The output of travel agencies and tour operators in Italy has experienced significant fluctuations over the last decade. From a gradual upward trend between 2013 and 2019, the industry saw a severe decline in 2020 due to the pandemic, dropping to €4.92 billion. However, there was a strong recovery post-2020, with the value standing at €15.3 billion in 2023, representing a significant year-on-year increase of 16.71%. The 5-year CAGR from 2018 to 2023 is calculated at 2.25%.
Looking ahead from 2024 onwards, output is forecasted to grow steadily, with the 5-year CAGR projected at 0.84% and a forecasted growth rate of 4.26% by 2028. The forecast for 2024 is €15.47 billion, gradually rising to €16.13 billion by 2028.
Future trends to watch for include:
- Continued recovery and growth post-COVID-19, reflecting pent-up travel demand.
- Potential impacts of economic conditions and geopolitical events on travel behavior.
- Growth in sustainable and eco-friendly travel options as consumer preferences evolve.
- Technological advancements such as AI and enhanced digital platforms reshaping the travel industry.
- Shift towards customized and personalized travel experiences.