NEWARK, DE / ACCESSWIRE / November 17, 2022 / As per a recent market analysis by Future Market Insights (FMI), the Literary tourism market is poised to reach a valuation of US$ 2.2 Billion in 2022. Sales are projected to increase at a 3% CAGR, with the market size reaching US$ 2.96 Billion by 2032.
Literary tourism is increasing, particularly in places with a long history and a rich cultural heritage. The top city in the world for literary tourists is London, which is followed in that order by New York, Paris, San Francisco, and Rome in Italy. These cities have at least one well-known poet, writer, or artist as residents. Their countries are happy that they have featured notable literary figures, but they are also happy because their economies have profited from their notoriety and the literary tourism that their writings have stimulated.
The idea of literary tourism celebrates a place’s history and culture. The idea is to visit places in different parts of the world that are prominent in various non-fiction books. They can captivate new visitors, boost domestic travel, and advertise the tourist destinations.
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Literary tourism happens when authors or their works of literature become so well-known that visitors are drawn to either the places where the authors were born, lived, or died, or the places where their works have been based (Busby & Klug, 2001). The practice of visiting locations linked to authors, characters, or works of literature is known as literary tourism. This could involve going to an author’s tomb, a place where they currently live or once lived, the setting of a book, or even the path travelled by a fictitious character. Insofar as they may see or touch items or memorabilia connected with the authors (or their writings), visiting such locations enables literary admirers to interact with the authors they respect.
England is the most popular location for book tourists, and London and Stratford are well-known because of world-renowned Shakespeare. Shakespeare’s Globe is a contemporary recreation of the Elizabeth Globe Theater in Southward, London, which was the setting for several of William Shakespeare’s plays.
Key Takeaways from the Literary Tourism Market Study:
- The North America and Europe regions hold a market share of ~18% and ~28% respectively.
- The Covid-19 pandemic had a 45% impact on the value of the Literary tourism sector.
- New Zealand, the USA, France, India, Japan, the UK, and Ireland are some of the most popular destinations for Literary tourism.
- There is a growing international market for literary tourism which has, in part, been driven by links between literature, literary characters and film productions that embed characters in real or imagined places
- Ratio of literary tourism in global tourism industry is less than 1%
- Locations associate with authors birthplace; graveyard home are the most popular location types in the Literary tourism market.
- Online booking channels lead the charts in Literary tourism market booking channel segmentation.
“Customer satisfaction and love for literature is competent for Tourism market.” – FMI Analyst said.
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Impact of COVID-19
The tourism industry was one of the best-performing industries in many different parts of the world. The rise of the tourism industry was crucial for many nations’ economic progress. Many nations locked their borders and went into lockdown as soon as the COVID-19 pandemic was declared in order to stop the virus from spreading. Travel restrictions were in place, and only necessities like food and medical care were available during the pandemic.
The epidemic caused a great deal of damage to the tourism industry. There were no tourists at tourist attractions because everyone was in lockdown in their homes and transportation was suspended. The marketing industry for these places went out of business along with the tourism industry.
Following the pandemic’s halt, tour operations in the literary tourism industry increased. The consumer demand increased gradually before skyrocketing once the restrictions were completely abolished. Due to the repressed demand for travel, the businesses received a large number of customers right once, which helped the market’s condition and put it on a growth trajectory.
Who is winning?
The top businesses are able to maintain their competitive advantage in the industry by offering all-inclusive packages and saving travellers the effort of browsing multiple channels for their trips. Government investments and initiatives have helped firms improve their service offerings while also boosting the market.
The key players in the Literary tourism market are Intrepid, Explore, Exodus Travel, G Adventures, on the Go Tours and among others.
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the global Literary tourism market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022 to 2032. The study divulges compelling insights on the Literary tourism market based on Type of places (author-related, fictional-related, book and festival related), By Booking Channel (Online Travel Agents, Traditional Agents, and Direct Booking), By Tourist Type (Domestic and International), By Tour Type (Independent Travellers, Package Travellers, and Tour Group), By Consumer Orientation (Men and Women), By Age Group (15-25 Years, 26-35 Years, 36-45 Years, 46-55 Years, and 66- 75 Years) & Region – Forecast to 2017 – 2032.
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.1.1. Who Is Travelling?
1.1.2. How Much Do They Spend?
1.1.3. Direct Contribution of Tourism to GDP
1.1.4. Direct Contribution of Tourism to Employment
1.2. Tourism Evolution Analysis
1.3. FMI Analysis and Recommendations
2. Market Introduction
2.1. Total Spending (US$ Mn) and Forecast (2022-2032)
2.2. Number of Film based Tourists (Mn) and Forecast (2022-2032)
2.3. Total Spending Y-o-Y Growth Projections (2022-2032)
2.4. Number of Film based Tourists Y-o-Y Growth Projections
3. Global Tourism Industry Analysis
3.1. Tourism Industry Overview
3.1.1. Travel & Tourism Industry Contribution to Global GDP
3.1.1.1. Business Spending v/s Leisure Spending
3.1.1.2. Domestic v/s Foreign
3.1.1.3. Direct, Indirect, and Induced
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