The World Travel and Tourism Council (WTTC) predicts 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.
According to the Global Tourism Organization’s Economic Impact Study (EIR), by 2024 Travel & Tourism will contribute an additional $770 billion over its previous record, cementing its authority as a global economic force, generating one in every $10 globally.
As the global sector surpasses its pre-pandemic prosperity, the 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 full of opportunity, supporting almost 348 million jobs globally. This represents an increase of more than 13.6 million jobs compared to its high point in 2019.
Spending by international visitors is expected to peak in 2019 to reach $1.89 trillion, while domestic tourists are expected to spend more than any year on record to reach $5.4 trillion.
A look back at last year
Despite economic uncertainty and geopolitical turmoil, the travel and tourism sector is thriving. With an economic injection of nearly $10 TN, the sector reached its pre-pandemic zenith, flexing its resilience and proving its critical role in the global economy.
Representing 9.1% of global GDP at just over $9.9 trillion in 2023, Travel & Tourism’s financial footprint is the largest since the golden year of travel in 2019, just 4% off its peak.
The sector also increased its workforce by an additional 27.4 million, bringing the total to nearly 330 million jobs worldwide.
International spending increased by 33.1% to reach $1.63TN, highlighting a dynamic comeback story for many countries around the world, with domestic spending increasing by more than 18% to reach almost $5TN.
2023 set the stage, demonstrating an unwavering passion for travel, paving the way for a record year in 2024.
This growth comes despite two of the world’s biggest travel markets lagging behind in spending by international visitors, with the US and China seeing a much slower recovery in spending by international tourists.
Last year in the US, spending by international visitors remained more than a quarter below the 2019 peak, while visitor spending in China remained down almost 60%.
Julia Simpson, WTTC President and CEO, said: “Amid uncertainty, the travel and tourism sector remains a global economic force.
“This is not just about breaking records, we are no longer talking about recovery – this is a story of a sector back to its best after a difficult few years, providing a significant economic boost to countries around the world and supporting millions of jobs .
“However, there is a risk, we need the US and Chinese governments to support their national travel and tourism sectors. The US and China will continue to suffer, while in other countries international visitors are returning much faster.”
Travel and tourism after 10 years
Looking ahead, WTTC predicts a promising future for the next decade, characterized by steady growth and unparalleled career opportunities.
By 2034, the sector will burden the global economy with a staggering $16TN, making up 11.4% of the entire economic landscape.
This booming industry is also set to be a powerful driver of job creation, providing employment to 449 million people worldwide. Nearly 12.2% of the workforce will power this vibrant sector, demonstrating Travel & Tourism’s central role in global employment.
With more than three-quarters of the countries analyzed expected to exceed the 2019 high point in terms of their contribution to GDP,
Travel and tourism is on the cusp of its most transformative era yet, promising prosperity, innovation and connectivity on a scale yet to be seen.
