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The cultural tourism market size is forecast to increase by USD 6.67 billion, at a CAGR of 17.32% between 2023 and 2028. The market is steadily expanding due to several influential factors. Firstly, increasing affordability allows a larger population to participate in cultural exploration, expanding the market base. Additionally, the desire to break away from daily routines drives travelers to seek unique cultural experiences, boosting the preference for cultural tourism. Moreover, the economic impact of this sector is substantial, contributing significantly to Gross Domestic Product (GDP) and employment. These combined factors propel the market's growth trajectory, highlighting its importance as a driver of economic activity and personal enrichment through cultural immersion.
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The market encompasses unique experiences that cater to customer preferences, offering opportunities to explore traditional tourist attractions as well as off-the-beaten-path destinations. This sector emphasizes experiential travel, allowing visitors to engage in cultural experiences and interact with locals. Sustainable travel practices and eco-friendly initiatives are increasingly important in this market, with eco-tourism initiatives playing a significant role. The global market scenario for cultural tourism is diverse and dynamic. Affordability remains a crucial factor, with various employment opportunities available in this sector. Stress-related cases have led to an increased demand for cultural tourism, as travelers seek authentic experiences that provide relaxation and rejuvenation. Cultural tourism encompasses a wide range of offerings, including visits to historic sites, art galleries, museums, and festivals. Regional customs and heritage tourism are also popular, providing travelers with a deeper understanding of local traditions and practices. Culinary tourism, with cooking classes and food tours, offers a unique and delicious way to explore different cultures. Festival tourism, in particular, provides visitors with a chance to immerse themselves in local traditions and celebrations. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing affordability is notably driving the market growth. The per capita disposable income has low volatility in developed countries, which is attributed to the rise in the number of double-income households. This has a direct influence on an individual spending capability. Because of improved spending capability, the affordability of high-end products has increased in developing countries. Therefore, higher disposable incomes in Pacific Rim countries, such as Malaysia, Indonesia, and Vietnam, are expected to drive market growth even further.
Additionally, the number of working women has increased considerably worldwide. For instance, according to The World Bank Group, the number of working women populations in the total labor force increased from 41.45% in 2011 to 46.58% in 2019 in Italy. This is creating a financial boost in the overall income of people, enabling consumers to spend lavishly on cultural tourism and related activities. Earlier, due to lower affordability, limited awareness, and higher security risks, the preference for cultural tourism was limited. However, with the rise in income and investments by the market companies, the market is likely to post significant growth during the forecast period.
Growing instances of stress-related cases is the primary trend in the market. Many factors influence stress in individual life and affect the health of a person directly. Stress levels vary from one individual to another. Some of the major factors influencing stress levels are money, family, work, and personal health.
In many cases, untreated stress could lead to anxiety, irritability, anger, lack of motivation or focus, restlessness, sadness, or depression. Stress weakens the immune system and exhausts the entire body physically and mentally. Untreated stress can also end up in behavioral changes like angry outbursts, drug or alcohol abuse, over- or under-eating, social withdrawal, and tobacco use. In many instances, health professionals recommend individuals travel or visit a place where a person can experience peace of mind, which helps to treat stress and anxiety. A change of atmosphere and a break from everyday lifestyle heal a person at a faster rate. This leads to higher opportunities for cultural tourism providers to target travelers who come for wellness purposes. Such factors are expected to drive the growth of the market during the forecast period.
Threat from natural disasters is the major challenge impeding market growth. A natural disaster could pose a challenge to the revenue of the tourism industry. Rebuilding and maintaining infrastructure could be a highly time-consuming process, depending on the severity of the natural calamity. For instance, Japan took almost two years to recover from the earthquake and tsunami that took place in 2011; Haiti took 22 months to recover from the earthquake that hit the country in 2010, whereas Thailand took 14 months to recover from the 2004 tsunami. Thus, the long recovery from natural disasters takes an enormous amount of time, which affects the revenue growth of the market.
Some of the other threats faced by the tourism industry include environmental disasters and political unrest. Environmental disasters have a direct effect on agriculture, biodiversity, human health, and the tourism industry, which involves a recovery period of 20-24 months, whereas any political unrest takes about 27 months to recover. These factors impact the revenue growth of cultural tourism for longer durations when compared to terrorism, which is another challenge for the market during the forecast period.
The cultural tourism report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Intrepid Group - The company offers cultural tourism such as Indigenous tours across British Columbia as its key offerings. The company offers a wide range of adventure travel through its brands Intrepid Travel, Peregrine Adventures, Urban Adventures, PEAK DMC, and The Intrepid Foundation.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth of the domestic cultural tourism segment will be significant during the forecast period. The domestic tourism economy around the world is lucrative and has been boosted by the growing trend of staycations. The domestic cultural holiday is cost-effective for individuals and has other benefits, such as making residents aware of the history and culture of their country. This type of tourism is likely to be less of a hassle for visitors, as visitors in domestic tourism are aware of the language, currency/food changes, or etiquette. Such factors will facilitate segment growth during the forecast period.
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The domestic cultural tourism segment was valued at USD 3.18 billion in 2018 and will continue to grow by 2022. In countries such as India, domestic tourism is growing owing to local campaigns and government support. The contribution of domestic tourists and tourism to the Indian economy has increased. As domestic cultural tourism offers familiarity with the country's tourism policies, government rules, and risks associated with cultural tourism, the share of this segment is likely to continue to dominate the market during the forecast period.
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Europe is estimated to contribute 40% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The growth of the market in Europe is driven by some of the popular destinations like Venice and its lagoon, the historic centers of Siena, the Piazza del Duomo in Pisa, and San Gimignano in Italy. Other destinations include the old city of Salamanca, the Alcazar in Seville, and Burgos Cathedral in Spain. In addition, Museumsinsel in Berlin, Cologne Cathedral, the town of Bamberg, and the Palaces and Parks of Potsdam and Berlin in Germany; Bourges Cathedral, Amiens Cathedral, Chartres Cathedral, and the Pont du Gard Roman aqueduct in France are some of the popular tourist destinations. These world-famous destinations in Western Europe are likely to drive the market in the region during the forecast period.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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The Market is a vibrant tapestry woven with diverse elements, catering to evolving customer preferences and embracing a plethora of experiences. Travelers are increasingly drawn to traditional tourist attractions but also seek off-the-beaten-path destinations for unique adventures. Experiential travel is on the rise, emphasizing cultural immersion and interactions with locals, while sustainable travel practices and eco-tourism initiatives align with growing conservation efforts. Budget airlines facilitate outbound tourism, particularly among the expanding middle class, driving bookings for hotels, vacation rentals, cruises, and package holidays. Camping, business events, conferences, and exhibitions add to the array of travel experiences. Historic sites, art galleries, museums, and regional customs offer rich cultural encounters, amplified during festivals and culinary tourism experiences such as cooking classes and food tours.
In addition, despite travel restrictions and social isolation policies, the Market thrives on its diverse cultures, rich histories, and local customs. B2C enterprises leverage online platforms and social media to showcase cultural attractions and foster diversity appreciation. However, challenges persist, including the lack of infrastructure in some regions. Within this dynamic landscape, the tourism industry sector is propelled by driving forces such as genuine experiences and an international community seeking authentic encounters with diverse cultures and arts.
Market Scope |
|
Report Coverage |
Details |
Page number |
131 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 17.32% |
Market growth 2024-2028 |
USD 6.67 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
16.2 |
Regional analysis |
Europe, APAC, North America, South America, and Middle East and Africa |
Performing market contribution |
Europe at 40% |
Key countries |
China, Japan, Italy, France, and Spain |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ACE Cultural Tours Ltd, Aracari Travel, Envoy Tours, Exodus Travels Limited, G Adventures, Geographic Expeditions Inc., Greaves Travel Ltd, Indigenous Tourism BC, JPMorgan Chase and Co., Kudu Travel Ltd., Lindblad Expeditions Holdings Inc., Martin Randall Travel Ltd, Odyssey World, Responsible Travel, Tandem Travel, Tauck Inc., Travel Leaders Group Holdings LLC, Travelogy India Pvt. Ltd, Wilderness Travel, and Intrepid Group Pty Ltd. |
Market dynamics |
Parent market analysis, market growth analysis, market research and growth, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Service
8 Customer Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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