Travel
The Leisure Travel Market Will Be Worth $15 Trillion by 2040, Report Says
A top consulting firm estimates global spending will triple over the next 15 years, thanks to demand from emerging markets.
Travelers check into a Cathay Pacific flight.
Photographer: Lam Yik/BloombergYou don’t need statistics to know that airports and airplanes are crammed far more densely than they used to be. But a report by Boston Consulting Group spells out just how quickly the travel industry is growing. The company’s global review of leisure travel, based on a survey of nearly 5,000 travelers, estimates that annual consumer expenditure on travel will triple, from $5 trillion in 2024 to $15 trillion in 2040. That catapults the industry ahead of both pharmaceuticals and fashion.
That momentum isn’t coming from the US or Europe, the report suggests.