GCC Outbound Tourism Market Growth and Size, Revenue, Rising Trends, Scope, Business Challenges, Future Opportunities and Forecast Analysis Till 2033: SPER Market Research
Outbound tourism is the travel done by nationals of one country to another for leisure, business, or other purposes. It encompasses a wide range of travel-related activities, including adventure travel, medical travel, business travel, and visiting friends and relatives (VFR). Outbound tourism is being driven by several causes, such as rising disposable incomes, globalization, improved connectivity via air travel, and greater awareness of various cultures and destinations. It is crucial for fostering cross-cultural dialogue, global understanding, employment opportunities, and economic advancement.
According to SPER market research, ‘GCC Outbound Tourism Market Size- By Tourist Type, By Age Distribution, By Tourism Type, By Traveler Type – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the GCC Outbound Tourism Market is predicted to reach USD 176.78 billion by 2033 with a CAGR of 8.09%.
Drivers: The GCC’s outbound tourism industry is growing as a result of several significant factors that sustain the region’s expanding demand for outbound travel. The Gulf Cooperation Council (GCC) countries’ increasing wealth and disposable income are significant contributors to the region’s economic growth, which is mostly due to oil earnings and diversification efforts. Due to rising incomes, people may increasingly travel abroad for leisure, business, and other purposes. Among the GCC region’s noteworthy characteristics are its young, quickly urbanizing population and strong desire for travel and globe exploration.
Challenges: There are numerous challenges facing the outbound tourism business, including unstable geopolitics, economic hardships, and environmental concerns. The ability of individuals to go overseas can be strongly impacted by changes in the economy, especially changes in exchange rates and income distribution. Geopolitical concerns, such as conflicts or turbulence in particular regions, may discourage travelers from traveling to other nations because they fear for their safety. Strict immigration laws and complicated visa requirements can also make travel more difficult and limit the number of tourists leaving the country. Furthermore, there is a growing demand for sustainable practices and responsible tourism in response to environmental challenges like overtourism and climate change.
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The COVID-19 epidemic has had a detrimental effect on the tourist sector in the Gulf Cooperation Council (GCC) due to the significant shift in traveler choices and behaviors. The travel ban, border closures, and lockdowns that were implemented globally to halt the virus’s spread resulted in a major decline in the outbound tourism sector for the Gulf Cooperation Council. The governments’ tight travel restrictions, quarantine guidelines, and alerts caused a dramatic drop in the amount of people leaving the region to visit abroad. Travelers from the Gulf Cooperation Council (GCC) were reluctant to leave the nation due to the uncertainty surrounding the pandemic and their worries about catching the sickness while abroad.
Additionally, some of the market key players are Big Five Tours & Expeditions Inc., Farhat Tours & Transfers S.P.C., G Adventures, Praxis Holidays LLP.
GCC Outbound Tourism Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Tourist Type: Based on the Tourist Type, GCC Outbound Tourism Market is segmented as; Domestic, International.
By Age Distribution: Based on the Age Distribution, GCC Outbound Tourism Market is segmented as; Under 18 years, 18-25 years, 26-35 years, 36-45 years, 46-55 years, Above 55 years.
By Tourism Type: Based on the Tourism Type, GCC Outbound Tourism Market is segmented as; Holiday, VFR (Visit Friends and Relatives), Business, Others.
By Traveler Type: Based on the Traveler Type, GCC Outbound Tourism Market is segmented as; Independent Traveller, Tour Group, Package Traveller.
By Region: This research also includes data for US, Canada, Rest of North America.
For More Information, refer to below link:-
GCC Outbound Tourism Market Outlook
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