2024 is expected to be a record year in terms of travel and tourism, the World Travel and Tourism Council (WTTC) predicts, estimating that the global economic contribution of the sector will reach a historically high level of $11.1 trillion.
According to the same source, this means that travel and tourism will be responsible for generating one in every $10 worldwide, VisaGuide.World reports.
The WTTC’s 2024 Economic Impact Research (EIR) also shows that travel and tourism will contribute an additional $770 billion compared to its previous record, strengthening its position as a major player in the global economy. Of the 185 countries analyzed, the WTTC expects 142 to surpass their previous national records.
Working with Oxford Economics, WTTC’s latest EIR highlights the sector’s tremendous potential, supporting nearly 348 million jobs worldwide with an increase of over 13.6 million jobs since 2019.
At the same time, international visitor spending is predicted to come close to the peak seen in 2019, reaching $1.89 trillion. Even domestic tourists are expected to spend more than ever before, totaling $5.4 trillion.
Travel & Tourism Sector Matches Pre-Pandemic Peak
As WTTC points out, despite economic uncertainties and geopolitical shake-ups, the Travel & Tourism sector is booming, with nearly $10 trillion injected into the economy, which matches its pre-pandemic peak.
Last year, the sector accounted for 9.1 percent of the global GDP, totaling over $9.9 trillion, just four percent below its 2019 peak. It also added 27.4 million jobs, reaching a total of nearly 330 million worldwide.
International spending surged by 33.1 percent to $1.63 trillion, while domestic spending rose by over 18 percent to almost $5 trillion.
Despite this overall growth, two major tourism markets, the United States and China, saw slower returns in international visitor spending. In the US, spending remained over a quarter below its 2019 peak, while China’s spending stayed almost 60 percent down.
There’s a risk however, we need the US and Chinese governments to support their national Travel & Tourism sectors. The US and China will continue to suffer whilst other countries are seeing international visitors return much faster.
Julia Simpson, WTTC President & CEO
By 2034 Travel & Tourism Expected to Reach $16 Trillion
Moreover, WTTC predicts that by 2034, the Travel & Tourism sector is expected to significantly boost the global economy, reaching a remarkable $16 trillion, accounting for 11.4 percent of the total economic activity.
The authority further revealed that this thriving industry will also continue to be a major source of employment, with 449 million people worldwide finding jobs within it. Nearly 12.2 percent of the global workforce will contribute to this dynamic sector, highlighting the crucial role of Travel & Tourism in global employment opportunities.
