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The Global Cultural Tourism Market size is estimated to grow by USD 6,600.71 million accelerating at a CAGR of 20.77% between 2023 and 2027.
Our report offers in-depth analysis of market drivers, trends, opportunities, challenges, and restraints, with segmentation by type (domestic cultural tourism and international cultural tourism), service (cultural eco-tourism, indigenous cultural tourism, and socio-cultural tourism), and geography (Europe, APAC, North America, Middle East and Africa, and South America). Additionally, Technavio provides valuable insights through value chain analysis, parent market analysis, Porter’s Five analysis, vendor analysis, and COVID-19 impact data. The report also includes a thorough analysis of historical market data from 2017 to 2022.
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Growing affordability is the key driver boosting the market growth. The steady per capita disposable income in developed countries, thanks to the increase in dual-income households, directly impacts individual spending capacity. This boosts the affordability of high-end products in developing nations, particularly in Pacific Rim countries like Malaysia, Indonesia, and Vietnam, which is expected to drive global cultural tourism growth.
Furthermore, the global rise in the number of working women, such as in Italy where it increased from 41.45% in 2011 to 46.58% in 2019, has led to increased income levels. This allows consumers to indulge in cultural tourism and related activities. With rising incomes and increased market investments, the global cultural tourism market is poised for significant growth.
Growing instances of stress-related cases is a key cultural tourism market trends shaping the market. Various factors, including finances, family, work, and personal well-being, influence an individual's stress levels, directly affecting their health.
Untreated stress can lead to symptoms like anxiety, irritability, anger, and depression, weakening the immune system and impacting physical and mental health. This can also result in behavioral changes like substance abuse and overeating. Health professionals often recommend a change of environment to promote peace of mind and faster stress recovery, creating opportunities for cultural tourism providers targeting wellness seekers, and driving market growth in the forecast period.
The high impact of terrorism is a key challenge hindering the market growth. Growing terrorism directly harms the tourism industry, affecting popular destinations due to instability. Hotels, airlines, and restaurants suffer, exemplified by Kenya's experience with an average of 60 attacks annually between 2011 and 2017, often linked to groups like Al-Shabaab.
Terrorism also leads to tighter border security, causing delays and higher inspection levels. It increases security costs for critical infrastructure and raises insurance expenses. This upsurge in security spending elevates passenger fares. Tourist concerns about terrorism and increased travel costs may hinder global cultural tourism revenue, potentially impacting the market's growth in the forecast period.
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.
Cultural Tourism Market
By Type
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The domestic cultural tourism segment was valued at USD 2,013.50 million in 2017 and continued to grow by 2021. 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.
Europe is estimated to contribute 49% 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.
Cultural Tourism Market
By Europe
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The growth of the cultural tourism 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 cultural tourism market in the region during the forecast period.
In 2020, the outbreak of COVID-19 severely affected the growth of the tourism sector in Europe. Stringent lockdowns were imposed in the UK, France, Italy, Germany, Ireland, Sweden, Belgium, and other countries to combat the spread of infection in 2020. Owing to travel restrictions and the outbreak of COVID-19 in the region, the demand for cultural tourism among travelers declined, which severely impacted the growth of the cultural tourism market in Europe in 2020. However, the lockdown restrictions were relaxed in the second half of 2020 with the help of rapid vaccination drives across Europe. This led to the resumption of travel by the end of 2021.
The market research 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.
The cultural tourism market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Cultural Tourism Market Scope |
|
Report Coverage |
Details |
Page number |
159 |
Base year |
2022 |
Historic period |
2018 - 2022 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 20.77% |
Market growth 2023-2027 |
USD 6,600.71 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
15.68 |
Regional analysis |
Europe, APAC, North America, Middle East and Africa, and South America |
Performing market contribution |
Europe at 49% |
Key countries |
US, China, India, Italy, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ACE Cultural Tours Ltd, Aracari Travel, Classic Journeys LLC, Envoy Tours, Exodus Travels Ltd., G Adventures, Geographic Expeditions Inc., Indigenous Tourism BC, Intrepid Group Pty Ltd., Kudu Travel Ltd., Martin Randall Travel Ltd, Myths and Mountains, Odyssey World, Responsible Travel, Tandem Travel OOD, Tauck Inc., Travel Leaders Group Holdings LLC, Travelogy India Pvt. Ltd., Wilderness Travel, and FROSCH International Travel LLC |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, 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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