(MENAFN- Bangladesh Monitor)
As per a recent market analysis by Future Market Insights (FMI), Art Tourism market is poised to reach a valuation of US$ 43 Bn in 2022. Sales are projected to increase at a 2pc CAGR, with the market size reaching US$ 52.42 Bn by 2032.
The economic growth of the nation, area, or town where these artistic or cultural activities are typically held is boosted by art and cultural tourism. In addition to providing outstanding artists with a platform to display their abilities, art tourism draws valuable commerce to the location where it is promoted. A city's identity cannot exist without art. Aside from generating income for the state or region, art tourism also strengthens the local economy, promotes non-art enterprises, and creates employment opportunities. The opportunity to participate in activities relating to art is also given to local artists. Additionally, art tourism promotes hotels.
The frequent visits of tourists to the hotels in the town where the events are taking place pushes hoteliers to infuse their establishment with a local flavor. To accommodate a growing number of tourists, hotel owners also enable local artists to display their talent in their establishments. Many times, art-related events are organized to raise money for a worthwhile cause. The funds raised from visitors in exchange for entry tickets are either donated to non-profit organizations as financial support for their selfless work or utilized to educate underprivileged children.
Also the regional as well as national governments are taking extreme efforts to increase the popularity of Art tourism amongst travelers. While United Nations World Tourism Organization (UNWTO) is also taking sincere efforts to empower the art tourism market by launching new initiatives to attract more and more tourists. They are also offering packaged deals including various artistic activities to uplift the sector. The Art tourism market is expected to grow at an admirable rate in the coming time.
“Increase in the number of concerts and art events with more people gaining interest in Art will prove to be beneficial for the Art Tourism.“Says an FMI analyst.
By booking channel, the online booking segment is anticipated to hold a noteworthy share of nearly ~70%.
Based on packages, Art tourism travelers will continue to opt packaged and group tour deals over the normal travel deals.
In terms of booking channel, online booking segment is estimated to account for the relatively highest value share in the Art market as this mode of booking is very convenient.
Impact of COVID-19 on the Market
The tourism market was the one that had been hit very hard due to the restrictions imposed due to the pandemic. While it was also the sector which rose at an appreciable pace as the people were bored and tired of their monotonous schedule. However, art was something that people enjoyed during the quarantine. Whether it be music, painting, or cooking, people had started looking at creative part of life and experimenting new things which laid a foundation for the Art tourism Market. Most of the travellers have now generated interest in different forms of art which proving to be of great advantage to the Art Tourism Sector.
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