35 Most Beautiful Places In The World

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In this article, we discuss the 35 most beautiful places in the world. If you want to skip our analysis of the travel, tourism, and hospitality industry, go directly to the 5 Most Beautiful Places In The World.

Travel and tourism are one of the most significant and largest services industries in the world. Before the COVID-19 pandemic, around 10% of global employment was accounted for by the industry and it covered approximately 10.4% of the global GDP.

The COVID-19 pandemic was disastrous for the travel industry. Due to lockdowns and travel restrictions, it was one of the industries that experienced almost a complete shutdown in the early days of the pandemic. Globally, almost $8.9 trillion was being spent on travel activities before the pandemic which declined to $2.3 trillion in 2020. On top of that, approximately 62 million jobs in the travel and tourism industry were lost. The president and CEO of the U.S. Travel Association, Roger Dow, said:

“The impact on travel is six or seven times greater than the 9/11 attacks.”

In 2020, the travel industry accounted for only 5.3% of the global GDP. According to a Deloitte report, the travel industry started to show improvement in 2021. In the same year, the industry covered 6.1% of the global GDP.

Another industry that was most affected by the pandemic which is closely related to the travel and tourism industry was the hospitality industry. In 2020, hotels around the world had an average occupancy of 40%. The hotel gross profits were down 122.8% in the United States, 131.9% in Europe, and 124.1% in Asia Pacific.

Travel and Tourism Industry Forecast

Despite the challenges faced by the industry, the global travel industry is expected to show improvement in the coming future. China is one of the major countries that contribute to the travel and tourism industry and its lockdown restrictions didn’t completely ease up till the beginning of 2023. The country finally removed its quarantine on-arrival requirements on January 8, 2023.

Despite the recent and upcoming challenges, the global travel and tourism industry is still expected to recover and grow in the years ahead. According to an Industry Arc report, the global travel and tourism industry is expected to grow at a CAGR of 3.1% between 2021 and 2026 and hit the $8.9 trillion mark by the end of the forecasted period. In another report by Allied Market Research, the global business travel market is expected to grow from $695 billion in 2020 to $2 trillion by 2028 at a CAGR of 13.2% between the forecasted period.

Hospitality Industry Forecast

Post-pandemic, the hospitality industry has recovered better than the travel industry. After the pandemic, remote working has become a fast-growing trend that also allows consumers to work from their homes as well as their favorite hotels and resorts. According to a Deloitte survey, one out of five travelers showed their intention to work (at least partially) on their longest summer trips. Furthermore, October 2022 was the fourth consecutive month where the hotels in the US reported 100% or more of 2019 occupancy levels.