Travel and tourism sector set for a modest slowdown this year due to higher oil prices and airfares

Published on : Thursday, March 22, 2018

wttcThis year, the travel and tourism sector is set for a modest slowdown due to higher oil prices and airfares, a year after it witnessed its best year on record, according to the WTTC.
In its annual Economic Impact Report, the WTTC said that the sector was responsible for the creation of 7 million new jobs worldwide in 2017 or one in five new jobs. It was because the tourism sector outperformed the global economy for the seventh consecutive year, growing by 4.6 percent against 3 percent. The WTTC said that the tourism sector, in fact, outperformed all other sectors.
Gloria Guevara, President and CEO of the WTTC said, “2017 was the best year on record for the travel & tourism sector. We have seen increased spending as a result of growing consumer confidence, both domestically and internationally, recovery in markets in North Africa and Europe previously impacted by terrorism and continued outbound growth from China and India.”

 

By the next decade, the sector is expected to support more than 400 million jobs globally or one in nine of all jobs.

 
“As our sector continues to become more important both as a generator of GDP and jobs, our key challenge will be ensuring this growth is sustainable and inclusive,” Guevara said. “Already in 2017, we have begun to see a backlash against tourism in some key destinations.”

 
Over tourism is creating dangers for important buildings, straining infrastructure and harming the experience of travelers and local residents alike. Tourism-phobia has become increasingly prevalent, particularly in popular European destinations such as Barcelona and Venice, where visitors are crowding the same places at the same time. Hence, the WTTC is aiming to spread tourists around destinations and smooth out demand over time.


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