WTTC forecasts a record year for travel and tourism in 2024, with the sector's global economic contribution reaching an all-time high of $11.1 trillion. The industry also plays a crucial role in fostering entrepreneurship and bringing new ideas to travel and tourism. Many of today's big businesses started as ‘kitchen table’ ideas.
It is estimated that up to 80% of the sector is made up of SMEs, reflecting the prevalence of SMEs in the industry and the growing need for a structured support system that can optimise their productivity and impact.
Matthew Upchurch, WTTC Vice President of Membership and President and CEO of Virtuoso, said, ‘The launch of the “Together in Travel” community marks an important milestone for WTTC in its mission to advocate for the interests of SMEs within the travel industry and drive positive change through meaningful engagement and support.’ He added that as the travel industry continues to face the challenges brought on by the global pandemic, initiatives like this are essential to building a more resilient and sustainable future for all stakeholders.
Ryan Mossny, co-founder of Matagarup Zip+Climb, said, ‘As a small business, accessing the vital resources and industry connections needed to thrive in the travel sector can be a challenge. WTTC's new initiative has come at a perfect time; through tailored support, we will be able to directly address our problem areas head-on, allowing us to not only survive, but thrive in an increasingly competitive marketplace’.
As a leading global authority on the economic and social impact of travel and tourism, WTTC is committed to promoting sustainable growth and inclusive practices within the sector.
The ‘Together in Travel’ initiative also focuses on digital transformation and sustainability, key aspects for the future of the tourism sector. SMEs will have access to essential digital tools that will improve operational efficiency and extend their market reach. These tools include AI-powered analytics for market expansion, cloud-based solutions for simplified operations and omni-channel marketing tools for increased customer engagement.
In addition, ‘Together in Travel’ integrates sustainability frameworks that ensure SMEs align with global environmental goals. The approach includes carbon footprint reduction, ethical tourism practices and sustainable supply chains.
Collaboration with industry leaders is critical to the success of this initiative. Together in Travel' is supported by 13 distinguished partners who bring specialist expertise.
Luxury and Hospitality: Accor, Hilton, Red Carnation Hotels, Abercrombie & Kent Group, Virtuoso
Cruise and adventure: MSC Cruises, Intrepid
Technology and Digital Innovation: Microsoft, Trip.com Group
Destination development: OMRAN, Diriyah Gateway
Marketing and visa solutions: VFS Global, FINN Partners
This diverse collaboration ensures that SMEs receive a holistic approach to growth, from cutting-edge technology to destination development and marketing support.
The global tourism industry is projected to grow and surpass pre-pandemic levels by 2025, and empowering SMEs is a crucial step towards economic revitalisation. SMEs contribute significantly to global employment and GDP, making this initiative a catalyst for sustainable growth in international markets.
Key global markets that could benefit include.
Europe: Supporting SMEs in luxury and experiential travel.
Middle East: Enhancing tourism development in emerging destinations
Asia-Pacific: Driving technology-driven travel solutions
North America: Strengthening SMEs in the adventure and cruise sector
The travel industry thrives on connectivity, and ‘Together in Travel’ is designed to forge lasting partnerships between SMEs and global tourism giants. By integrating digital transformation, sustainability and business growth strategies, this initiative paves the way for a more resilient and inclusive travel ecosystem.
