The cultural tourism market provides customers with an opportunity to engage in cultural activities, visit historical places and experience local traditions and customs while traveling. Cultural tourism experiences offer customers a chance to learn about different ways of life and immerse themselves in local cultures. There has been a rise in demand for unique and authentic cultural experiences among millennials and generation Z travelers who want to learn about history and heritage during their trips.
The global cultural tourism market is estimated to be valued at US$ 17,720.11 Mn in 2024 and is expected to exhibit a CAGR of 14% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Global Cultural Tourism Market Share are Expedia Group, Priceline Group, China Travel, China CYTS Tours Holding, American Express Global Business Travel, Carlson Wagonlit Travel, BCD Travel, HRG North America, Travel Leaders Group, Fareportal/Travelong, CULTURAL TOURISM MARKET Travel, Corporate Travel Management, Travel and Transport, Altour, Direct Travel, World Travel Inc, Omega World Travel, Frosch, JTB Americas Group, and Ovation Travel Group. These major players are focusing on expanding their cultural tourism offerings and forging partnerships with local operators to cater to growing demand from customers.
In terms of opportunities, the market is witnessing an increase in demand for experiential cultural activities and tours that allow customers to immerse themselves in local culture. Operators are launching interactive experiences such as cooking classes, art workshops, music and dance performances, and volunteer programs. There is also a rise in demand for specialized interest-based tours covering niche themes like archaeology, mythology and world heritage sites.
Key players are also expanding their global footprint by partnering with operators in emerging markets. Several companies have entered partnerships to expand their presence in Asia Pacific and Latin American countries witnessing strong tourism growth. This is helping companies tap into the demand for cultural experiences among international travelers visiting these regions.
Market drivers and restrain
One of the key drivers for the growth of cultural tourism market is growing interest of people in understanding diverse cultures and heritage. Customers especially millennials and generation Z want to move beyond conventional sightseeing and get meaningful cultural experiences during their trips. This is driving demand for specialized interest-based tours covering local performing arts, culinary experiences, volunteering and homestay programs.
However, high costs associated with certain cultural tourism activities and tours can restrain the growth of the market. Experiential cultural activities involving unique experiences, local guides and accommodation usually come at a premium which limits the target base. Language barriers can also act as a challenge for the growth of inbound cultural tourism in some countries. Cultural differences and lack of adequate promotion of local culture and heritage in international markets further hinders the penetration of the market.
Segment Analysis
The educational cultural tourism sub segment dominates the market currently making up around 35% share. This is because people are increasingly interested in experiencing cultures through educational programs whether organized tours or independently. They want to learn about history, heritage, arts, literature etc. of different places directly rather than just usual sightseeing. The experiential cultural tourism sub segment is growing the fastest at around 17% as people want more immersive and engaging experiences through participation in local festivals, food, art/craft classes, dances etc. rather than just observing passively.
Global Analysis
Regionally, Asia Pacific currently dominates the cultural tourism market with around 40% share led by countries like China, India and Japan which have rich cultural heritage and are major tourist destinations. The region is expected to continue its dominance due to growing domestic tourism in emerging countries and global interest. Europe is the second largest region owing to tourist favorites like UK, Italy, France, Germany and Spain which see large numbers of culturally motivated visitors. North America is the fastest growing region expected to witness a CAGR of around 16% due to increasing cultural trips within the region and from other regions seeking heritage and arts experiences in destinations like USA and Canada.
Get more insights on this topic: Cultural Tourism Market
Comments
0 comment