World dominates travel and tourism sector, with the United States leading the charge
World Travel & Tourism Council Releases 2024 Economic Impact Trends Report
The World Travel & Tourism Council (WTTC) has recently unveiled its 2024 Economic Impact Trends Report, highlighting a promising future for the global travel and tourism industry. The report, which focuses on recovery and expansion, indicates significant growth in the size of the global travel and tourism markets over the next ten years.
Global Recovery and Growth
Following the removal of travel restrictions in 2023, several countries, including Hong Kong SAR, Malaysia, and the Philippines, saw a swift recovery in their tourism sectors. This recovery has led to increased optimism within the industry, with domestic tourists projected to spend more than ever before, reaching an unprecedented US$5.4 TN in 2024, representing a 10.3% increase over 2019 levels.
Top Performers
The United States continues to lead the way as the world's most powerful Travel & Tourism market, contributing $2.36 TN to its economy in 2023. China, the world's second most powerful market, contributed US$1.3 TN, a remarkable year-on-year growth of 135.8%. China is predicted to become the biggest Travel & Tourism market by 2024, surpassing the U.S.
Japan moved up from 5th place to 4th in 2023, contributing US$297 BN to its economy through Travel & Tourism. Mexico followed closely behind France, contributing US$261.6 BN, with France retaining its sixth position and contributing US$264.7 BN.
International Spending Growth
International visitor spending is set to grow by nearly 16% to reach US$1.9 TN in 2024. Countries like Türkiye, Kenya, Colombia, and Egypt are leading the way in international spending growth in Travel & Tourism. Saudi Arabia is projected to have a 91.3% increase in international spending compared to 2019 levels.
Sustainable Growth
The report also emphasizes the commitment of the Travel & Tourism sector to sustainability and decoupling growth from greenhouse gas emissions. Investment in the sector grew 13% in 2023 to reach over US$1 TN, with a return to pre-pandemic levels anticipated by 2025.
India is expected to move up to 4th position in the Travel & Tourism market by 2024, with India rising from a previous 10th position to the 8th, contributing US$231.6 BN to its economy through Travel & Tourism in 2023, marking a notable improvement.
The WTTC's 2024 Economic Impact Trends Report paints a positive picture for the future of the global travel and tourism industry, with a focus on recovery, expansion, and sustainable growth.
