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Looking Ahead

Despite Recession Fears, Tourist Spending Is Expected to Grow in 2023

A new report on global cities’ tourism performance points to continued growth in inbound spending, despite increased costs.

Bloomberg business news
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International visitors boosted spending in the world’s most-visited cities this past year and were one of the keys contributors to driving their recovery, according to the Top 100 City Destinations Index 2022, a report released on Dec. 13, from independent market research firm Euromonitor International.

Travelers spent more this year in the places they visited. This “inbound” tourism spending—from transcontinental and inter-regional visitors—has increased by 112% compared to 2021, in spite of inflation. Globally, tourist spend per trip is showing a 13% increase at current 2022 prices, with an average spend of $1,331 per arrival worldwide. For 2023, total tourist spend is projected to exceed $1.4 trillion dollars globally. Excerpts from the report were shared with Bloomberg ahead of its release.