Thursday, April 4, 2024
The World Travel & Tourism Council (WTTC) forecasts a groundbreaking year for Travel & Tourism in 2024, with the industry’s economic impact poised to hit a record $11.1 trillion.
The WTTC’s 2024 Economic Impact Research indicates that Travel & Tourism is expected to surpass its previous high by $770 billion, establishing itself as a major economic force and generating one in every ten dollars globally.
With the industry rebounding beyond its pre-pandemic levels, the WTTC anticipates that 142 out of 185 countries analyzed will surpass their historical national records.
Collaborating with Oxford Economic, the WTTC’s latest report reveals a sector ripe with potential, supporting nearly 348 million jobs worldwide. This marks an increase of over 13.6 million jobs since 2019.
Spending by international visitors is projected to nearly match the 2019 high, reaching $1.89 trillion, while domestic tourism spending is expected to exceed all previous records, totaling $5.4 trillion.
Reflecting on the previous year
Despite economic challenges and geopolitical tensions, the Travel & Tourism sector has flourished. With nearly $10 trillion injected into the economy, the sector reached its pre-pandemic peak, showcasing its resilience and vital role in the global economy.
Accounting for 9.1% of the global GDP at just over $9.9 trillion in 2023, the financial impact of Travel & Tourism was at its highest since the landmark year of 2019, only 4% shy of its peak.
The sector also added 27.4 million jobs, bringing the global total to nearly 330 million.
International spending saw a 33.1% increase to $1.63 trillion, marking a significant recovery for many countries, with domestic spending up by over 18% to nearly $5 trillion.
2023 served as a foundation for an exceptional year in 2024, fueled by a deep-seated love for travel.
This growth occurred despite slower recovery in international visitor spending in two of the world’s largest tourism markets, the U.S. and China.
In the U.S., spending by international visitors was more than a quarter below the 2019 peak, while China saw almost a 60% decrease.
Julia Simpson, WTTC President & CEO, said: “Against the backdrop of uncertainty, the Travel & Tourism sector remains a global economic powerhouse.
“This isn’t just about breaking records, we’re no longer talker about a recovery – this is a story of the sector back at its best after a difficult few years, providing a significant economic boost to countries around the world and supporting millions of jobs.
“There’s a risk however, we need the U.S. and Chinese governments to support their national Travel & Tourism sectors. The U.S. and China will continue to suffer whilst other countries are seeing international visitors return much faster.”
Travel & Tourism in the next decade
Looking forward, the WTTC projects a bright future for the next ten years, marked by significant growth and exceptional career opportunities.
By 2034, the sector is expected to contribute an impressive $16 trillion to the global economy, accounting for 11.4% of total economic output.
This flourishing industry is also anticipated to be a major employer, supporting 449 million jobs worldwide. Travel & Tourism will represent a critical segment of global employment, indicating the sector’s central role in job creation.
With the majority of countries analyzed projected to exceed their 2019 GDP contributions, Travel & Tourism is on the verge of entering its most transformative period, promising prosperity, innovation, and connectivity on an unprecedented scale.
Monday, April 29, 2024
Monday, April 29, 2024
Monday, April 29, 2024
Monday, April 29, 2024
