourism market has witnessed significant growth over the past few years. According to recent estimates, over 1.4 billion international tourist visited cities worldwide in 2021, indicating increase of20% as compared to pre-pandemic levels. Factors such as rapid urbanization, growing preference for city travel among millennials and generation Z, increasing disposable incomes, and expansion of low-cost air travel options have boosted the prospects of urban tourism destinations globally. However, the outbreak of the COVID-19 pandemic adversely impacted international travel. Major cities observed a steep decline in foreign visitor arrivals in 2020 but with progress of vaccination drives, the urban tourism market has witnessed growth since 2021.
Market Dynamics:
Global urban tourism market growth is driven by factors such as rapid urbanization in developing countries, growing interest in city break vacations among younger travelers, and expansion of low-cost air travel networks which provide better connectivity. However, the market growth can be hampered as concerns of overtourism can degrade the liveability of popular destinations and impact the local environment and culture. The onset of the COVID-19 pandemic posed a major challenge with international travel suffering a massive slump. But recovery has been witnessed since 2021 with destinations gradually easing travel restrictions. Increasing interest of travelers in less explored destinations and off-the-beaten paths experiences within cities can offer opportunities for the market growth.
Key Features of the Study:
Market Segmentation
Table of Contents
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