Turkey travel & tourism market is anticipated to register a robust growth in the forecast period, 2023-2027. The rising disposable income of the consumers along with the increasing spending capacity of the middle- and upper-class population are contributing to the rise of travel and tourism in Turkey. Turkey is among the top 10 destinations across the world for tourism. Tourism revenue in Turkey jumped 95% Y-o-Y to USD7.63 billion in the last quarter of 2021. Out of this, 80.1% of revenue came from international visitors, and 19.9% came from the domestic tourism. The growing political stability across the country regarding gender, ethnicity, sexual orientation, racism, and human rights are influencing the people’s decision to travel and explore a beautiful country like Turkey. This eventually is anticipated to propel the growth of the Turkey tour and travel market over the coming years.
Government Initiatives to Propel the Tourism Industry in Turkey Fuels the Market Growth
The growth of tour and travel tourism in Turkey can be attributed to the presence of attractive landscapes, luxury hotel chains, and the availability of a large variety of tourist activities within the country. Furthermore, strategic marketing initiatives taken by the top market players to increase the customer base along with initiatives taken by the government such as ease of convenience in visa offerings are acting growth-inducing factor for the tour and travel industry in Turkey. Moreover, with inflating per capita income, there is a growing preference for personalized services, reliable transportation, and positive and professional interaction with the staff for travel. Furthermore, after the Covid-19, Turkey government relaxed many Covid-related restrictions, which resulted in high number of travelers in the recent quarter. For instance, according to the tourist board of Turkey, after relaxing the lockdown and visa-related restrictions for India, the country hosted a record high number of travelers from India in June at over 27,300. The country also made it easy for anyone to access their visa if they had a valid UK or US visa. Tourism revenues are essential for the Turkey economy, as a result, the government of Turkey is taking great initiatives to propel the travel and tourism industry in the country. Hence, more such initiatives are anticipated to augment the growth of the market over the coming years.
Rising Influence of social media to Propel the Market Growth
The growing influence of social media platforms like Facebook, Instagram, and other blogging sites has increased exponentially. Numerous travel bloggers with millions of followers use social media platforms to generate user-targeted travel content, which is more influential over traditional advertising. As a result, the rising penetration of the internet, smartphones, and social media platforms are catalyzing the market for tourism and travel. Moreover, the flourishing corporate sector is also adding to the growth of the market. Several corporates organize business trips for their employees to network and make connections internationally. This, along with the ease of booking hotels and flights via well-renowned booking sites such as Airbnb, Yatra, Travelocity, etc., is anticipated to supplement the growth of Turkey travel and tourism market over the coming years.
Market Segmentation
Company Profile
G Adventures, Exodus Travels Limited, Explore Worldwide Ltd, Europamundo Vacation, MWM Consultancy (Scotland) Ltd., Cosmos Tours Ltd, Topdeck Travel Limited, Insight Vacations (Canada) Ltd., and MacBackpackers Limited are the leading market players in the Turkey travel and tourism market.
