The global travel industry has rebounded strongly, surging by 24% in 2023 to reach an impressive $1.5 trillion in gross bookings. Leading this resurgence are North America, the Asia-Pacific (APAC) region, and Western Europe, which continue to dominate the market in terms of size and influence.
The United States remains the world’s largest travel market, with gross bookings totaling $476 billion in 2023, more than three times the size of China, which holds the position of the second-largest market. This significant gap underscores the enduring strength and appeal of the U.S. travel industry on the global stage.
According to Phocuswright’s “Global Travel Market Report 2024,” the top 15 travel markets in 2023 closely mirror those of 2019, although there have been some shifts in rankings and the entry of a new player. Brazil has emerged as a notable contender, displacing Scandinavia to secure the 15th spot in 2022. The United Arab Emirates (UAE), with total gross bookings of $44 billion in 2023, has solidified its position as the seventh-largest market, accounting for over half of the Middle East’s travel market.
Russia, however, presents a contrasting picture. With total travel bookings projected at $27 billion in 2023, Russia has seen a significant decline, achieving only about three-quarters of its 2019 levels. The ongoing conflict with Ukraine and the resulting economic sanctions have severely hampered Russia’s recovery from pandemic-related setbacks, leading to a five-place drop to 14th in the global rankings between 2019 and 2023.
In 2023, almost all of the top 15 travel markets, with the exception of Russia, recorded year-over-year growth. Notably, five European markets—Spain, Italy, Germany, the United Kingdom, and France—benefited from the euro’s appreciation against the U.S. dollar, contributing to their strong performance. Spain, in particular, led the European surge with a remarkable 40% growth when measured in U.S. dollars. Other European markets also posted double-digit gains, reflecting a robust recovery in the region.
China’s travel market saw an impressive 72% increase, highlighting its rapid rebound. Meanwhile, in Latin America, Mexico and Brazil emerged as the top performers in 2023, further emphasizing the global nature of the travel industry’s recovery.
As the global travel market continues to regain momentum, these leading regions and markets are set to play a crucial role in shaping the industry’s future trajectory.
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