The Global Urban Tourism Market is estimated to be valued at US$ 10.56 TN in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the urban tourism market are URBAN TOUR, Intrepid Urban Adventures, MakeMyTrip, Yatra, ClearTrip, EasemyTrip, Expedia, Thomas Cook, Riya Group, Thrillophilia, Travel Troops Global Private Ltd., Flying Squirrel Holidays, SOTC Travel Limited, G Adventures, Hays Travel, Audley Travel, Go Travel, TransIndus, Travelex, Al Tayer Group. Key players are offering customized local experience packages leveraging new technologies to tap into the growing demand.
The growing demand for local experiences is driving the growth of the Urban Tourism Market Trends. Tourists are increasingly looking for immersive and authentic experiences that allow them to interact with local culture and lifestyle. This has boosted experiential products like food, art and activity tours catering to niche interests.
Market Drivers
The growing popularity of experiences-driven tourism is a major market driver. Tourists currently want more immersive and less-scripted experiences that allow them to engage with destinations in a personalized manner. This has increased the demand for locally-guided walking tours, cultural activities, local cuisine trails and offerings tailored to niche niche interests. Rising disposable incomes and increasing first-time travel are further fueling the experiences economy and the urban tourism market.
Current geopolitical instability and conflicts are negatively impacting the growth of the urban tourism market. The ongoing Russia-Ukraine war, rising tensions between China and Taiwan, Middle East conflicts etc. are deterring travel to many cities and urban areas. This is restricting the free movement of tourists across international borders. Many people are postponing or cancelling their planned city trips due to safety and security concerns. The uncertainty arising from such situations is dampening consumer confidence in undertaking leisure travel. This decreases the number of both domestic and international tourists visiting urban centers for recreational purposes.
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