Number of the Day Shows Slow Tourism Recovery
Our take on the most relevant or interesting figure in personal finance today
That’s how many years it may take for travel and tourism revenues to get back to 2019 pre-pandemic levels, according to a study from McKinsey & Company.
Global tourism expenditures could drop by $3 trillion to $8 trillion before spending returns to 2019 levels in 2023 or even 2024, McKinsey said in the study released this week.
Globally, domestic tourism is expected to recover about one to two years more quickly than international travel due to fewer travel restrictions within home countries, more options for land-based travel, and less anxiety traveling domestically. Recovery for individual countries will vary depending on the role international air travel and domestic tourism plays in each country, the study said.