The sector will surpass its previous record by an additional $770 billion, the report says
The travel and tourism industry is projected to have an extraordinary year in 2024. The sector’s global economic contribution is expected to reach an unprecedented high of $11.1 trillion, setting a new record.
According to a report from the World Travel & Tourism Council (WTTC), the sector will surpass its previous record by an additional $770 billion, accounting for one out of every ten dollars worldwide. Out of the 185 countries analyzed, it is predicted that 142 countries will outperform their previous national records.
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The WTTC’s 2024 Economic Impact Research (EIR), developed in collaboration with Oxford Economics, highlights that the travel and tourism sector supports nearly 348 million jobs worldwide. This represents a substantial increase of over 13.6 million jobs compared to its peak in 2019.
In terms of spending, international visitors are anticipated to approach the peak levels of 2019, reaching approximately $1.89 trillion. Furthermore, domestic tourists are projected to spend more than ever before, surpassing all previous records and reaching $5.4 trillion.
Strong global economic force
According to Julia Simpson, president and chief executive of WTTC, the travel and tourism sector continues to be a strong global economic force, even in the face of uncertainty. She emphasized that the current situation is not merely about surpassing previous records. Instead, it signifies the sector’s remarkable resurgence after a challenging period, delivering a substantial economic boost to countries worldwide and sustaining millions of jobs.
Simpson expressed concern regarding the need for support from the governments of the United States (U.S.) and China for their respective national travel and tourism sectors. She pointed out that without such support, these countries are at risk of experiencing ongoing challenges, while other nations are already witnessing a quicker return of international visitors.
Promising future, growth and career opportunities
The WTTC note that the international visitor spending in the U.S. last year remained more than 25 percent below the peak of 2019, while China’s visitor spend decreased by nearly 60 percent.
Looking forward, the WTTC predicts a promising future for the next decade, characterized by strong growth and exceptional career prospects.
The report further stated, that by 2034, this sector will greatly contribute to the global economy, generating an astonishing $16 trillion, which will constitute 11.4 percent of the entire economic landscape.
Moreover, this thriving industry is expected to be a significant source of job creation, offering employment opportunities to approximately 449 million individuals worldwide.
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