From 2023 to 2033, the global market for heritage tourism is expected to grow at a thriving compound annual growth rate (CAGR) of 7.2%. By the end of 2023, the worldwide market is projected to generate more than US$657.2 billion in sales. The market for heritage tourism is anticipated to grow over time, with a projected value of US$ 1,316.4 billion by 2033. Future industry Insights’ historical analysis indicates that the worldwide heritage tourism industry is expected to reach a value of US$ 617.0 billion by 2022.
Travel based on religion also plays a significant role in actively promoting heritage tours and travels. Every year, millions of religious travelers move from one part of the world to other. Heritage tourism is a perfect mixture of education, economy, and entertainment.
The fabric of the tourism industry is drastically changing with time. Diverse new streams of tourism are included within the global tourism ecosystem. The rising popularity of heritage tourism has surged in the last few years.
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According to data published by the US government, heritage-rich places such as New Jersey are predicted to attract more than 10 million tourists every year. Countries like India and China also attract several tourists yearly and have a prominent place in the heritage tourism segment. The revenue generated by heritage travel is likely to have a rippling effect on the global tourism economy.
A massive heritage boom has been witnessed over the assessment period and it significantly contributed to the GDP of numerous developing economies of the world. In recent years, the development of heritage tourism has impacted the total revenue earning of several countries spread across the globe. Visitor spending on heritage sites has increased considerably. The culturally rich and heritage-rich countries are rolling out special promotional measures to showcase heritage sites and to woo visitors. Furthermore, millions of enthusiastic visitors queue up at various historical and heritage sites every year.
Key Takeaways
- Various governments all over the world are actively promoting and preserving heritage sites. The Ministry of Tourism in India launched an invitation known as Swadesh Darshan to develop theme-based tourist circuits to cater to mass and specialist tourism.
- The Council on Library and Information Resources (CLIR) and Stanford Libraries announced the launch of the Digital Library of the Middle East (DLME), which intends to become one of the world’s largest online repositories of Middle Eastern and North African antiquities. This would further lead to a boost in cultural tourism in this region.
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- Heritage, culture, and nature have rapidly become major tourist attractions spots. They are being embraced as tools for social and economic development. Countries can tap into their rich history to gain a competitive advantage as the tourism industry is more closely associated with the culture and heritage of a country than any other industry.
- Heritage has significantly contributed to the economy and society by generating income and creating employment opportunities. This has resulted in the creation of various employment opportunities that led to social well-being and the formation of social capital.
- The relationship between culture and economy has changed from the basic preservation of heritage sites to ensuring economic progress. Therefore, countries are trying to preserve their heritage sites and use them as an opportunity to grow their tourism sectors further giving a boost to global heritage tourism.
- Heritage tourists significantly benefit the tourism industry. This is because tourists love to spend some extra hours at heritage sites to obtain in-depth knowledge of that place. Furthermore, the boost in heritage can generate a feeling of pride amongst the denizens and it can also elevate the standards of living of the commoners. Heritage tourism is not only a boon to the global economy; it also has a positive effect on the lives of heritage properties.
Competitive Landscape
With the aid of heritage tourism, numerous companies are likely to expand their customer base with attractive packages and services. Effective collaborations are taking place within the travel industry which will assist tourists in planning the best heritage tour and exploring the regions.
Heritage Tourism Market by Category
By Direct Suppliers:
- Airlines
- Hotel Companies
- Car Rental
- Train
- Tour Operators
- Government Bodies
By Indirect Suppliers:
- OTA (Online Travel Agency)
- Traditional Travel Agencies
- TMC’s (Travel Management Companies)
By Booking Channel:
- Phone Booking
- Online Booking
- In Person Booking
By Visit Purpose:
- Business Travel
- Leisure Travel
- Education-Employment-Pilgrimage
- Visiting Friends & Relatives
By Tour Type:
- Independent traveler
- Package traveler
- Tour Group
By Tourism Type:
- Domestic
- International
By Consumer Orientation:
- Male
- Female
- Kid
By Age Group:
- Under 15
- 16-25
- 26-35
- 36-45
- 46-55
- Over 55
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