Get ready to dust off your suitcase and stock up on sunscreen – the World Travel & Tourism Council (WTTC) predicts a banner year for travel in 2024! Their 2024 Economic Impact Research (EIR) report forecasts the industry’s global economic contribution will soar to a record-shattering $11.1 trillion.
This translates to a staggering $770 billion increase over the previous record, solidifying Travel & Tourism’s position as a global economic powerhouse. According to the WTTC, the industry will generate a whopping one out of every ten dollars circulating worldwide.
A Global Phenomenon: Travel Poised to Outperform Pre-Pandemic Levels
The travel industry’s resurgence isn’t just a regional phenomenon – it’s a global one. WTTC’s report expects a remarkable 142 out of 185 analyzed countries to surpass their previous national tourism records. Partnering with Oxford Economics, the EIR paints a picture of an industry brimming with potential, supporting a staggering 348 million jobs globally. This impressive figure represents a significant increase of over 13.6 million jobs compared to the industry’s peak in 2019.
International Tourism on the Rise, Domestic Travel Booming
International visitor spending is predicted to inch closer to pre-pandemic levels, reaching a projected $1.89 trillion. Domestic tourists are also expected to break spending records, with a forecasted total of $5.4 trillion.
These figures highlight the industry’s remarkable resilience in the face of recent economic uncertainties and geopolitical disruptions. In 2023, the travel sector already displayed signs of a strong comeback, injecting nearly $10 trillion into the global economy and matching its pre-pandemic peak. This demonstrates not only the industry’s adaptability but also its critical role in driving global economic growth.
2023 Paved the Way for Record-Breaking 2024
The robust travel figures in 2023 serve as a testament to the unwavering passion for travel across the globe, setting the stage for a record-breaking year in 2024. However, it’s important to note that this growth comes with some caveats. Two of the world’s biggest tourism markets – the United States and China – are lagging behind in terms of international visitor spending.
The U.S. is seeing a slower return of international tourist spending, with current figures remaining more than a quarter below the 2019 peak. China’s international visitor spending is even lower, currently sitting at almost 60% down compared to pre-pandemic levels.
Urgent Call for Support in Key Markets
Julia Simpson, WTTC President & CEO, emphasizes the need for targeted support: “The Travel & Tourism sector remains a global economic powerhouse, even amidst global uncertainties. We’re not just talking about breaking records anymore. This is a story of the industry reclaiming its former glory after a challenging period, providing a significant economic boost to countries worldwide and supporting millions of jobs.”
However, Simpson raises concerns: “There’s a risk, though. We need the U.S. and Chinese governments to step up their support for their national Travel & Tourism sectors. Until this happens, these countries will continue to lag behind while others witness a much faster return of international visitors.”
A Promising Future for Travel & Tourism
Looking ahead, the WTTC forecasts a bright future for the Travel & Tourism industry over the next decade. The report predicts robust growth and unparalleled career opportunities fueled by this dynamic sector.
By 2034, the Travel & Tourism sector is expected to become a $16 trillion behemoth, contributing a staggering 11.4% to the global economic landscape. This booming industry will also transform into a job creation powerhouse, employing a projected 449 million people worldwide. Nearly 12.2% of the global workforce is expected to find employment in this vibrant sector, highlighting Travel & Tourism’s pivotal role in global job creation.
With more than three-quarters of the analyzed countries projected to surpass their 2019 GDP contribution peak, the Travel & Tourism industry stands on the precipice of its most transformative era yet. This era promises unprecedented prosperity, innovation, and global connection.
The Resilience of Travel & Tourism
Overcoming Economic Uncertainties: Explore how despite economic uncertainties and geopolitical challenges, the Travel & Tourism sector continues to thrive. Understand the sector’s ability to adapt and evolve, contributing nearly $10 trillion to the global economy in 2023.
Revival of International Spending: Learn about the vibrant comeback story for many countries, with international spending increasing by 33.1% in 2023. Discover the factors driving this resurgence and its implications for global tourism markets.
