GCC Outbound Tourism Market is driven by increasing disposable incomes
The Global GCC Outbound Tourism Market is estimated to be valued at USD 75.89 billion in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the GCC outbound tourism market are Riya Tours, Muscat Travel and Tourism, American Express Travel, Tuniu Corporation, JTB USA, and Expedia Inc.
Market drivers
One of the key drivers for the GCC Outbound Tourism market Demand is the rising disposable incomes of GCC nationals. Higher economic growth and salaries in GCC countries have improved standards of living and boosted discretionary spending power. Additionally, expatriate workers from other countries remit substantial portions of their earnings back home, further elevating household incomes. This available surplus is being increasingly spent on international leisure travel. Furthermore, diversification of economies away from oil dependence is supporting job opportunities in non-oil sectors with competitive wages, augmenting the affordability of outbound trips. Favorable visa policies by major global destinations are also fueling market growth.
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