Religious Tourism Market Growth and Share 2023, Scope, Opportunities, Future Investment and Forecast 2032: SPER Market Research
According to SPER Market Research, the Religious Tourism Market is a category of travel that has two main subcategories: pilgrimage, which is defined as a journey made for spiritual or religious reasons, and examining religious monuments and artifacts as a form of sightseeing. Religious tourism, also referred to as faith tourism, is the category of tourism in which members of a particular religion travel on their own or with other believers in order to further their spiritual or religious interests or in search of a higher purpose. Missionary, pilgrimage, or recreational motives all apply. The market for religious tourism is driven by population growth, rising disposable income, increased consumer awareness of travel destinations, the popularity of low-cost air travel, leisure travel, and an increase in the number of foreign travel destinations. The youth are increasingly visiting religious monuments and artifacts to learn more. Growing religious tourism popularity as a way for people to demonstrate their devotion to a particular religion and an increase in religious travel preference among people over 50 are two market-driving variables. Market expansion potential result from government initiatives and budgetary allocations to promote spiritual tourism in nations like India.
Religious Tourism Market Overview:
- Forecast CAGR (2022-2032): 6.25%
- Forecast Market Size (2032): 2.22 billion
Because it benefits the culture and community of the destination, religious tourism can be regarded as a high-quality form of travel. Along with the financial benefits that can ultimately be spent in the conservation of the regional cultural and religious heritage, this type of tourism aids in increasing awareness of people’s shared heritages, which aids in their preservation. The empowerment and development of communities can also be greatly facilitated by religious tourism. It helps to foster a sense of empowerment and pride in the local community, its culture, and its history when tourists show an interest in local values and communities. Naturally, religious tourism also helps to boost the local economy, create jobs, and improve the quality of life.
Impact of COVID-19 on the Global Religious Tourism Market
The COVID-19 outbreak has had an impact on a number of areas, including travel restrictions and quarantines, restaurant closures, flight cancellations, restrictions on all indoor events, emergency declarations in numerous countries, a decline in business confidence, a significant slowdown in the supply chain, unpredictability in the stock market, escalating public panic, and uncertainty about the future. The epidemic has had an impact on the religious tourism industry. As many pilgrims place a lot of trust in their spiritual guides, it’s possible that they won’t practice the preventative health and hygiene practices necessary to stop the coronavirus from spreading. These are some market limitations, but key competitors are also providing different customisation options and extra benefits to loyal customers.
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Religious Tourism Market Key Segments Covered:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2032. This report contains statistics on product type segment growth estimates and forecasts.
Religious Tourism Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; AAA Travel, Altour, American Express Global Business Travel, BCD Travel, Carlson Wagonlit Travel, China CYTS Tours Holding, China Travel, Corporate Travel Management, Direct Travel, Expedia Group, Fareportal/Travelong, Frosch, HRG North America, JTB Americas Group, Omega World Travel, Ovation Travel Group, Priceline Group, Travel and Transport, Travel Leaders Group, World Travel, Inc.
Global Religious Tourism Market Segmentation:
By Type: Based on the Type, Global Religious Tourism Market is segmented as; Domestic, International.
By Sales Channel: Based on the Sales Channel, Global Religious Tourism Market is segmented as; Offline, online.
By Religion Type: Based on the Religion Type, Global Religious Tourism Market is segmented as; Buddhism, Catholicism, Confucianism, Hinduism, Islam, Others.
By Age Group: Based on the Age Group, Global Religious Tourism Market is segmented as; Below 30 Years, 30-40 Years, 40-50 Years, above 50 Years.
By Region: In this sector, the Asia Pacific region has amassed the greatest market share. This area benefits from the diversity of its product offerings and its host of nations with distinct religious cultures. For instance, religious travel to India is popular among followers of Buddhism, Islam, Catholicism, and Hinduism. Promotional initiatives and government initiatives are a couple of other things that are fueling the expansion in the area.
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