We recently compiled a report on the 15 Most Unique and Unusual Museums in the World and in this article we will look at the most unique and unusual museum.
Cultural Tourism
Museums are more than places where objects are exhibited and preserved, it is also one of the key drivers of cultural tourism. According to UNESCO, cultural tourism is not only one of the fastest-growing segments of the tourism industry but also accounts for approximately 40% of the global tourism revenue. Museums are at the heart of cultural tourism as they preserve the cultural heritage attracting tourists from around the globe. As per Business Research Insights, the global cultural tourism market was valued at $5.32 billion in 2022. The market is forecasted to grow at a compound annual growth rate of 14.4% to reach $11.9 billion by 2029. The pandemic seriously hampered the growth of tourism in general, during 2020, the international arrivals were reduced by 75% around the globe. However, with travel restrictions easing down the state of tourism is returning to pre-pandemic levels. The quest for genuine cultural experiences is driving growth in the cultural tourism market. If you want to read more about museums you can check out Top 20 Most Visited Museums in the US in 2023 and the 25 Most Visited Museums in the World.
Is Global Travel Back? State of Travel and Tourism in 2024
As we mentioned above, global travel fell by 75% in 2020 due to the pandemic, however, it is on track to attain full recovery by the end of 2024. Some of the key metrics witnessing growth include domestic travel, which is expected to grow 3% annually and hit 19 billion lodging nights per year by 2030. The international travel is also forecasted to grow similar to the domestic travel. Overall, the travel industry is expected to contribute $8.6 trillion to the global economy in 2024, making around 9% of the world’s GDP this year.
As per the State of Tourism and Hospitality Report 2024, by McKinsey & Company, three main themes have emerged regarding how the travel industry would perform this year. One of the main trends that travelers are expected to follow is that the bulk of travel during the year will be close to home. Domestic travel accounts for almost 75% of global travel spending. This segment of the market recovered the fastest from the pandemic as people felt more confident traveling within borders rather than abroad right after the travel restrictions were lifted. The United States of America remains one of the largest domestic travel markets with almost $1 trillion in travel spending each year.
The second emerging theme is regarding the shift in the source markets for travel and tourism. The United States, United Kingdom, France, Germany, and China have been the top 5 source markets for global travel. In total these countries accounted for 38% of the international travel spending in 2023. Although these 5 countries are expected to hold their place for the next 5 years, however, new affluent travelers from the Middle East and Southeast Asia are projected to grow from contributing 23% to the global outbound travel spending to 30% spending by 2030.
Last but not least, new travel destinations apart from the United States, China, France, Turkey, and Saudi Arabia are gaining traction. The top 10 travel destinations of the world currently take home around 45% of all the international travel spending, however, other countries including Laos, Malaysia, Peru, the Philippines, Vietnam, and Rwanda are expected to benefit from their tourist-generating policies. For instance, Vietnam increased its tourism spending by 40% during the past 5 years before the pandemic and is now expected to reap the results of its spending, on the other hand, Rwanda is investing in infrastructure to become a major transit hub.
Companies Driving Global Tourism
Companies like Booking Holdings Inc. (NASDAQ:BKNG) are easing the booking process for travelers worldwide. Platforms such as Booking.com and Priceline allow tourists and travelers to make hotel, flight, car rental, and other essential reservations beforehand. Booking Holdings (NASDAQ:BKNG) is one of the leading online travel and related services providers, the company has a local presence in more than 220 countries and operates through five customer-facing platforms including Booking.com, Priceline, Agoda, KAYAK, and OpenTable. The company experienced a 9% year over year increase in its room bookings and around 300 million rooms were booked across its platforms during the first quarter of 2024.
Booking Holdings Inc. (NASDAQ:BKNG) is leveraging technology and AI to enhance booking experience for its users across all platforms. In June 2023 Bookings.com launched its new AI trip planner. The AI trip planner is powered by the existing machine learning model of the company that recommends destinations and accommodations, in addition to this the trip planner also uses OpenAI’s APIs to further enhance chat conversation for users planning their trips. Users can ask the AI trip planner general travel-related questions or simply describe what they are looking for to get updated real-time recommendations in a conversational manner.
Pixabay/Public domain
Our Methodology
To curate the list of the 15 most unique and unusual museums in the world, we relied on a consensus methodology. We sifted through more than 10 rankings on the internet and analyzed the sentiment of Reddit users to get a list of the unique and unusual museums in the world. We only selected those museums that appeared in at least half of our sources. Finally, we ranked these museums based on the year they were opened. Please note that the list is arranged from newest to oldest museums.
At Insider Monkey we are obsessed with the stocks that hedge funds pile into. The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).
The Most Unique and Unusual Museum in the World
1. The Kunstkamera
Year it was opened: 1714
The Kunstkamera, which is also known as the Peter the Great Museum of Anthropology and Ethnography is the most unique and unusual museum in the world. It is also considered to be one of the oldest museums in Russia. The museum was founded by the great Tsar Peter in 1714. The museum holds the personal collection of Tsar Peter from his travels, which includes anatomical specimens, ethnographic artifacts, oddities, and other scientific instruments. The museum was forest situated in the Summer Palace and was then moved to the Universitetskaya Embankment in 1727. The museum holds around 2 million items today and is one of the biggest collections of ethnographic exhibits. The museum depicts the diversity of cultures across today’s Russia and the historic Soviet Union.
It is also considered a leading research institute with its management participating in extensive research regarding anthropology, ethnography, and other related fields. Despite its unusual nature, the museum attracts hundreds of tourists who are on a quest to discover interesting artifacts and exhibits.
Curious to learn about other unusual museums? Check out our report on the 15 Most Unique and Unusual Museums in the World.
At Insider Monkey, we delve into a variety of topics, ranging from most unique and unusual museums to business aspects; however, our expertise lies in identifying the top-performing stocks. Currently, Artificial Intelligence (AI) technology stands out as one of the most promising fields. If you are looking for an AI stock that is more promising than NVDA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ NEXT: Analyst Sees a New $25 Billion “Opportunity” for NVIDIA and Jim Cramer is Recommending These 10 Stocks in June
Disclosure: None. This article is originally published on Insider Monkey.