Bain & Company report: global tourism sector could reach $17 trillion by 2027

28-07-23

IThe global tourism sector could reach 17 trillion dollars in 2027, surpassing the 11 trillion dollars prior to the pandemic, according to data from the consultancy firm Bain & Company, which also assures that the tourism of the future is strongly committed to sustainability.

After the recess caused by the pandemic, tourism has shown a very good recovery with data to back it up. According to the latest report by Bain & Company, the global tourism sector is enjoying surprising growth and could reach the figure of 17 trillion dollars by 2027, surpassing the 11 trillion dollars prior to the health crisis.

In this report, different users have been asked about their travel preferences and one of the most important findings is that approximately 66% of the respondents consider sustainability as a very important factor when planning their leisure trips. Also in line with this theme, these travellers are willing to pay more for destinations and suppliers, such as airlines, hotels, restaurants and tour companies, that have a strong sustainability offering.

The report also identified a segment of consumers they called "sustainability enthusiasts", who represent around 30% of respondents.

 These travellers consider sustainability as an "extremely important" factor both in their daily lives and in their travel experiences. Moreover, this group is four times more likely to choose sustainable holiday destinations and is willing to pay more for them.

Despite the growing awareness of sustainability in tourism, the report also revealed that tourists feel that the sector still has a lot of room for improvement. According to 73% of respondents, sustainability is expected to become even more relevant in the next five years.

Thus, with the increase of tourists and the economic improvement of tourism globally, a large part of them are looking for sustainable experiences. This is what will shape the future and this forecast of 17 trillion dollars by 2027.