A dynamic factor model of international tourist arrivals

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Analysis demonstrates global and regional factors explain tourist arrivals, suggesting shifts during COVID-19.

The global factor accounted for 87% of international tourist arrivals variation pre-COVID-19.
During COVID-19, the global factor's influence dropped to 79%, with regional factor rising to 19%.
Dynamic factor model enabled estimation of global and regional factors affecting tourism trends.
Research highlights changes in influences on international tourism, especially during the pandemic.

Payne et al. (2025) studied this question.

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