Philippines Tourism Market to Surpass US$30.4 Billion with a CAGR of 10.9% by 2032

Philippines tourism market

NEWARK, NEWARK, UNITED STATES OF AMERICA, May 11, 2022 /EINPresswire.com/ — According to a recent market analysis by Future Market Insights (IMF), the global market Philippines tourism market is poised to reach a valuation of US$10.8 billion in 2022. Sales are expected to grow at a CAGR of 10.9%, with the market size reaching US$30.4 billion by 2032.

The conversion of air terminals into global gateways has helped the country develop international tourism, with around 95-99% of visitors arriving by air. In recent years, Davao City and Iloilo City airports have been upgraded, allowing direct charter flights from Singapore.

Meanwhile, Mactan-Cebu Airport, which has long handled scheduled and charter flights from across East Asia, was expected to start gaining long-haul flights in 2016 when three airlines Filipinas started moving between Cebu and Los Angeles, California. In the near future, there will be more direct international flights to Cebu, Boracay and Davao.

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Apart from this, the hotel industry in the country is increasingly focusing on the trend of contactless payment. When contactless payments are allowed, customers save time by not trying to sort cash or enter their PIN.

The introduction of mobile payments has also made carrying a wallet obsolete. The coronavirus outbreak has spurred demand for contactless payments that reduce friction and improve customer experience.

Offering contactless payment methods may be seen as a need rather than a luxury by many customers and employees. As a result of the covid-19 outbreak, many people in the Philippine hospitality industry have started using contactless payment systems.

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Key points to remember:

Based on the type of tourism, the eco/sustainable tourism segment is expected to account for 42% of the total market share in 2022.

By booking channel, the online booking segment is expected to hold 51% of the total market share.

According to the type of tourists, the domestic tourist segment will remain lucrative until 2032.

In terms of age group, sales in the 26-35 segment will continue to gain momentum.

Competition Landscape

Major tourism players in the Philippines are focusing on promotional strategies and advertising of popular tourist destinations in the Philippines to enhance sales in the market.

The major players present in the Philippines tourism market are Scorpio Travel and Tours Inc., Baron Travel, Asiaventure Tours & Travel, Vansol Travel & Tours, Kapwa Travel, Marsman Drysdale Travel Inc., Rajah Tours Philippines, Atlas Tours and Travel Inc. ., Bridgeway Travel and Tours, Haranah Tours Corporation, Travel Related Incentive Programs and Services, Inc., Travbest Travel & Tours, Rakso Air Travel & Tours Inc., GoldenSky Travel and Tours, GrandHope Travel Tours, Kesari Tours Pvt Ltd, Tourismo- Filipino Inc. among others.

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Get more valuable insights

Future Market Insights, in its new offering, provides an unbiased analysis of the Philippines tourism market, showcasing historical demand data (2017-2021) and forecast statistics for the period 2022-2032.

The study discloses compelling insights on the tourism market in the Philippines based on type of tourism (cultural and heritage tourism, medical tourism, eco/sustainable tourism, sports tourism, wellness tourism and others), booking channel (telephone booking, online booking and in-person booking), type of tourists (domestic and international), age group (15-25 years old, 26-35 years old, 36-45 years old, 46-55 years old, 66- 75 years) in seven major regions.

About Future Market Insights (IMF)

Future Market Insights (ESOMAR certified market research organization and member of the Greater New York Chamber of Commerce) provides in-depth insights into the driving factors that increase demand in the market. It reveals opportunities that will drive market growth in various segments on the basis of source, application, sales channel, and end-use over the next 10 years.

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Report: https://www.futuremarketinsights.com/reports/philippines-tourism-sector-forecast-and-spend-analysis

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