Travel
People worldwide have spent almost $4 trillion on traveling and vacation in the past five years
Europeans are by far the biggest spenders on vacations and traveling
Although it took four years for the global tourism sector to fully recover from the COVID-19 hit, people worldwide have still spent hundreds of billions of dollars each year on traveling and vacation. In 2024, global travel and tourism revenues are expected to jump by 8.3% and hit almost $930 billion, the highest figure in the market`s history. But the cumulative figures for the past five years are even more impressive.
According to data presented by Stocklytics.com, people worldwide have spent almost $4 trillion on traveling and vacations in the past five years.
Hotels Make Almost Half the Total Spending with a Five-Year Revenue of $1.85 Trillion
Before the COVID-19 pandemic, the global tourism sector had seen almost uninterrupted growth for decades, with hundreds of billions of dollars spent on hotels, cruises, vacation rentals, and package holidays each year. That changed in 2020 and 2021, the years that brought the steepest revenue drop this market had ever seen. Three years later, the entire sector fully recovered, although still vulnerable to global economic conditions. And while the aftermath of the COVID-19 hit is quite severe, people worldwide continued spending hundreds of billions of dollars on vacation and traveling, even when the market was at its lowest point.
According to Statista Market Insights, between 2018 and 2023, people worldwide spent $3.95 trillion on vacation and traveling. This impressive figure is even more interesting considering that over $840 billion was spent in 2020 and 2021 when the market was down.
Statistics also show hotels brought far more money than any other market segment in the past five years. Since 2018, people worldwide have spent more than $1.85 trillion on hotel vacations, almost 45% more than on package holidays, and more than on camping, cruises, and vacation rentals combined. Package holidays ranked as the second-largest revenue stream, with $1.28 trillion in five-year spending. As the third-largest revenue stream, vacation rentals saw only one-third of that figure, or $448 billion in the past five years. Far below, camping and cruises follow with $240 billion and $113 billion in revenue, respectively.
Europeans Spent the Most on Vacation and Traveling, over $1.2 Trillion in Five Years
The Statista survey also showed that Europeans are by far the biggest spenders on vacations and traveling. Between 2018 and 2023, the residents of the old continent have spent a whopping $1.2 trillion on vacation and traveling, almost 40% more than Americans and twice more than Chinese.
Americans were the only nation close to Europeans in total spending, with $917.7 billion spent on vacation and travel since 2018. China, the world`s second-largest nation, is far below these figures. Statistics show that the Chinese have spent $666 billion on traveling and vacation in the past five years, almost 30% less than Americans and nearly twice less than Europeans.
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor’s degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.
She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
Arundel Travel’s Helen Parry encourages more agencies to embrace their creative side by writing about their trips
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FTI GROUP partners with Certares-led Consortium to secure €125 million for growth and digital transformation, positioning itself for enhanced profitability in the European tourism sector.
The FTI GROUP, the third largest tour operator in Europe, announces that an agreement has been reached which concludes the process to strengthen the capital and restructure the shareholder base of the Company originally launched in September 2023.
A consortium led by Certares, an investment firm specialized in the travel and tourism sector, with capital provided by co-investors (the “Consortium”), has signed an agreement on the proposed acquisition and funding and will assume control.
Under the terms of the Agreement, FTI will receive new capital of € 125 million to support its next phase of growth and fund digital transformation. The current shareholder has accepted to provide financial support and further investment. The transaction is subject to customary regulatory approvals and other condition precedents as are typical for transactions of this type.
Karl Markgraf, CEO of the FTI Group
Karl Markgraf, CEO of the FTI GROUP, stated: “We are delighted to announce our partnership with the Certares-led Consortium. Certares is a leading investor in the global travel and tourism sector. With support from Certares and its extensive experience in the sector and capital provided by the Consortium, FTI is uniquely positioned for future growth and profitability which benefits all the stakeholders, including our customers, commercial partners and employees. We are committed to start our next chapter of success and to further consolidate our position as a leading player in the German and European tourism sector.”
Who is who
Established in 2012, Certares is a global investment firm focused exclusively on the travel and hospitality industries, leveraging deep sector experience, proprietary transactions and hands-on partnership with management teams to drive growth. With approximately $ 10.1 billion of assets under management, including co-investments, as of 31 December 2023, Certares brings together a team with decades of both operational and investment experience in private equity, travel, tourism, hospitality and travel-related business and consumer services.
With its numerous brands and subsidiaries, the FTI GROUP is the third largest tour operator in Europe. It includes FTI Touristik as well as the short-term tour operator 5vorFlug, the car rental broker Drive FTI, the destination management company Meeting Point International, which is active in over 40 locations worldwide, and the tour operator for promotional goods BigXtra.
Under the umbrella of the hospitality company MP Hotels, the company bundles its hotel brands Labranda Hotels & Resorts and Design Plus Hotels, Kairaba Hotels & Resorts, Lemon & Soul Hotels, Club Sei and Managed by MP Hotels. TVG Touristik Vertriebsgesellschaft mbH combines the franchise systems with the brands sonnenklar.TV Reisebüro, 5vorFlug and Flugbörse. Around 10,000 partner agencies sell FTI products throughout Germany.
The TV travel shopping channel sonnenklar.TV, an FTI GROUP partner, and the online B2B provider for accommodation Youtravel are also important sales channels. The consolidator FTI Ticketshop is responsible for the sale of scheduled flight tickets. In Austria, FTI Touristik is represented by a branch in Linz.
The subsidiary FTI Touristik AG, based in Basel, represents the tour operator in Switzerland. The French tour operator FTI Voyages has been part of the FTI GROUP since 2012. With FTI Reizen, the group has also been active in the Netherlands since 2016. The seven service centres handle numerous bookings for the FTI GROUP and external customers. Headquartered in Munich, the Group employs over 11,000 people worldwide and generated consolidated sales of around € 4.1 billion in the 2022/23 financial year.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
Air New Zealand has agreed to purchase 9 million liters of
neat sustainable aviation fuel from producer Neste, the carrier announced
Monday. Neither company disclosed the value of the deal.
The fuel will be produced at Neste’s Singapore refinery and
will be blended with conventional jet fuel and supplied to Los Angeles
International Airport between April 1 and Nov. 30, 2024, according to the
carrier. Air New Zealand expected its total fuel uptake during that period to
be about 850 million liters across its network.
The carrier said the deal is the “largest purchase of
SAF from Neste by any airline outside of North America and Europe for delivery
before the end of 2024.”
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