Travel Advertising Market Size to be worth US$ 15 Billion by 2032
The travel advertising sector is estimated at US$ 9.7 Billion in 2022 and is projected to reach US$ 15 Billion by 2032, at a CAGR of 9%.
The Travel Advertisement market is forecasted to grow at a consistent growth rate during the forecast period. This is majorly attributed to the growing popularity of global content and the trend of cultural integration. People interested in understanding culture from different regions and experiencing them are likely to visit these places. The natural beauty and the landscapes around the regions are attracting adventure seeking tourists and nature lovers.
Overall, the Travel Advertisement is attracting more and more tourists each year and make them come back for experiencing more. the services provided by local businesses and the tour companies are leaving positive impression on tourists about the Travel Advertisement market.
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Key Takeaways from the Travel Advertisement Market Study:
- The North America, Europe and Asia Pacific regions hold a market share of ~27%, ~24% and ~20% respectively.
- Brochures and Newspaper, magazine advertisements are the key marketing means for tourism advertisements.
- The travel agency businesses in USA increased by 5.2% in 2022.
“Tourism commercials are luring travellers to well-known locations around the globe, and advertising firms are adjusting to the sector’s evolving needs.” – FMI Analyst said.
Impact of COVID-19
Tourism is one of the significant sectors, impacting world’s economy. The tourism was about 7% of global trade. Many countries are depending upon tourism as primary economic source. The local livelihood and businesses as well as general development of these countries are depending on foreign exchanges during tourism. In 2019, the tourism industry was in disarray when the COVID-19 pandemic was declared and a global lockdown began.
Most of the direct jobs depending upon tourism were in danger, countries with tourism as leading economic sector were vulnerable. The island countries and less developed countries also suffered a lots of loss during lockdown. Tourism being the main source of funds, the funding to the tourist’s places and conserved sanctuaries were reduced. Many local heritage festivals and tourist gatherings were postponed or cancelled, leading to no business of local and ethnic artifacts, generating income for indigenous people.
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Tourism advertisement organizations were inactive, as there were no tours during lockdown period. Currently, as the tourism sector is gaining its pace back, the advertising and marketing firms are prepared with new tactics and planning for the developing tourism industry.
Who is winning?
The key players in travel advertisement sector are Amadeus travel advertising, Accord, MMGY global, DANA, DCI, Digitalcoconut, OP Worldwide, LLC, EchoVME, D cube Technologies, TheBeGlobal etc.
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the global Travel Advertisement market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022 to 2032. The study divulges compelling insights on the Travel Advertisement Market Based By Advertisement Media (Magazines, Newspapers, Television, Email, Others), By Travel Type (Business Travel, Backpacking, Family Travel, Others), By Tourist Type (Domestic And International), By Age Group (15-25 Years, 26-35 Years, 36-45 Years, 46-55 Years, And 66- 75 Years) & Region – Forecast To 2017 – 2032.
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