Heritage Tourism Industry Outlook

Heritage Tourism: Integrating the Economic and Cultural Aspects of Tourism

  • Ongoing
  • October 2020
  • REP-GB-3127
  • Format: PDF/PPT/Excel
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This Heritage Tourism Industry Outlook market study offers a comprehensive analysis of the business models, key strategies, and respective market shares of some of the most prominent players in this landscape. Along with an in-depth commentary on the key influencing factors, market statistics in terms of revenues, segment-wise data, region-wise data, and country-wise data are offered in the full study. This study is one of the most comprehensive documentation that captures all the facets of the evolving Heritage Tourism Industry Outlook market.

The fabric of the tourism industry is changing fast with time. Many new streams of tourism are included in the global tourism ecosystem. The popularity of heritage tourism has surged in the last few years. Millennial travellers are eager to experiment with new travel opportunities and don’t mind stretching their budget. Technological advancement has infused a new energy in the travel and tourism industry and changed its dimension completely. The boom in tourism is not only expediting the growth of business and infrastructure, but it is also developing the realty industry and creating a suitable ground for the development of public life. The heritage tourism sector is dominated by an adult population and it plays a very important role in generating revenue. According to data published by the U.S government, heritage rich places such as New Jersey attract more than 10 million tourists every year. Countries like India and China are also attracting quite a number of tourists every year. Both India and China have a prominent place in the heritage tourism segment. The revenue generated by heritage travel is likely to have a rippling effect on the global tourism economy.

A heritage tourism boom has contributed significantly to the GDP of several developing economies of the world. Over the years the development of heritage tourism has impacted the total revenue earning of several countries spread across the globe. Visitor spending on heritage sites has increased considerably. The culturally rich and heritage rich countries are rolling out special promotional measures to showcase heritage sites and to woo visitors. Millions of enthusiastic visitors queue up in several historical and heritage sites every year. Heritage tourists are beneficial for the tourism industry as these tourists love to spend some extra hours at heritage sites to obtain in-depth knowledge of that place. Heritage tourism supports the economy by creating a parallel window of income. The boost in heritage tourism can generate a feeling of pride amongst the denizens and it can also elevate the standards of living of the commoners. Heritage tourism is not only a boon to the global economy; it also has a positive effect on the lives of heritage properties.

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The promotion of heritage properties has multiple advantages. By promoting heritage properties government organisations and private stakeholders can sensitise people about the importance of the culture and heritage of a particular place. The massive boom in tourism and an immense migration trend amongst the modern global citizens is creating a conducive atmosphere for the growth of heritage tourism. Religion based travels also play an important role in the promotion of heritage tours and travels. Every year millions of religious travellers travel from one part of the world to other. Heritage tourism is a perfect mixture of education, economy and entertainment.

Heritage Tourism: Game Changers

The popularity of heritage tourism has surged in the last few years in different parts of the globe. Countries like U.S, India, China and several other European countries are rolling out several new ways to promote heritage travel. The boom in tourism is significantly promoting the overall growth of heritage travel. Several governments around the world are promoting and preserving heritage sites and this is driving the global heritage tourism industry. The swell in millennial tourists and a massive hike in the adult population is also creating a robust ground of growth for heritage tourism.

Heritage Tourism: Restraints

Several heritage sites are demolished by the wrath of nature. Further, terrorist activities in heritage rich countries like Egypt and Syria have restricted the flow of heritage tourists. Development of other modes of tourism such as adventure, health, and eco-tourism is downsizing the market for heritage tourism.

Heritage Travel: Industry Bigwigs

There are a plethora of heritage travel operators present around the globe. Along with leading private travel agencies, governments are also heavily promoting heritage travel and tourism.

This comprehensive report equips readers with lucid information and analysis on the sector. Future Market Insights’ experienced travel and tourism analysts bring to you accurate and unbiased information to help you make crucial decisions with confidence.

The report offers a 360° view – bringing to the fore key drivers, restraints, opportunities, and challenges prevailing in the sector. To offer readers actionable insights, detailed information on historical trends, current scenario, and future projections is provided in the report. 

The report specifically focusses on the leading companies operating in this sector, highlighting their key developmental strategies. A holistic analysis of the leading players is highlighted to help decision makers understand the overall competitive landscape.

What Can Readers Expect from this Report?

  • An overview of the sector, including the key factors that have shaped patterns and demand
  • Not just data, but insights that you can incorporate in your strategic decision making
  • Nuanced underlying factors that influence consumer behaviour
  • Data points to understand the past, analyse the present, and project the future
  • Trends that will impact the sector in the short- and long-term
  • Deeper understanding of the target audience, their motivations, aspirations, and expectations from service providers

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Heritage Tourism Industry Outlook

Report Highlights:

  • Detailed overview of parent market
  • Changing market dynamics in the industry
  • In-depth market segmentation
  • Historical, current and projected market size in terms of volume and value
  • Recent industry trends and developments
  • Competitive landscape
  • Strategies of key players and products offered
  • Potential and niche segments, geographical regions exhibiting promising growth
  • A neutral perspective on market performance
  • Must-have information for market players to sustain and enhance their market footprint
Frequently Asked Questions

What research methodology is used to develop the Heritage Tourism Industry Outlook report?
  • FMI utilizes three branched methods to derive market measurements used to compile any report study (data derivation, triangulation and validation).
  • These approaches include accumulating data from both primary and secondary sources
  • Primary research involves interviews with industry operators and FMI's network of contacts spanning the world's value chain of the Heritage Tourism Industry Outlook. This is supported by a comprehensive literature analysis of information gathered through secondary sources
  • Analysis of several middle market stakeholders for country-wise data

In addition to up-to-date market figures and customized of the Heritage Tourism Industry Outlook, FMI offer consulting services to help businesses within industry navigate challenges and take well-informed decisions amidst the breakneck competition.

  • Most of the competitors are segregated according to their market share in 'Tier' wise statures.
  • Global market participants are scrutinized and global competition metrics are included with numerous competitor profiles referring to their business background and go-to market strategies.
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