As per the latest findings of Future Market Insights, tourism revenue in Italy is expected to be US$ 23.1 Billion by the end of 2022. In the long-term, Italy’s tourism is estimated to reach around US$ 43.8 Billion in 2032. Nearly 8 million travellers visited Italy in the first half of 2022 amounting to US$ 5.4 Billion.
2017 to 2021 Italy tourism market outlook compared to 2022 to 2032 forecast
As per the latest update by Future Market Insights, this coming year around 92 million arrivals are expected to happen, with 343 million overnight stays in Italy. Furthermore, with rising awareness of sustainable tourism in Italy and other European regions, the overall demand is forecast to increase at a prolific CAGR between 2022 and 2032.
The growth in average sending per tourist has increased many-folds over the course of the historic period. On average, each of the tourists arriving in 2020 spent about 450 US dollars. Conversely, the inhabitants of Italy spend as much as 511 dollars a year when they themselves spend vacations abroad. Such high spending on tourism activities is in turn helping the growth of the regional market.
Italy welcomes tens of millions of visitors each year from all over the world on the back of its approximately 7600 kilometers of coastline and location on the Mediterranean Sea. The population of northern European nations is particularly drawn to Italy due to its lovely climate. Italy’s distinct history, culture, and architecture are well-known on a global scale. In the nation, there are more than 100,000 historical sites, many of which are remnants of the former Roman Empire. Various such factors are attracting global tourists to the country’s enriching travel destinations, thus, contributing substantial revenue toward market growth.
Further, other tourism activities such as culinary tourism, casino tourism, etc., are booming sectors in the county attracting a large pool of consumers and alternatively, boosting the local market. The market witnessed a growth rate of around ~5.1% during the historic period of 2017 to 2021.
What are the driving factors boosting the tourism market in Italy?
Prominent employment on the back of tourism boosting the regional market
Italy stands out for travellers and visitors as a terrific place to visit since it has excellent fashion selections, a range of options to discover for foodies, and such great culture. It is undoubtedly a once-in-a-lifetime visiting destination according to most tourists and travellers, and with so many travellers and explorers waiting in line, Italian tourism enters a new level in its contribution to the Italian economy.
In 2022, around 2.64 million people were directly employed by the tourist sector in the country or almost 8.3% of all employment. According to the most recent figures, Italy saw almost 10.5 million more tourists in January 2022 and 57% spent more days there than actually planned. The inbound component has recovered greatly, while the local component has seen a huge increase in numbers. Various such factors are contributing towards the market growth in Italy and are a crucial driving force in the country’s tourism growth.
What are the emerging trends in Italian tourism?
The revolutionizing idea of tourism to boost the market
With Italy being the most exotic location, 16% of locals choose destinations that can be reached in 90 minutes or less, while 33% want to travel further than that. In addition to visiting nearby villages or towns and learning about their attractions, mountain trekking is becoming increasingly popular among Italian tourists. Also becoming more and more popular is traveling to destinations with rich traditions and cultures which is promoting regional tourism across the globe.
Nowadays, the idea of tourism that is done at or close to home is popular since it offers convenience and comfort. This tendency has accelerated, is rapidly forming and expanding, and it is here to stay. Italian tourism will benefit greatly from this trend because it will offer culture, convenience, and flavor. Italy is also the origin of pizza and has many unique local wine varieties, which is appealing to a vast pool of consumers across the world.
Which tourist type has contributed most to the Italy tourism market?
International tourists have contributed more to the economy of the Italy tourism market
Foreign visitors dominate the market for various tourism activities such as culinary tourism in Italy. International visitors that come to Italy for their vacations favour taking a culinary tour of the country alongside enjoying other forms of tourism. These travellers are those that are more interested in discovering a country’s culture, cuisine, etc. In order to meet the needs of their customers (foreign tourists), tour operators offer excursions to local locations that serve regional specialities.
The international tourist category is estimated to account for a significant share of around ~44% of the overall Italy tourism market.
Which age group is more likely to travel overseas?
Middle-aged travellers are most likely to travel overseas
The working population, which is dispersed worldwide and has the financial means to take international trips, makes up the majority of tourists visiting Italy. While young travellers between the ages of 26 and 35 are on the rise. Most tourists in this age group are independent travellers who arrange their own trips to a variety of new locations. This age group is drawn to the many promotional activities on social media platforms, and it is anticipated that this tendency will continue over the projected period.
The age group between 36-45 years is likely to have the major share of 30.8% of Italy travellers, which is followed by the 46-55 years age group.
Which tour type will have a maximum number of travellers during the forecast period?
There will be a surge in the number of independent travellers
The majority of tourists are young people who are familiar with emerging technologies, making it simple for them to look for inexpensive travel options and customise their tours according to their preferences. As a result, a growing number of young people are choosing online travel plan options that save time and money.
There will be a rise in independent travellers as internet use spreads widely throughout the world, with this group accounting for over 28.4% of travel to Italy.
Which booking channel do tourists in the market prefer?
Online booking channels to lead the booking channel segmentation
Travellers enjoy their vacations, but for many, part of the fun is also in the planning. Before buying travel tickets, lodging, tours, or any other add-on services or modes of transportation, it typically takes a lot of time and effort to research and make a selection. However, there is no denying that the existence of internet travel agents has both sped up the process and given customers access to more options.
Online holiday planners frequently use hotel and booking websites to compare prices. However, when planning a vacation offline, a travel agency or a tour operator is used. Millennials and Generation Z are more likely to try new things and look for new experiences. Further, the online booking channel category is estimated to witness a growth rate of over 10% during the forecast period.
There are many suppliers who are assuring a safe and affordable travel experience, which has made travel and tourism possible and at ease. One of the top tour operators offers fascinating travel packages and offers distinctive travel packages around Europe, America, Asia, and the Middle East, providing smooth travel to simplify travel for both straightforward and difficult excursions.
For instance, Wingbuddy specializes in arranging flights, hotels, rental cars, and cruises using its exclusive experience with international packages and all-inclusive special packages. Without a sure, the trips will be made special and will enhance the experience of the tourists.
These insights are based on a report on Italy Tourism Market by Future Market Insights.
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Author: Tatiana Rokou