The world cultural tourism market will grow USD 3.76 billion until 2025

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The world cultural tourism market will grow USD 3.76 billion until 2025
Source: WTTC
May 12, 2022

The data has been revealed in a report published by Technavio

The global cultural tourism market is anticipated to grow by USD 3.76 billion between 2020 and 2025, accelerating at a CAGR of 16.41% during the forecast period.

Growth is fueled by easy government regulations, no foreign exchange rates, and familiarity with culture and language.

The cultural tourism market is driven by the increasing affordability of people. The growing available per capita has significantly boosted the spending power of consumers. In addition, the increase in the number of working women and the growing number of dual income households have allowed consumers to spend lavishly on cultural tourism and related activities. This is encouraging vendors operating in the cultural tourism market to invest in promoting their services through awareness campaigns. All these factors are expected to foster the growth of the global cultural tourism market during the forecast period.

"Although the increased preference for cultural tourism to break from the worldly lifestyle and the increasing contribution to GDP and employment will further drive the growth of the market, the high impact of terrorism could reduce the growth opportunities for market players. "says a Technavio analyst.


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