Global Travel and Tourism set to break all record in 2024: WTTC

Thursday, April 4, 2024

In what can only be described as a monumental forecast for the future, the World Travel & Tourism Council (WTTC) has unveiled projections that position the Travel & Tourism sector on the verge of an unprecedented boom in 2024. With an expected global economic contribution exceeding $11 trillion, the sector is poised to affirm its status as a colossal economic force, driving one in every ten dollars generated worldwide.

This remarkable prediction comes off the back of the WTTC’s 2024 Economic Impact Research (EIR), in partnership with Oxford Economic, which envisages the sector not just rebounding but significantly surpassing its pre-pandemic glory. With 142 out of 185 countries analyzed expected to exceed their previous national records, the industry stands at the threshold of a golden era.

An additional $770 billion over its last recorded peak is anticipated, solidifying Travel & Tourism’s role as an indispensable pillar of the global economy. This surge is expected to support nearly 348 million jobs globally, marking an increase of over 13.6 million jobs since 2019, the sector’s highest point prior to the pandemic.

The sector’s resilience and dynamic growth are particularly noteworthy, given the recent backdrop of economic uncertainties and geopolitical challenges. In 2023, despite these hurdles, Travel & Tourism demonstrated robust performance, injecting nearly $10 trillion into the global economy and closely mirroring its pre-pandemic zenith. This resilience not only underscores the sector’s critical economic role but also its adaptability and enduring appeal.

The international visitor spending is on track to nearly reach the 2019 peak at $1.89 trillion, while domestic tourism spending is forecast to hit an all-time high of $5.4 trillion. This recovery and growth trajectory set a strong foundation for the projected record-breaking year in 2024.

However, the journey has not been uniform across all markets. Notably, the U.S. and China, two of the world’s most significant tourism markets, have experienced slower recoveries in terms of international visitor spending. The U.S. saw its international visitor spending remain over a quarter below the 2019 peak, whereas China’s visitor spend was almost 60% down. This disparity highlights the need for targeted governmental support to fully harness the sector’s potential in these key markets.

WTTC President & CEO Julia Simpson highlighted the sector’s resilience and its return to peak form, stating, “This isn’t just about breaking records; we’re no longer talking 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.” Simpson’s call to action for the U.S. and Chinese governments underscores the global nature of the sector and the interconnectedness of its recovery.

Looking beyond the immediate future, the WTTC’s long-term outlook is equally optimistic. By 2034, the Travel & Tourism sector is forecasted to contribute an astounding $16 trillion to the global economy, accounting for 11.4% of the total economic output. This projection not only emphasizes the sector’s significant growth potential but also its role in job creation, with nearly 449 million people worldwide expected to be employed in the industry. Such growth promises not only economic benefits but also advances in innovation, connectivity, and global unity.

The sector’s anticipated performance signals a transformative era for Travel & Tourism, marked by unparalleled growth, career opportunities, and an increasing contribution to global prosperity. With over three-quarters of the countries analyzed projected to surpass their 2019 GDP contributions, the sector is on the brink of its most significant evolution yet.

In summary, the WTTC’s forecasts paint a picture of a sector not merely rebounding from the challenges of the past few years but thriving beyond previous expectations. As Travel & Tourism gears up for a record-breaking 2024, the implications for global economic health, job creation, and innovation are profound. The sector’s expected growth is a testament to its resilience, adaptability, and enduring appeal, promising a future filled with prosperity, opportunity, and global connectivity.

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