The number of international tourist arrivals worldwide rose sharply in 2023 compared to the previous year across all the most visited destinations in the world. Overall, France was the most visited country by inbound travelers worldwide in 2023, with 100 million international tourist arrivals. Spain, the United States, and Italy followed in the ranking that year. Has global inbound tourism recovered from the impact of COVID-19? In 2023, the number of international tourist arrivals worldwide totaled approximately 1.3 billion. While this figure represented a 33 percent annual increase, it remained below the peak in inbound tourist arrivals reported in 2019, the year before the onset of the COVID-19 pandemic. That said, international tourism receipts worldwide exceeded pre-pandemic levels in 2023, peaking at 1.5 trillion U.S. dollars. What are the most popular global regions for inbound tourism? When breaking down the number of international tourist arrivals worldwide by region, Europe has consistently reported the highest volume of inbound travelers, both before and after the impact of the health crisis. In 2023, this region alone accounted for roughly 55 percent of global inbound tourist arrivals. Meanwhile, Asia and the Pacific recorded the second-highest number of inbound tourist arrivals worldwide in 2023.

The number of international tourist arrivals to the selected European destinations increased significantly in 2023 over the previous year, experiencing strong signs of recovery from the impact of the COVID-19 pandemic, and in some cases even surpassing pre-pandemic levels. Overall, Paris and the Île-de-France region recorded the highest figure among the selected destinations in 2023, with around 21.6 million inbound tourist arrivals. London and Istanbul followed in the ranking that year, with roughly 20.3 million and 17.4 million arrivals, respectively. What are the most visited countries by international tourists? Both before and after the health crisis, France was the country with the highest number of inbound tourist arrivals worldwide. In 2023, inbound arrivals to France reached 100 million, the highest figure reported by the country to date. Meanwhile, the United States, which ranked third by inbound arrivals that year, was the country with the highest international tourism receipts worldwide. Has inbound tourism recovered from the impact of COVID-19? While the number of international tourist arrivals worldwide grew sharply in 2023 compared to the previous year, it remained approximately 11 percent lower than in 2019. Overall, the total contribution of travel and tourism to the global GDP was four percent below pre-pandemic levels in 2023.

Most international tourists who arrived in Morocco in 2020 were from Europe, reaching over one million people. European tourists were significantly higher in number compared to the other regions. The following leading continents of origins were Africa and the Americas, accounting for 102,000 and 99,000 inbound tourists, respectively. In 2020, international tourism declined considerably due to the coronavirus (COVID-19) pandemic.

Large number of inbound tourists

Morocco is one of the leading touristic destinations in Africa, together with Egypt, South Africa, and Tunisia. From 2010 to 2019, before the COVID-19 pandemic determined a decline in tourist arrivals, around 10 million international tourists visited the country each year. Most tourists arrive in the country by air rather than by water or land. In recent years, the majority of the travelers accessed Morocco through the airports of Marrakech, Casablanca, and Agadir, all major touristic destinations.

Economic relevance of tourism in Morocco

The absolute contribution of the tourism sector in Morocco stood at around 10 billion U.S. dollars in 2022. Moreover, tourism made up approximately eight percent of the country's GDP in the same year, growing by two percent compared to 2021. Despite the negative impact of the COVID-19 pandemic in 2020, the sector slowly recovered in the following years, and the trend is forecast to continue. For instance, international tourist expenditure is set to exceed three billion U.S. dollars by 2025, growing from two billion U.S. dollars in 2022.

London was by far the most visited city by international tourists in the United Kingdom in 2023. That year, inbound visits to the UK's capital totaled just over 20 million, staying roughly seven percent lower than in 2019, prior to the coronavirus (COVID-19) pandemic. Edinburgh and Manchester followed in the ranking, reporting around 2.3 million and 1.7 million visits, respectively. Overall, the number of inbound visits to the UK reached 38 million in 2023 but remained below pre-pandemic levels. What is the leading tourist attraction in London? Tourists visit London for a variety of reasons, not the least of which is its attractions. In 2023, the British Museum was London’s most visited tourist attraction, drawing in approximately 5.8 million visitors. The Natural History Museum in South Kensington and the Tate Modern came next in the ranking, with about 5.7 and 4.7 million visitors, respectively. While attendance at many of London’s top tourist attractions saw a significant increase in 2023 compared to the previous year, attendance generally remained below pre-pandemic levels. What is the leading region for summer staycations in the UK? A 'staycation' typically refers to a holiday spent in one's home country rather than abroad. It can also refer to a holiday spent at home involving day trips to local attractions. The leading region for summer staycations in the UK, according to an April 2024 survey, was the South West. Meanwhile, 12 percent of respondents said that they intended to visit Scotland during their summer holiday while only three percent stated that they would like to visit Northern Ireland. London came second in the ranking.

The number of international tourist arrivals worldwide increased significantly in 2024 over the previous year, nearly catching up with pre-pandemic levels. After declining with the onset of the COVID-19 pandemic to roughly 406 million, the lowest figure recorded since 1989, global inbound tourist arrivals exceeded 1.4 billion in 2024, being just 1.3 percent lower than in 2019. Europe is the most popular destination for international tourism Europe is the global region that attracts the highest number of international tourists. In 2024, inbound tourist arrivals in Europe exceeded pre-pandemic levels, totaling almost 750 million. Within this region, Southern and Mediterranean Europe was the most popular area for international tourism, recording over 300 million arrivals in 2024. How big is the global travel and tourism market? According to Statista Mobility Market Insights, the global travel and tourism market's revenue – including hotels, package holidays, vacation rentals, and camping – amounted to nearly 880 billion U.S. dollars in 2023, recovering from the impact of COVID-19. Breaking down travel and tourism's revenue worldwide by sales channels reveals that the online channel generated over two-thirds of the global transactions' value that year.

Global international tourism receipts increased sharply in 2023 compared to the previous year, recovering from the impact of COVID-19. After declining to roughly 561 billion U.S. dollars with the onset of the pandemic, international tourism receipts worldwide grew steadily in the following years, exceeding 1.5 trillion U.S. dollars in 2023, the highest figure recorded to date. What is the most visited global region by inbound tourists? While global inbound tourism receipts surpassed pre-pandemic levels, the number of international tourist arrivals worldwide remained still below the figure from 2019, totaling around 1.3 billion in 2023. Overall, both before and after the impact of COVID-19, Europe was the most visited global region by international travelers, with over 700 million inbound tourist arrivals in 2023. What are the most visited countries by inbound travelers? With Europe being the most popular global region among international travelers, it does not surprise that two European destinations topped the ranking of countries with the highest number of inbound tourist arrivals worldwide. Overall, France reported the most inbound tourist arrivals in 2023, followed by Spain, the United States, and Italy.

The number of international tourist arrivals in Europe rose significantly in 2023 compared to the previous year across all the most visited destinations in the region. Overall, France was the most visited country by inbound travelers in Europe in 2023. That year, France - which also topped the ranking of the countries with the highest number of international tourist arrivals worldwide - reported 100 million international tourist arrivals, the highest figure recorded by the destination to date. Spain, Italy, and Turkey followed on the list in 2023. Europe is the most popular region for inbound tourism Europe is the region with the highest number of inbound tourism arrivals worldwide, with over 700 million arrivals in 2023. Comparatively, there were nearly 240 million international tourist arrivals in Asia and the Pacific, the second-most visited global region by inbound travelers that year. When breaking down the number of inbound arrivals in Europe by sub-region, Southern and Mediterranean countries reported the highest figures, both before and after the impact of COVID-19. Travel & Tourism Development Index France and Spain, among the most popular travel destinations in Europe in terms of inbound arrivals, were also among the leading countries in the Travel & Tourism Development Index (TTDI). The TTDI index measures factors and policies that support a sustainable and resilient development of travel and tourism worldwide. In 2023, Spain ranked first with a TTDI score of 5.18, followed by France and Germany.

In 2023, domestic tourism spending in France exceeded the figure recorded in 2019, the year before the impact of the COVID-19 pandemic. Overall, the expenditure by domestic travelers in the country amounted to 135 billion euros in 2023. This figure was expected to reach an estimated 138.8 billion euros in 2024. Domestic vs. inbound tourism in France As the expenditure by domestic travelers surpassed pre-pandemic levels, international tourism spending in France also exceeded the figure recorded in 2019, amounting to almost 70 billion euros in 2023. Both before and after the impact of the health crisis, France topped the ranking of the countries with the highest number of inbound tourist arrivals worldwide. Paris' contribution to tourism in France The French capital attracts millions of domestic travelers and visitors from abroad every year, thanks to its rich cultural heritage and popular attractions, like the Louvre, the most visited museum worldwide. In 2023, the number of tourist arrivals to Paris and the Île-de-France region, including domestic and international visitors, totaled over 47 million.

The British Museum was the most visited free tourist attraction in London in 2023, welcoming roughly 5.8 million visitors. While attendance at the renowned institution increased significantly over the previous year, the number of visitors remained below the figure reported before the COVID-19 pandemic. This was also the case with many other leading attractions, with only the National History Museum and the Royal Museums Greenwich having higher attendance in 2023 compared to 2019, among the listed attractions. Has tourism in London recovered from the impact of COVID-19? In 2023, the number of overseas visits to London exceeded 20 million. While inbound tourist visits experienced a sharp annual increase, they did not fully recovery yet from the impact of COVID-19. That said, expenditure by international visitors in the UK’s capital had more than recovered in 2023, reaching an all-time high that year. London’s contribution to inbound tourism in the UK Both before and after the pandemic, London was by far the most visited city in the UK by international tourists. When looking at the contribution to inbound tourism of leading European travel destinations, the city’s prominent role in supporting inbound tourism in the UK stands out. In 2023, London alone accounted for over half of inbound tourist arrivals in the country.

The number of inbound tourists arriving to Hungary (including same-day excursionists) increased steadily until 2019, when it reached over 61 million. In the same year, 16.9 million international tourist arrivals staying for at least one night were recorded. However, as a consequence of the travel restrictions introduced because of the coronavirus (COVID-19) pandemic, the number of tourists in Hungary decreased to 32 million in 2020. By 2024, the number of inbound tourist trips made to Hungary increased to 51 million, still not reaching pre-pandemic levels. Most popular tourist attractions in Hungary Hungary’s most popular touristic regions are Budapest and Central Danube, Lake Balaton, and Western Transdanubia. Lake Balaton is the biggest freshwater lake in Central Europe, moreover, it is surrounded by volcanic hills that serve as the base for the country’s famous vineyards. Tourists in Hungary often visit the wine regions to take part in tastings, try horseback riding or take bicycle tours while enjoying the rural landscape. Tourism in Budapest The country’s capital, Budapest is without question one of the most popular tourist destinations, not just in Hungary but in the region of Central Europe. Besides being renowned for its thermal spas, Budapest features numerous UNESCO World Heritage Sites, such as the neo-gothic Parliament building, the Buda Castle Quarter, and even the M1 underground, which was the first one to be built in continental Europe. With all the prestigious historical sites, beautiful landscapes, and vibrant shopping streets, no wonder that so many people who come to Hungary do not leave without visiting Budapest.

Mexico was the most visited destination by international tourists in Latin America in 2023, surpassing 42 million tourist arrivals in that year. In the second place, but far behind, was the Dominican Republic.

A global tourism powerhouse By developing airport infrastructure and calibrating new direct flights, Mexico has set international tourism high on its priorities list. At the forefront of Mexico's spike in international tourism is the FONATUR, or Mexico's National Fund for Tourism Development. The tourism body worked in the expansion of Cancun's airport and other four key tourist airports in the country. Plus, Mexico City's airport added new international direct flights in the 2010s, resulting in being rated as the best internationally connected airport in Latin America in 2019. With this and other developments in this sector, the North American country managed to rank among the top 20 destinations in the Travel and Tourism Competitiveness Ranking that year.

South America's tourism leader Through its geographically diverse landscape and globally recognized wine industry, Argentina has grown its international tourism sector. The influx of foreign visitors to Argentina can in some way be attributed to the country's air-travel infrastructure. The national air carrier, Aerolineas Argentinas, was one of the top airline operating in Latin America in 2019. That same year, passenger traffic to Argentinian airports grew by four percent. Though in April 2020, in the outbreak of the COVID-19 pandemic, the arrival of international air travel tourists to Argentina came to a complete halt, ensuing a similar fate of the global tourism industry.

In 2024, the number of international tourist arrivals reached over 300 million, showing significant recovery. The Asia-Pacific region has demonstrated itself to be a firm favorite for international travelers, with over 360 million international tourist arrivals in 2019. However, due to the global pandemic and border closures, the international arrivals in the Asia-Pacific region plummeted to under 60 million in 2020, and further down to 25 million in 2021. The number of tourist arrivals started recovering in 2023. International tourism Although Europe remains a leading destination for many travelers, the Asia-Pacific region is steadily becoming more attractive for prospective holiday-goers. The tourism industry is booming, prevalent in the huge contributions the industry has made to many Asia-Pacific countries’ GDPs. Not only does China lead in GDP contributions from travel and tourism, but it has displayed its immense popularity among travelers. International tourist arrivals in China reached over 140 million before the COVID-19 pandemic and is slowly recovering to pre-pandemic levels. Tourism in the Asia-Pacific region The tourism industry remains vital for many of the unique economies throughout the Asia-Pacific region. Thus, countries across the region have set up initiatives to entice both domestic and international tourists. These initiatives include implementing a higher availability of flights and the establishment of more tour packages and possibilities in different destinations. Countries, such as India and Sri Lanka, have also made visa attainment easier and have even offered visa-free facilities, likely to encourage more international visitation. These initiatives appear to have been successful, as several Asia-Pacific cities unsurprisingly made the ranking for the best-rated city destinations worldwide.

The Tower of London was the most popular paid attraction in London in 2023, welcoming roughly 2.8 million visitors. Attendance at the renowned site grew significantly compared to the previous year, nearly catching up with the figure from 2019. Meanwhile, the Royal Botanical Gardens (Kew Gardens) was the second most visited paid attraction in 2023, with just under two million visitors. What is the most popular free tourist attraction in London? In 2023, the British Museum topped the ranking of the most visited free attractions in London, welcoming nearly six million visitors. While attendance at the British Museum did not fully recover from the impact of COVID-19, the number of visitors to the Natural History Museum in South Kensington, which came in second in 2023, exceeded pre-pandemic levels. Overall, nine of the ten most visited tourist attractions in London that year did not charge for admission tickets. How many tourists visit London every year? London plays a key role in supporting the travel and tourism sector in the United Kingdom. Both before and after the impact of the COVID-19 pandemic, it was by far the city with the highest inbound tourism spending in the UK. In 2023, the number of international tourist visits to London surpassed 20 million, nearly catching up with the overseas tourist visits recorded in 2019.

The number of international visitor arrivals in Panama was close to two million in 2022, after having plummeted in the previous two years due to the COVID-19 impact on tourism worldwide. Before the pandemic, the country had more than 2.5 million arrivals by foreign visitors.

On the right path

Panama received a Travel & Tourism Competitiveness Index (TTCI) score of 4.2 out of seven points in 2019. The Central American country ranked fourth in Latin America and the Caribbean, shortly trailing Mexico, Brazil, and Costa Rica. The index measures how attractive a country is to developing business in that sector. In that year, the travel and tourism policy and enabling conditions were the country’s highest-rated sub-index, with a score of 4.9. However, the overall Panamanian 2019 TTCI score was the lowest recorded since 2013.

Cash cow

As a small but highly international travel hub, Panama’s tourism sector is mostly driven by foreign visitors. In 2019, the four-million nation ranked for the third largest expenditure generated by international visitors in the region, outperforming other major destinations like Brazil, Argentina, and Colombia. Inbound tourism spending represented around 11 percent of the country's GDP throughout the 2010s —an economic activity that was nonetheless severely affected by COVID-19. As an early-2021 forecast projects, the entire Panamanian tourism sector would need around five years to recover from the effects of that global health crisis.

In 2023, Russia was the leading inbound travel market for Turkey based on the volume of tourist arrivals, reaching over 6.3 million visitors. Germany and the United Kingdom followed on the list, with approximately 6.2 and 3.8 million arrivals, respectively. One of the most popular destinations in Europe With hundreds of beaches, mountains, nature, and historical sites in various cities, Turkey has plenty of activities to offer to tourists. Consequently, the country attracts millions of visitors every year. In 2023, following Italy, Turkey ranked fourth among the most popular destinations in Europe, having welcomed over 55 million travelers. That year, Turkey’s inbound tourism receipts amounted to 49.5 billion U.S. dollars, which placed the country fifth among other European destinations. Inbound tourism in Turkey The country saw a sharp decrease in the number of inbound tourist arrivals in 2020 and 2021 due to the coronavirus (COVID-19) pandemic. However, from 2022 onwards, the figures caught up with the pre-pandemic levels. In 2023, over 49 million international tourists visited Turkey, which was the peak value recorded since 2000. In the same year, the vast majority of foreign travelers arrived in Turkey with the purpose of travel, entertainment, sport, or cultural activities. Furthermore, about 7.2 million foreigners visited their relatives and friends in Turkey.

The United States was the country in the Americas with the highest international tourism receipts in 2023. That year, inbound tourism receipts in the U.S. amounted to roughly 189 billion U.S. dollars, rising sharply over the previous year but remaining below pre-pandemic levels. Both before and after the impact of the COVID-19 pandemic, the United States topped the ranking of the countries with the highest international tourism receipts worldwide.

Due to the COVID-19 pandemic, the tourism revenue in Mexico had decreased by more than 50 percent as of September 2020, based on a year-over-year comparison. Meanwhile, the country’s international tourism volume plummeted by nearly 60 percent. Consequently, the tourism contribution to the Mexican GDP dropped by more than 45 percent in the second quarter of that year. In the 2010s, this sector accounted for over eight percent of the North American country's GDP .

Mexico’s tourism GDP

In the years prior to the COVID-19 pandemic, the tourism sector contributed more than 1.5 trillion Mexican pesos to Mexico’s GDP. Based on exchange rates of December 31, 2019, this amount equaled around 80 billion U.S. dollars. Out of the several economic activities related to this sector, accommodation and foodservice stand out as its most important segments, with both accounting for over 40 percent of the Mexican tourism GDP. In 2019, there were approximately 82 thousand foodservice establishments and 24 thousand hotels operating in the Latin American country.

International tourism in Mexico

Mexico is by far the leading tourism destination in Latin America. Its combination of beautiful beaches, authentic cuisine, and indigenous history attracts millions of tourists every year. In 2019, this country welcomed six times more international visitors than Argentina, which was the second most popular Latin American tourism destination among foreign travelers that year. Mexico is also the country with the highest international tourism receipts in the region.

In 2023, the direct and indirect contribution of travel and tourism to the United Kingdom's gross domestic product (GDP) was 9.7 percent lower than in 2019, the year prior to the onset of the coronavirus (COVID-19) pandemic. Overall, these industries' total contribution to the country's GDP amounted to roughly 239 billion British pounds in 2023. Has tourism in the UK recovered from the impact of COVID-19? While inbound resident visits to the UK dropped to just above seven million in 2021 - the lowest figure reported in two decades - the volume of inbound tourist visits to the United Kingdom rebounded in 2022, and grew to 38 million in 2023. International arrivals, however, remained below pre-pandemic levels. Similarly, while outbound tourist visits from the UK experienced around a fourfold increase in 2022 compared to the previous year, the country still reported around seven million fewer trips abroad in 2023 than in 2019. What are Britons’ favorite holiday destinations? Either before or after the impact of the health crisis, vacationing remained the main travel purpose for outbound visits from the UK. In 2023, Spain was the most visited holiday destination by UK travelers, followed by France, Greece, and Italy.

As per Cognitive Market Research's latest published report, the Global Hotel market size was $784.82 Billion in 2023 and it is forecasted to reach $1,126.04 Billion by 2030. Hotel Industry's Compound Annual Growth Rate will be 5.29% from 2023 to 2030. What are the key driving factors for the Hotel market?

The Rising Investment in the Global Hotel Industry is Favoring the Market Growth

The year 2022 was a year that started with the reopening of many international borders and huge amounts of government economic stimulus. However, the outbreak of Ukraine-Russia war was a growing geopolitical tension. Despite all these challenges, the global hotel and lodging industry continues to show resilience as RevPAR (Revenue Per Available Room) towards complete recovery). For instance, according to the data of the Global Hotel Investment Outlook 2023, at the year end of 2022, the proportion of RevPAR recovered relative to that of 2019 by region ranged from 69% to 108%. Additionally, in the period of seven years before COVID-19, outbound Chinese capital for the global hotel investment accounted for USD 3.4 billion every year. From the year 2020 to 2022, the outbound Chinese hotel investment has been about USD 400.0 million.

The transaction activities in the hotel industry had been witnessed to be increased than before. For instance, according to the research of Jones Lang LaSalle IP, Inc. (JLL) and Global Hotel Investment Outlook 2023, two of the three global regions (the Americas and the APAC) observed an increased hotel investment volume in 2022. Moreover, private equities continue to be the largest acquirers of hotel assets globally. In the year 2022, there had been witnessed a significant increase in new investors entering the hotel industry. In fact, a 16% of the year’s global investment volume in hotel industry was generated by the first-time hotel buyers.

In the year 2022, there was a decline in investment volume, and same can be expected in 2023, owing to large portfolios might be challenging to finance. There can likely be a bifurcation in hotel acquisitions as luxury hotels will be continuing to sell for high values. In addition, in 2022, foreign investors deployed capital not only towards individual hotel assets but also into large-scale platforms, especially in the luxury space. For instance, in the third quarter of 2022, Saudi Arabia’s Public Investment Fund (PIF) entered into partnership with London-based investment firm Cian International to invest about USD 900 million into the Aman Group, valuing the ultra-luxury platform over USD 3 billion.

The Accelerating Global Travel and Tourism Fueled the Demand for Hotels, Drives the Market Growth

The Availability of Alternative Accommodation Places such as Short Term Rental Homes, Hostels, and Others May Hamper the Market Growth(Access Detailed Analysis in the Full Report Version)


The Rising Popularity of Ultra-Luxury Segment Generates an Opportunity for Expansion of the Market.(Access Detailed Analysis in the Full Report Version)

What is a Hotel?

A hotel is the most common type of accommodation, which can be defined as an establishment that offers overnight accommodation, meals, and various other services. Hotels are mainly aimed/targeted at tourists or travelers, although the local residential can also use hotels. Hotels is a segment categorized under the hospitality and tourism sector. Different hotels possess a wide range of accommodations ranging from budget motels to luxury resorts. Hotel industry consists of lodging places, event planning, theme parks, restaurants, and others, and it includes various activities such as facility maintenance & direct operations including porters, servers, housekeepers, kitchen keepers, bartenders, and many more. The global hotel industry is exhibiting a positive growth after COVID-19. For instance, according to the data of Global Hotel Investment Outlook, 2023, the hotel occupancy has reached 89% recovery as compared to that of 2019, thereby, proving its resilience.

The European Passenger Rail transport industry has performed reasonably well over the past decade, except for during the years that were hit by COVID-19-induced disruption. Increased rail infrastructure investment has supported a climb in international and domestic passenger numbers; Eurostat data shows that demand for passenger transport in the EU steadily increased between 2015 and 2019, with passenger kilometres (pkm) peaking at 414 billion in 2019. Before the pandemic, mounting tourism, an ever-growing population and rising employment numbers fuelled an increase in the volume of rail passenger transport, particularly within and across major European cities. Over the five years through 2024, revenue is expected to drop at a compound annual rate of 6.1% to €95.3 billion. The COVID-19 outbreak and ensuing travel restrictions put a big dent in train companies’ steady expansion, with revenue plummeting by 17.0% over 2020 due to passenger rail running at sub-par capacity and many customers avoiding public transport at all costs. Similarly, international tourist levels plunged, exacerbated by stringent COVID-19 testing protocols. Industry growth has been modest over the subsequent three years and has remained below pre-pandemic levels, with many passengers still avoiding rail transport and the growing trend towards working from home cutting demand from commuters. Tourist and commuter numbers continue creeping back upwards, however, industry revenue is expected to decline 2.5% in 2024. Over the five years through 2029, revenue is forecast to expand at a compound annual rate of 4.0% to reach €115.7 billion. The European Commission’s commitment to boosting high-speed rail traffic will propel revenue growth, supported by new Harmonised EU standards and the net-zero agenda. Shifting passengers from road and air transport to rail transport will play an important role in helping the EU meet its climate targets in time. With one of the densest networks in the world, rail in the EU will be central to establishing a much more efficient and environmentally friendly transport system, aided by and accelerating digitalisation and the modernising of passenger rail infrastructure.