Abstract
This study employs the dynamic factor model (DFM) to examine the comovements in international tourist arrivals per capita. Previously unexplored in the tourism literature, the DFM enables the estimation of both global and regional factors, shedding light on their respective impacts on a country’s tourist arrivals. The analysis reveals that, on average, during the pre-COVID-19 period, the global factor explained nearly 87% of the variation in international tourist arrivals per capita. However, when the COVID-19 period is included, the explanatory power of the global factor decreases to 79%, while the influence of the regional factor rises from 11% to 19%. Country-level analysis supports this finding, showing a reduced influence of the global factor during the pandemic. The study concludes by encouraging further research into the interplay between global and regional factors in shaping international tourism trends.
Keywords
Get full access to this article
View all access options for this article.
References
Supplementary Material
Please find the following supplemental material available below.
For Open Access articles published under a Creative Commons License, all supplemental material carries the same license as the article it is associated with.
For non-Open Access articles published, all supplemental material carries a non-exclusive license, and permission requests for re-use of supplemental material or any part of supplemental material shall be sent directly to the copyright owner as specified in the copyright notice associated with the article.
