Culture Travel Segment to See Growth in Next Decade
Traveling for cultural experiences is expected to grow rapidly in the next decade, according to insights based on a “Cultural Travel Market” report by Future Market Insights (FMI), α provider of market intelligence and consulting services headquartered in Dubai, UAE.
More specifically, according to the FMI report, the global cultural travel market is expected to expand at a compound annual growth rate (CAGR) of 6.54 percent from 2022 to 2032, reaching a value of 559.30 million dollars by 2032.
The report found that most “culturally rich” destinations are beginning to promote culture travel on the back of post-Covid desire to travel, curating experiences and moving ahead with a cultural “branding” of particular sites or locations.
Overall, according to the report, culture travelers spend approximately 37 percent more than other tourists while hotels benefit more as these holidaymakers usually extend their stays.
FMI analysts add that the culture travel segment has benefitted from increasing promotional actions taken by countries to promote cultures. At the same time, a new type tourist who is wealthy, educated and older is emerging contributing to this growth.
Greece has placed culture at the center of its tourism strategy. The Greek culture ministry recently announced actions linking culture and tourism.
In this direction, Culture Minister Lina Mendoni noted that cultural investments bring tourism flows and support local economies and referred to the added value that culture creates for tourism and the need to achieve tourism development by linking culture, tourism and the environment.