In recent times, the travel industry has witnessed an exhilarating resurgence like never before – a Jet-Set Comeback that has taken the world by storm. After navigating through global challenges, adjusting with the new normal, and carefully building up travel capital, people are now venturing back. This upswing has not only revitalized the travel sector but also had a positive impact on related industries such as hospitality, transportation, manufacturing, and other ancillary businesses.
In terms of tourism resiliency, international travels reached 80% of pre-pandemic levels in the first quarter of 2023 itself and expected to overtake by the end of the year1. In 2022, USA led the travel and tourism market, generating a revenue of USD 175.43 billion. Projections for this year indicate a further growth to reach USD 190 billion2.
Alongside, with a renewed emphasis on eco-friendly initiatives and measures to curb over-tourism, destinations are thriving in their efforts to manage visitor numbers more sustainably. While it presents a work in progress, the collective determination to balance prosperity with preservation is setting the stage for a brighter, more responsible future.
The BlueStar® Hotels, Airlines, and Cruises Index (BCRUZ), which includes the largest companies in the global hotels, airlines, and cruise industries, has shown significant growth of almost 36% year on year. Additionally, the BlueStar® Travel and Vacation Index (BTOUR), covering the largest and most liquid US companies in the travel and vacation sectors, experienced robust growth of almost 25% year on year.
BlueStar® Hotels, Airlines, and Cruises Index and BlueStar® Travel and Vacation Index
7/31/2022-7/31/2023
Source: MarketVector IndexesTM. Data as of July 31, 2023.
Source1: ‘Revenue of the global travel and tourism market from 2018 to 2027, by segment’, https://www.statista.com/forecasts/1238973/revenue-in-the-travel-and-tourism-market-worldwide
Source2: ‘Travel & Tourism - United States’, https://www.statista.com/outlook/mmo/travel-tourism/united-states
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