The global Cultural Tourism Market growth is driven by Increasing disposable income
The Cultural Tourism Market allows tourists to learn about the cultural heritage, history, arts, ways of life and experiences of destinations. Cultural tourism experiences can include visits to museums and historical sites, art galleries, cultural & historical theme parks, ethnic food tasting, live performances of cultural shows, and tours with expert guides. With urbanization and rise in disposable income, more people are undertaking cultural tours to explore new places along with gaining knowledge. The Cultural Tourism Market is growing rapidly owing to increased exposure through social media and various travel shows.
The Global Cultural Tourism Market is estimated to be valued at US$ 17,720.11 Mn in 2024 and is expected to exhibit a CAGR of 14% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Global Cultural Tourism Market Share are Expedia Group, Priceline Group, China Travel, China CYTS Tours Holding, American Express Global Business Travel, Carlson Wagonlit Travel, BCD Travel, HRG North America, Travel Leaders Group, Fareportal/Travelong, CULTURAL TOURISM MARKET Travel, Corporate Travel Management, Travel and Transport, Altour, Direct Travel, World Travel Inc, Omega World Travel, Frosch, JTB Americas Group, and Ovation Travel Group. The increasing disposable incomes and desire to explore new cultures have boosted the demand for cultural tourism globally. Key players are focusing on strategic partnerships and mergers to expand their global footprints.
The growing demand for enriching travel experiences focused on local history, arts, lifestyle and heritage is fueling the Cultural Tourism Market growth. More people are opting for cultural tours to gain a deeper understanding of destinations they visit. The trend of experiencing culture through local eyes rather than as a casual observer is on the rise.
The Cultural Tourism Market is expanding globally with growing cross-border tourism. Developing regions in Asia Pacific and Middle East are witnessing increased investments in cultural infrastructure to attract international visitors. Key players are focusing on these emerging markets by diversifying their product portfolios. Partnerships with local operators help provide authentic immersive experiences to global travelers.
Market drivers
The key driver for the Cultural Tourism Market is increasing disposable income. As disposable incomes rise globally, more people are able to spend on leisure and cultural trips. Affluent travelers see cultural tours as an opportunity for enrichment and learning about various civilizations. Businesses are launching new affordable cultural packages with local homestays and experiences to tap into this growing market opportunity. Increased incomes thus enable the cultural tourism industry to flourish worldwide.
Impact of geopolitical situations on Cultural Tourism Market Growth
The ongoing geopolitical tensions and conflicts across various regions are negatively impacting the growth of the cultural tourism market. The Russia-Ukraine war that began in early 2022 has severely disrupted cultural tourist flows between Eastern Europe and other parts of the world. Many countries have issued travel advisories against non-essential travel to Ukraine and Russia. This has led to the cancellation of cultural trips and events in these nations. Furthermore, the rising diplomatic tensions between China and Western nations are discouraging cultural exchanges between these regions. The political instability and civil unrest in parts of Africa and the Middle East are also limiting cultural tourism potentials in these areas. Moreover, the COVID-19 pandemic massively disrupted international travel over the past two years, halting cultural trips globally.
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