Tag Archives: McKinsey and Company

Arabian Travel Market (ATM) is set to highlight the thriving luxury tourism sector when it returns to the Dubai World Trade Centre from 28 April to 1 May. According to McKinsey and Company research suggests that luxury tourism and hospitality will reach USD391 billion by 2028, up from USD239 billion in 2023, with Asia gaining significant ground in the market segment. Supporting this trend, data recently issued by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf revealed that GCC states earned USD 110.4 billion in international tourism revenues in 2023. The largest share of tourists came from the Asia-Pacific region (38%), followed by the Middle East (25.1%), Europe (22.9%), Africa (8.8%), and the Americas (4.3%). Bringing together top-tier hospitality brands, influential industry figures, and innovative travel destinations, the event will showcase the latest trends and insights that are shaping the high-end travel segment. According to McKinsey and Company, demand for luxury tourism and hospitality is expected to grow faster than any other industry. This is predominantly due to the rising number of high-net-worth individuals globally and a growing segment of aspiring luxury travellers willing to allocate larger proportions of their income to premium experiences. Danielle Curtis, Exhibition Director ME, Arabian Travel Markets, said: “The increase in inbound tourism from Asia and the growing wealth in this region create a major opportunity for Middle Eastern tourism, especially in the luxury sector. At ATM, Asia is among our fastest-growing markets for exhibitors, boasting a 27% increase in exhibitors from the region this year. National Tourism Organisations (NTOs) from destinations like Japan, Maldives, South Korea, India and Thailand are driving this growth, alongside regional tourist boards such as …

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