Travel & Tourism Industry Poised for Unprecedented Growth in 2024

The World Travel & Tourism Council (WTTC) has unveiled its projections for an exceptional year in Travel & Tourism, with the industry's global economic contribution expected to hit a historic high of $11.1 trillion.

In its 2024 Economic Impact Research (EIR), WTTC anticipates an impressive additional $770 billion surge compared to previous records, solidifying its status as a paramount force in the global economy, accounting for one in every 10 dollars generated worldwide. With 142 out of 185 countries analyzed poised to surpass their previous national records, the sector is experiencing a remarkable resurgence, far surpassing pre-pandemic levels.

Teaming up with Oxford Economics, WTTC's latest EIR paints a picture of a sector ripe with opportunities, supporting nearly 348 million jobs globally, a significant increase of over 13.6 million compared to 2019.

International visitor spending is forecasted to approach the peak of 2019, reaching $1.89 trillion, while domestic tourism expenditure is projected to hit an all-time high of $5.4 trillion.

Despite economic uncertainties and geopolitical tensions, the Travel & Tourism industry thrived in the past year. With a contribution of nearly $10 trillion to the global economy, the sector matched its pre-pandemic peak, showcasing resilience and underscoring its indispensable role in the world economy.

Comprising 9.1% of global GDP at over $9.9 trillion in 2023, the sector demonstrated robust financial performance, trailing its peak by a marginal 4%. Moreover, it bolstered its workforce by an additional 27.4 million jobs, totaling nearly 330 million worldwide.

International spending surged by 33.1% to $1.63 trillion, highlighting a remarkable recovery for many nations, while domestic spending soared by over 18% to nearly $5 trillion.

This resurgence sets the stage for a record-breaking year in 2024, despite the sluggish return of international tourist spending in two major markets, the U.S. and China.

In the U.S., international visitor spending remained over a quarter below 2019 levels, while China saw a nearly 60% decline in visitor spend.

Looking ahead, WTTC forecasts a promising decade for the industry, characterized by robust growth and unparalleled career opportunities.

By 2034, the sector is projected to inject a staggering $16 trillion into the global economy, comprising 11.4% of the total economic landscape. It will also provide employment for 449 million people worldwide, showcasing its pivotal role in global employment.