Wednesday, April 10, 2024
A report from the World Travel & Tourism Council (WTTC ) has shown that US tourism has achieved a record US$2.36 trillion despite international spending falling short.
The WTTC report indicates a 7% increase in the US travel industry’s gross domestic product (GDP) contribution in 2023, reaching a new high of $2.36 trillion – marking a $100 billion advancement over its previous record.
In the past year, spending by US domestic tourists reached an unprecedented $1.37 trillion, increasing over 9% from the highest spending levels in 2019.
Employment within the sector has also experienced a significant increase, adding 656,000 jobs to a total 18 million nationwide, surpassing the previous peak of 17.4 million.
Rebounding beyond pre-pandemic figures, the industry now contributes 11.2% of the total job market in the US.
The WTTC forecasts that in 2024 the industry’s contribution to GDP will surpass $2.5 trillion, accounting for 9% of the total US economy.
It’s also expected to provide 18.8 million jobs nationwide, meaning that one in nine Americans are predicted to be employed within the industry.
Spending by domestic tourists may continue its upward trajectory, reaching $1.43 trillion and setting a record by almost 14% over 2019 figures.
Meanwhile, international tourism expenditure may remain over $20 billion short of its previous peak, with last year’s expenditure by overseas visitors over a quarter less than in 2019, at $156.1 billion.
According to a recent report from Research and Markets, China’s tourism industry is also growing, marking a period of significant strategic opportunity for the travel insurance sector.
Tags: domestic tourists, Tourism, Travel, WTTC
Wednesday, May 1, 2024
