Friday, April 5, 2024
In 2024, the global tourism industry is poised for a historic $11 trillion boom, signaling a golden era for worldwide travel and hospitality industries.
The tourism industry is on the brink of an unprecedented boom, poised to inject an astonishing $11 trillion into the global economy in 2024. This surge heralds a golden era for the travel, tourism, and hospitality sectors across the globe, buoyed by significant enhancements in travel and hotel infrastructure spanning North America, Asia, Europe, South America, Africa and Australia. At the forefront of this remarkable expansion are India and China, two Asian giants leading the charge in the tourism boom. Adding to the momentum, Saudi Arabia has made a monumental leap in the industry, welcoming over 100 million tourists in 2023, further fueling the global tourism boom with its historic achievement.
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.”
In an unprecedented projection, the World Travel & Tourism Council (WTTC) anticipates 2024 to be a record-breaking year for the global Travel & Tourism sector. According to the council’s 2024 Economic Impact Research (EIR), the sector is poised to contribute an all-time high of $11.1 trillion to the global economy. This remarkable growth signifies an additional $770 billion over its previous record, establishing Travel & Tourism as a formidable force in the global economic landscape, responsible for generating one in every ten dollars worldwide.
The resurgence of Travel & Tourism marks a significant rebound from the setbacks experienced during the pandemic. WTTC’s optimism is grounded in its analysis of 185 countries, with 142 expected to surpass their prior national records in terms of economic contribution. This comeback is not just a recovery; it’s a leap into uncharted territory of prosperity.
In collaboration with Oxford Economics, the latest EIR highlights a sector ripe with opportunity, supporting nearly 348 million jobs globally. This figure represents a substantial increase of over 13.6 million jobs compared to 2019, the sector’s previous peak year.
The report also sheds light on spending trends, with international visitor spending nearing the 2019 peak at $1.89 trillion. Domestic tourism, on the other hand, is expected to reach a record-breaking $5.4 trillion.
Despite facing economic uncertainties and geopolitical challenges, the Travel & Tourism sector demonstrated remarkable resilience in 2023. With an economic output of nearly $10 trillion, the sector matched its pre-pandemic zenith, representing 9.1% of global GDP.
The past year also saw a significant boost in employment within the sector, adding 27.4 million jobs and reaching nearly 330 million jobs worldwide. Both international and domestic spending saw substantial increases, setting the stage for the anticipated growth in 2024.
However, the sector’s growth faces challenges, particularly in the U.S. and China, where international visitor spending lags behind. WTTC President & CEO Julia Simpson emphasized the need for these governments to support their national Travel & Tourism sectors to overcome these hurdles.
Looking further ahead, WTTC forecasts a bright future for the Travel & Tourism sector over the next decade. By 2034, the sector is expected to contribute a staggering $16 trillion to the global economy, accounting for 11.4% of total economic output.
Employment prospects are equally promising, with the sector expected to provide jobs for 449 million people worldwide. This growth not only underscores the sector’s vital role in global employment but also heralds a transformative era of prosperity, innovation, and connection on a global scale.
In summary, the WTTC’s projections for Travel & Tourism in 2024 and beyond depict a sector at the forefront of economic growth and employment, poised to reach new heights of success and influence across the globe.
IATA’s latest data reveals a significant uptrend in the aviation industry, with total demand, indicated by revenue passenger kilometers (RPKs), soaring by 21.5% in comparison to February 2023. This upswing was supported by an 18.7% increase in total capacity, measured in available seat kilometers (ASK), year-on-year. Notably, the February load factor achieved a robust figure of 80.6%, marking a 1.9 percentage point enhancement over February 2023. Delving into specifics, international demand witnessed a remarkable rise of 26.3% compared to the same month last year, with capacity not far behind at a 25.5% increase and the load factor improving to 79.3%, up by 0.5 percentage points. Domestically, the scenario was equally positive, with a 15.0% jump in demand and a 9.4% increase in capacity year-on-year, leading to an impressive load factor of 82.6%, which is a substantial 4.0 percentage point increase from February 2023. These figures underscore a vigorous recovery and growth trend in both international and domestic sectors, as reported by IATA.
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