The arts tourism market is expected to reach US$43 billion in 2022

NEWARK, Del: , Nov. 01, 2022 (GLOBE NEWSWIRE) — According to recent market analysis by Future Market Insights (IMF), the arts tourism market is poised to reach a valuation of US DOLLARS$ 43 billion in 2022. Sales are expected to increase to a 2% CAGRthe size of the market reaching US$52.42 billion by 2032.

The economic growth of the nation, region or city where these artistic or cultural activities usually take place is stimulated by arts and cultural tourism. In addition to providing exceptional artists with a platform to showcase their abilities, arts tourism attracts valuable trade to where it is promoted. A city’s identity cannot exist without art. In addition to generating revenue for the state or region, arts tourism also strengthens the local economy, promotes non-arts businesses, and creates employment opportunities. The opportunity to participate in art-related activities is also given to local artists. In addition, art tourism promotes hotels.

The tourist frequentation of the hotels of the municipality where the events take place pushes the hoteliers to infuse their establishment with a local flavor. To welcome a growing number of tourists, hoteliers also allow local artists to deploy their talent in their establishments. Often, art-related events are organized to raise money for a worthwhile cause. Funds collected from visitors in exchange for entrance tickets are either donated to non-profit organizations as financial support for their selfless work or used to educate underprivileged children.

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Moreover, regional and national governments are making extreme efforts to increase the popularity of art tourism among travelers. While the United Nations World Tourism Organization (UNWTO) is also making sincere efforts to strengthen the art tourism market by launching new initiatives to attract more and more tourists. They also offer packaged offers including various artistic activities to boost the sector. The art tourism market is expected to grow at an admirable rate in the coming times.

“Increasing the number of concerts and art events with more people interested in art will prove beneficial for art tourism. says IMF analyst.

Key Take away food :

  • By booking channel, the online booking segment is expected to hold a notable share of nearly ~70%.
  • Based on packages, art tourism travelers will continue to opt for group packages and packages rather than normal travel packages.
  • In terms of the booking channel, the online booking segment is estimated to have the relatively highest value share in the art market, as this mode of booking is very convenient.

Impact of COVID-19 on the market

The tourism market has been the hardest hit due to the restrictions imposed due to the pandemic. While it was also the sector that was rising at an appreciable pace as people were bored and tired of their monotonous schedule. However, art was something people enjoyed during quarantine. Be it music, painting or cooking, people started to take interest in the creative side of life and experiment with new things which laid the foundation for the art tourism market. Most travelers have now sparked an interest in different art forms which are proving to be of great benefit to the art tourism sector.

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Who wins?

Major players in the art tourism market are Trafalgar, The Ultimate Travel Company, Art of Travel, Art Tours Ltd., Imago Artis Travel, Paint Away Tours, Martin Randall travel, among others.

Art Tourism Market by Category

By type of art, the art tourism market is segmented as follows:

  • Concerts & Shows
  • Events and exhibitions
  • Art galleries and museums
  • Film festivals

By Booking Channel, the art tourism market is segmented as follows:

  • Reservation by phone
  • Online booking
  • Reservation in person

By type of tourist, the arts tourism market is segmented as follows:

By type of tour, the arts tourism market is segmented as follows:

  • Independent Traveler
  • Excursion group
  • Package traveler

By age group, the arts tourism market is segmented as follows:

  • 15-25 years old
  • 26-35 years old
  • 36-45 years old
  • 46-55 years old
  • 56-65 years old
  • 66-75 years old

By region, the arts tourism market is segmented as follows:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • AEM

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1. Summary

1.1. Global Market Outlook

1.1.1. Who travels?

1.1.2. How much are they spending?

1.1.3. Direct contribution of tourism to GDP

1.1.4. Direct contribution of tourism to employment

1.2. Analysis of the evolution of tourism

1.3. MFI analysis and recommendations

2. Presentation of the market

2.1. Total expenditure (in billions of dollars) and forecast (2022-2032)

2.2. Number of art travelers (billions) and forecast (2022-2032)

2.3. Projected annual growth in total expenditure (2022-2032)

2.4. Projections of annual growth in the number of art travelers

3. Global Tourism Industry Analysis

3.1. Overview of the tourism industry

3.1.1. Contribution of travel and tourism industry to global GDP Professional expenses vs leisure expenses

Read more Table of Contents….

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