Global Travel Set to Approach 65% of Pre-Pandemic Volume
In a Nutshell: The tourism industry made a remarkable comeback in 2022, with over 700 million international travelers vacationing across the globe between January and September. This figure represented 63% of pre-pandemic levels and is projected to reach 65% of these levels by year's end, as per UNWTO's estimates.
Europe dominated the recovery, accounting for 81% of pre-pandemic levels, while the Middle East, Africa, and the Americas also saw substantial growth. Out of all subregions, Western Europe and Southern Mediterranean Europe led in recovery rates, with their numbers surpassing 86% of 2019 levels.
Certain destinations, such as Albania, Ethiopia, and Iceland, even beat their pre-pandemic numbers in terms of international travelers. Air travel and hotel accommodation saw a resurgence in demand, with air seat capacity and hotel occupancy reaching 62% and 66% of pre-pandemic levels respectively.
However, challenges like inflation, energy price hikes, and geopolitical tensions, like the Russian offensive in Ukraine, could potentially slow recovery in Q4 2022 and beyond. Despite these obstacles, the UNWTO Panel of Tourism Experts forecasted export revenues from the tourism sector to reach $1.2 to $1.3 trillion in 2022, accounting for a 60-70% increase over 2021 or 70-80% of the revenue recorded in 2019.
Insights:- Recovery patterns varied significantly across different regions due to factors like government policies, public health measures, and the pace of economic recovery.- Emerging destinations, such as Albania, Ethiopia, and Iceland, experienced increased tourism, benefiting from the relaxation of travel restrictions and the reopening of tourism hotspots.
Keep an Eye On:- The impact of geopolitical tensions and economic factors on the tourism industry's ongoing recovery in the final quarter of 2022 and beyond.- The regional trends in tourism activity as China, countries within the Asia-Pacific region, and specific Americas' countries continue to ease COVID-19 travel restrictions, potentially leading to accelerated growth.
In 2022, the increases in international travel have resulted in a significant lifestyle change for many, as they were able to resume their travel plans and explore various destinations across the globe. This shift in travel patterns is one of the most noticeable consequences of the tourism industry's recovery from the pandemic, with various regions experiencing growth. For example, Albania, Ethiopia, and Iceland have seen an uptick in travelers, surpassing their pre-pandemic numbers.
