Study on the Indian Luxury Travel Market
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Executive Summary
With the opening up of newer travel destinations and greater investments in tourism development, modern tourism has become a key driver for socio-economic progress through the creation of jobs, infrastructure development and foreign exchange earnings.
As an internationally traded service, global cross-border tourism has become one of the major trade categories. Foreign Tourist Arrivals (FTAs) globally was at 935 mn in 2010 up 6.6% from 877 mn in 2009. Foreign Exchange Earnings (FEE) from global cross-border tourism, which stood at USD 852 bn in 2009, was ranked fourth after fuels, chemicals and automotive products in the exports category. Europe, which garners approx 50% of international tourists, dominates the global inbound tourism industry. US, Spain and France were the top three tourism earners accounting for 23% of FEE from global cross-border tourism in 2009. Germany, US and UK were the top three tourism spenders in 2009 expending 25% of the total spend on global cross border tourism.
According to United Nations World Tourism Organization (UNWTO), FTAs globally are expected to grow at a 10 year CAGR of 5.3% to reach 1.6 bn tourists by 2020. Asia & the Pacific regions are expected to grow at a faster pace of 7.4% (10 year CAGR), thereby increasing its share of global FTAs from 21.8% in 2010 to 26.6% by 2020.
India has been an important tourist destination in the world with its share in global FTAs increasing to 0.58% in 2009 from 0.49% in 2005. The FTAs in India were at 5.58 mn in 2010 growing at a CAGR of 7.7% between 2000 and 2010, much higher than the growth of 3.3% witnessed in the global cross-border tourism industry during the same period.
FEE from inbound tourism in India was at USD 14.2 bn in 2010 growing at a 10 year CAGR of 15.2%. Its share in FEE from global cross-border tourism increased to 1.34% in 2009 from 1.10% in 2005.
US and UK were the top two source countries for
Executive Summary
With the opening up of newer travel destinations and greater investments in tourism development, modern tourism has become a key driver for socio-economic progress through the creation of jobs, infrastructure development and foreign exchange earnings.
As an internationally traded service, global cross-border tourism has become one of the major trade categories. Foreign Tourist Arrivals (FTAs) globally was at 935 mn in 2010 up 6.6% from 877 mn in 2009. Foreign Exchange Earnings (FEE) from global cross-border tourism, which stood at USD 852 bn in 2009, was ranked fourth after fuels, chemicals and automotive products in the exports category. Europe, which garners approx 50% of international tourists, dominates the global inbound tourism industry. US, Spain and France were the top three tourism earners accounting for 23% of FEE from global cross-border tourism in 2009. Germany, US and UK were the top three tourism spenders in 2009 expending 25% of the total spend on global cross border tourism.
According to United Nations World Tourism Organization (UNWTO), FTAs globally are expected to grow at a 10 year CAGR of 5.3% to reach 1.6 bn tourists by 2020. Asia & the Pacific regions are expected to grow at a faster pace of 7.4% (10 year CAGR), thereby increasing its share of global FTAs from 21.8% in 2010 to 26.6% by 2020.
India has been an important tourist destination in the world with its share in global FTAs increasing to 0.58% in 2009 from 0.49% in 2005. The FTAs in India were at 5.58 mn in 2010 growing at a CAGR of 7.7% between 2000 and 2010, much higher than the growth of 3.3% witnessed in the global cross-border tourism industry during the same period.
FEE from inbound tourism in India was at USD 14.2 bn in 2010 growing at a 10 year CAGR of 15.2%. Its share in FEE from global cross-border tourism increased to 1.34% in 2009 from 1.10% in 2005.
US and UK were the top two source countries for