Travel & Tourism sector to break all records in 2024, reveals WTTC

08-04-24

The World Travel & Tourism Council (WTTC) projects a record year for Travel & Tourism in 2024, with the sector's global economic contribution reaching an all-time high of $11.1 trillion.

According to the world tourism body's 2024 Economic Impact Research (EIR), the Travel & Tourism sector will contribute an additional $770 billion over its previous record, stamping its economic potential and generating one in every ten dollars worldwide.

As the global sector surpasses its pre-pandemic prosperity, WTTC expects 142 countries out of 185 analyzed to surpass previous national records. In partnership with Oxford Economic, WTTC's latest EIR shows a sector bursting with opportunity, supporting nearly 348 million jobs worldwide. This represents an increase of more than 13.6 million jobs compared to its peak in 2019.

International visitor spending is expected to approach its 2019 peak at $1.89 trillion, while domestic tourists are also estimated to spend more than in any year on record to reach $5.4 trillion

Travel & Tourism's financial footprint, accounting for 9.1% of global GDP at just over $9.9 trillion in 2023, was the largest since 2019, lagging its peak by just 4%. The sector also bolstered its workforce by an additional 27.4 million, boosting the total to nearly 330 million jobs worldwide.

International spending increased by 33.1% to $1.63 trillion, highlighting a rich recovery story for many countries around the world, with domestic spending increasing by more than 18% to nearly $5 trillion.

2023 laid the groundwork, paving the way for a record year in 2024. This growth comes despite two of the world's largest tourism markets lagging in terms of international visitor spending, with both the U.S. and China experiencing a much slower return of international tourist spending. Last year in the U.S., international visitor spending remained more than a quarter below the 2019 peak, while visitor spending from China remained nearly 60% below.

Julia Simpson, president and CEO of WTTC, said, "Against a 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 the story of the sector returning to its best after a difficult few years, providing a major economic boost to countries around the world and supporting millions of people."