Within the next five years, global tourism spending is expected to reach $29.7bn
Tourism spending in Egypt last year reached US$16.4 billion last year according to a report from Arabian Travel Market (ATM).
GCC tourists to the country are expected to spend $2.36 billion in 2020, marking an increase of 11% compared to the previous year.
Saudi Arabia for example is forecast to account for 1.8 million tourists to Egypt by 2024, showing a compound annual growth rate (CAGR) of %. Saudi visitors also spent $633 million in 2019, estimated to grow at a CAGR of 11% through to 2024, this number will reach $1.13 billion.
ATM exhibition director ME, Danielle Curtis explained: “Egypt has a significant outbound market for the GCC. 1.84 million visitors arrived in 2019 and this is estimated to increase to 2.64 million by 2024.” Outside the GCC, total tourism spend is projected to hit $29.7 billion in the next five years.
Source markets
According to ATM, Egypt’s top source market is Germany, with 2.48 million arrivals and a total spend on $1.22 billion last year. German arrivals are forecast to hit 2.9 million in the next five years, with spending hoped to near double at $2.18 billion.
After Germany, Ukraine is the largest source market, boasting 1.49 million visitors, attributed to improved air connections.
Regionally speaking, Europe is set to be the largest contributor to Egyptian tourism. European arrivals will increase from 6.2 million in 2018 to 9.1 million tourists in 2022 said ATM; arrivals from the GCC at 11% will represent one of the highest growth rates.
“Over the last 12 months, Egypt’s tourism industry has witnessed remarkable growth, with arrivals up 57.5% from 11.3 million in 2018 to 17.8 million in 2019. Growth has been fuelled by the cheaper Egyptian Pound and government incentives for charter airlines operating international flights,” said Curtis.
Curtis concluded: “Looking further than its current top source markets, the 2020 influx of UK visitors, the bulk of Russian visitors still to come back, as well as the Chinese market, the future looks promising for Egyptian tourism.”
