Travel & Tourism Set to Break All Records in 2024, Says WTTC
The World Travel and 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 global tourism body’s 2024 Economic Impact Research (EIR), Travel & Tourism will contribute an additional $770 billion over its previous record, generating one in every 10 dollars worldwide.
“Against the backdrop of uncertainty, the Travel & Tourism sector remains a global economic powerhouse,” WTTC President & CEO Julia Simpson said.
As the global sector soars past its pre-pandemic prosperity, WTTC expects 142 countries of 185 analysed will be outperforming previous national records.
‘We’re no longer talking about a recovery’
“This isn’t just about breaking records, we’re no longer talking 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,” Simpson said.
In partnership with Oxford Economics, WTTC’s latest EIR showcases a sector “briming 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 touching distance of the 2019 peak, to reach $1.89 trillion, while domestic tourists are forecast to spend more than in any year on record to hit $5.4 trillion.
2023 set the stage
According to the WTTC, 2023 set the stage, demonstrating the unwavering passion for travel, paving the way for a record-breaking year in 2024.
Last year, the Travel & Tourism sector matched its pre-pandemic levels with an economic injection of nearly $10 trillion. Representing 9.1 percent of global GDP at just over $9.9 trillion in 2023, Travel & Tourism’s financial footprint was the largest it’s been since the golden year of travel in 2019, trailing its peak by a mere 4 percent.
The WTTC highlighted that growth came last year despite two of the world’s biggest tourism markets lagging in terms of international visitor spend, with both the United States and China seeing a far slower return of international tourist spend.
Last year in the U.S., international visitor spending remained more than a quarter below the peak of 2019, while China’s visitor spend remained almost 60 percent down.
“We need the U.S. and Chinese governments to support their national Travel & Tourism sectors,” Simpson 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
Looking ahead, the WTTC is forecasting a promising future for the next decade, characterised by robust growth and unparalleled career opportunities.
By 2034, the sector is expected to supercharge the global economy with a staggering $16 trillion, making up 11.4 percent of the entire economic landscape.