This year is predicted to be a record-breaking year for travel and tourism. But the World Travel and Tourism Council notes that international visitors still haven’t fully returned to the U.S. and China.
The World Travel & Tourism Council (WTTC) is projecting a record-breaking year for Travel & Tourism in 2024, with the sector’s global economic contribution set to reach an all-time high of $11.1 trillion.
According to the WTTC’s 2024 Economic Impact Research, travel and tourism is set to reach a global economic contribution of $11.1 trillion USD this year. That’s $770 billion higher than the previous record.
Travel and tourism generates almost one in every ten dollars of spending worldwide.
In partnership with Oxford Economic, WTTC’s latest EIR showcases a sector brimming with opportunities, underpinning almost 348 million jobs globally. This represents an increase of more than 13.6 million jobs compared to its highest point in 2019.
International visitor spending is expected to come within spitting distance of the 2019 peak, to reach $1.89 trillion, while domestic tourists are forecast to spend $5.4 trillion, more than in any year on record.
A look back on last year
Despite economic uncertainties and geopolitical shake-ups, the travel tourism sector is thriving.
Representing 9.1% of global GDP, travel and tourism’s financial footprint was the largest it’s been since the golden year of travel in 2019, trailing its peak by a mere four per cent.
International spending increased by 33.1% to reach $1.63 trillion, “underscoring a vibrant comeback story for many countries around the world.” The WTTC said domestic spending increased by more than 18% to reach almost $5 trillion.
The record-breaking growth for 2024 is expected despite the fact that two of the world’s biggest tourism markets are lagging in terms of international visitor spend. The WTTC’s report said both the U.S. and China are seeing a far slower return of international tourist spend than the global average.
Last year in the U.S., international visitor spending remained more than a quarter below the peak of 2019, while China’s visitor spend was down almost 60% from pre-pandemic levels.
“Against the backdrop of uncertainty, the travel & tourism sector remains a global economic powerhouse,” said WTTC President & CEO Julia Simpson. “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 and tourism sectors,” she said. “The U.S. and China will continue to suffer whilst other countries are seeing international visitors return much faster.”
Travel & Tourism 10 years from now
The WTTC is forecasting a promising future for the next decade, characterized by robust growth and rapidly growing career opportunities.
By 2034, the sector will “supercharge the global economy with a staggering contribution of $16 trillion, making up 11.4% of the entire economic landscape,” the group said.
“The industry is also set to be a job creation juggernaut, providing employment for 449 million people worldwide. Nearly 12.2% of the workforce will be powering the sector, showcasing travel & tourism’s pivotal role in global employment.”
“With more than three quarters of the countries analyzed expected to exceed the high point of 2019, in terms of GDP contribution, travel & tourism is on the brink of its most transformative era yet, promising prosperity, innovation, and connection on a scale we’ve yet to see,” Simpson said.
