Deutsche Bank | Between 1975 and 2019, the number of annual global travellers nearly doubled every 15 years. The Covid-19 pandemic in 2020 was the biggest crisis the industry had ever faced, reducing tourist numbers to almost a quarter of 2019’s record level of 1.46 billion. However, in 2024, the tourism sector almost fully recovered, reaching 1.45 billion travellers (only 1% less than in 2019), and returning to its growth trend of 3-5% CAGR. UNWTO forecasts a record 1.6 billion travellers in 2025 and 2.4 billion in 2040.
Recommendation and target price changes: Accor- Buy, P.O from €53 to €52, IHG- from Sell to Hold, P.O. from 8.000p to 7.750p, Meliã- Buy, P.O from €9.5 to €9.
