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."