The inbound tourism expenditure of excursionists on passenger transport services in Malaysia has shown significant variability over recent years. Pre-2020, expenditure exhibited moderate fluctuations, with notable drops in 2014 and 2015, followed by a stable improvement, peaking at 2019 with a slight cooldown in 2018. However, 2020 marked a dramatic decline of nearly 80%, primarily due to the COVID-19 pandemic. Post-pandemic recovery was evident with over 200% growth in 2021, continuing a positive trend into 2022 and accelerating by 23.45% in 2023, standing strong at 636.7 million Malaysian Ringgits.
The forecasted data from 2024 to 2028 suggests a consistent upward trend with a steady CAGR of 2.59% and an overall growth rate of 13.63% over five years. This indicates a positive outlook for Malaysia’s inbound tourism sector, regaining stability and incremental growth in transport services expenditure from excursionists.
Future trends to watch for include:
- Further recovery and growth predicated on global and regional travel dynamics post-pandemic.
- The impact of sustainable tourism initiatives and potential shifts in travel behavior due to environmental concerns.
- Technological advancements in transport services influencing expenditure patterns.
- Geopolitical and economic factors affecting international travel and tourism policies.
