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Future Market Insights: Influential impact of social media has resulted in significant growth of the hospitality and tourism industry

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The social media and destination market is projected to flourish at a CAGR of 13.7% between 2023 and 2033, reaching $459.5 billion. Millennials and innovative marketing strategies are driving this growth, enhancing the global tourism and hospitality industry.

Social media and destination market are anticipated to flourish at a healthy CAGR of 13.7% between 2023 and 2033. The market is expected to hold a market share of US$ 459.5 billion by 2033 while the market is likely to reach a value of US$ 127.8 billion in 2023.

2018 to 2022 the global social media and destination market outlook compared to the 2033 forecast

The evolution of technology in tourism has redefined the tourism industry. In the era of digitalization, the use of social media for marketing products and services is at its peak. Nowadays, almost every travel agency uses social media to showcase or advertise their services to the audience. As social media users have increased magnificently over the years, it serves as a great platform for travel agencies to reach a mass audience.

There has been a positive and influential impact of social media on travelers and has resulted in significant growth of the hospitality and tourism industry. Moreover, social media in destination marketing can act as an efficient way of marketing that can attract huge audiences with just one effective post on social media. Hence social media in destination marketing is the most effective tool in the tourism and hospitality industry.

Ease of use and transparency of social media is estimated to boost the global social media and destination Market

The rising and steady growth in the usage of social media is creating opportunities for social media agencies in the tourism industry. Further, social media in destination marketing provides feasibility in marketing the destination service. Social media and destination marketing help to connect the audience directly and efficiently with ease.

Social media platform enables interactive platforms for travel agencies to market their destination services in innovative ways. Additionally, it also allows the travelers to provide a review on destinations they have visited which in turn attracts many travelers to the place. Hence social media allows both the parties as well as travel agencies to promote the destination.

Social media platform is beneficial for travel agencies as they get an opportunity to attract new customers where it helps customers to get reviews of the destination they are planning to visit. Hence, the transparency on social media platforms and ease of use help to drive the market of social media in destination marketing.

Rise in participation of millennials on social media platforms results in growth of social media and destination marketing

The rising number of participants on social media are fueling the growth of social media and destination marketing. Millennials are techno-savvy and they are adding extra edge to social media and destination marketing.

The millennials travel to various places and share their content such as check-in, photos, videos and reviews about the places on social media handlers. Apart from that there has been a rise of YouTube travel bloggers in the last few years traveling from every part of the world and sharing their virtual log content on their YouTube channel. Such act from millennials attracts various enthusiastic travelers to travel places.

Millennials are driving the growth of the social media destination market. Therefore, the key players try to design or create innovative content on destination marketing to attract youths on social media.

Limitations of Social Media can Restrict the Growth of the Social Media and Destination Market

There is a rise in the growth of participants in social media and destination market but there are certain limitations to the growth. The social media is volatile and it changes with time. The travelers interest on social media platform is subjective and as per the situation. Moreover, the change in government policies or social media polices can create a significant impact on social media and destination market.

Any negative review on destination market post can discourage or change the mindset of various travelers to visit that place. Social media is a rapidly changing platform where the life of the post is temporary. This can act as a restraint for social media and destination market.

How social media and destination market is progressing in India?

The growing number of participants on social media platforms will generate demand or social media and destination market in India. India attracts billions of travelers every year from abroad and has tons of domestic travelers traveling across the country. India is known for its culture, environment, and heritage and billions of people travel to experience and feel the richness of tourism in India.

The country flourishes at a CAGR of 8.0% between 2023 and 2033. India is also one of the countries with a high number of active users on social media platforms.

There is a big opportunity for social media and destination market companies to grow in India, with a vast audience. With an increasing number of audience in online booking, the agencies can experiment with innovative techniques of social media and destination marketing. Meanwhile, the trends of hill stations, eco-tourism and other trends can help to trigger the market of social media and destination market in India.

How Online Users and Tour Aggregators Driving Social Media and Destination Market in the United States?

The growth in response rate from travelers drives the social media and destination market in the United States. Tourism in the United States is well organized and has seen exceptional growth in the tourism industry for the past few decades. Apart from this, in the United States, travel booking is usually been done via online platforms. The United States held a market share of 4.0% in 2022. Meanwhile, the social media leading companies are mainly located in the United States. Therefore, the social media and destination market get a significant opportunity to bloom in the United States

The agencies frame various strategies and key developments and try to create interactive and attractive content on social media. Further, there is a high response and the United States has seen a prominent growth in social media marketing. With a vast audience on social media, the social media and destination market has an opportunity to grow in the United States.

Competitive Landscape

The leading players operating in the global market are focusing on developing innovative of destination marketing on social media, focusing on content creation, content designing to attract many customers.

Recent Developments:

MMGY Global Llc., launched the Fort Myers Area Campaign. They position the Fort Myers Area environment, islands, beaches and neighborhoods with unique wildlife under the branding. Innovative travel marketing agency, Digital Coconut has introduced its data-driven problem solvers & talented creatives for different travel and tourism brands. Guestcentric is planning to onboard guests for hotels through TikTok. The company plans to woo consumers for hotels through the trending video social app.

Co-Founder & Managing Editor - TravelDailyNews Media Network | + Articles

Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.

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