The World Travel and Tourism Council (WTTC) projects a record year for travel and tourism in 2024, with the sector’s global economic contribution set to reach a maximum of $11.1 trillion.
According to the global tourism organization’s 2024 Economic Impact Research (EIR), Travel and Tourism will contribute an additional 770 billion dollars compared to its previous record, stamping its authority as a global economic powerhouse, generating one in every $10 in the world.
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As the global sector surpasses its pre-pandemic prosperity, the WTTC expects that 142 countries out of 185 analyzed will surpass previous national records.
In collaboration with Oxford Economic, WTTC’s latest EIR showcases a sector bridging opportunities, supporting nearly 348 million jobs worldwide. This represents an increase of more than 13.6 million jobs compared to its highest point in 2019.
Spending by international visitors is expected to reach within touching distance of the 2019 peak, to reach $1.89 trillion, while domestic tourists are expected to spend more than any year on record to reach $5, 4 trillion.
A look at the past year
Despite economic uncertainties and geopolitical shocks, the Travel and Tourism sector is thriving. With an economic injection of almost $10 trillion, the sector has reached its pre-pandemic zenith, flexing its resilience and demonstrating its critical role in the global economy.
Representing 9.1 percent of global GDP to just over $9.9 trillion in 2023, Travel & Tourism’s financial footprint was the largest it has been since the golden year of travel in 2019, surpassing its peak by only 4 percent.
The sector also strengthened its workforce by an additional 27.4 million, pushing the total to nearly 330 million jobs worldwide.
International spending increased by 33.1 percent to reach $1.63 trillion, underlining a vibrant comeback story for many countries around the world, with domestic spending increasing by more than 18 percent to reach nearly 5 trillions of $.
2023 set the stage, demonstrating the unwavering passion for travel, paving the way for a record year in 2024.
The growth comes despite two of the world’s biggest tourism markets lagging in terms of international visitor spending, with the US and China seeing a much slower return in international tourism spending.
Last year in the United States, spending by international visitors was more than a quarter below the peak of 2019, while spending by visitors from China was almost 60 percent.
Julia Simpson, President/CEO of WTTC, said: “Against the backdrop of uncertainty, the Travel and Tourism sector remains a global economic powerhouse.
“This is not just about breaking records, we are no longer talking about a recovery – this is a story of the sector returning to its best after a few difficult years, providing a significant economic boost to countries around the world and support millions of jobs.
“There is a risk, however, we need the governments of the United States and China to support their national Travel and Tourism sectors. The United States and China will continue to suffer while other countries see international visitors come back a lot faster.”
Travel and Tourism 10 years from now
Looking ahead, the WTTC foresees a promising future for the next decade, characterized by robust growth and unparalleled career opportunities.
By 2034, the sector will supercharge the global economy with a staggering $16 trillion, making up 11.4 percent of the entire economic landscape.
This booming industry is also a job creator, providing jobs for 449 million people worldwide. Almost 12.2 percent of the workforce will fuel this vibrant sector, showing the pivotal role of Travel and Tourism in global employment.
With more than three quarters of the analyzed countries expected to exceed the high point of 2019, in terms of GDP contribution,
“Travel and Tourism is on the brink of its most transformative era, promising prosperity, innovation and connectivity on a scale we have yet to see,” concluded WTTC.
