The World Travel & Tourism Council (WTTC) today launched its 2024 Economic Impact Trends Report, which revealed that the United States is the world’s most powerful travel and tourism market, contributing $2.36 trillion to the national economy last year.
Despite the slow return of international traveler spending, the United States retains first place, with an economic contribution almost twice that of its nearest rival.
After a record year for the travel and tourism sector, the sector continues to be the backbone of the economy of many countries, while supporting millions of jobs around the world.
The latest report from the world tourism body reveals that China is the world's second-largest market with a GDP contribution of $1.3 trillion in 2023, highlighting its impressive rebound despite the delayed reopening of its borders.
Germany took third place with an economic contribution of $487.6 billion, while Japan, which in 2022 was in 5th place, climbed to 4th position, contributing $297 billion.
The United Kingdom completes the top five, contributing $295.2 billion.
France, the world's most popular destination, retained its sixth position with a contribution of $264.7 billion, closely followed by Mexico with $261.6 billion, demonstrating its continued appeal as a major tourist destination.
India comes in at number eight, up from the previous tenth position, with $231.6 billion, marking a notable improvement and underlining its growing influence in the sector. Italy and Spain round out the top 10, contributing $231.3 billion and $227.9 billion respectively.
However, over the next decade, WTTC predicts that China will become the largest travel and tourism market, with India moving to 4th position.
These changes illustrate the dynamic nature of the global travel and tourism sector, with emerging markets gaining ground and traditional powers maintaining their strongholds.
The report also highlights the countries with the highest annual growth rates in terms of the travel and tourism sector's contribution to GDP.
In 2023, China's sector saw a staggering annual growth of 135.8%, while other Asian countries, such as Hong Kong SAR, Malaysia and the Philippines, recovered shortly after travel restrictions were lifted.
Julia Simpson, President and CEO of WTTC, said: “As we look ahead to a record-breaking 2024, it is clear that the travel and tourism sector is not only back on track, but also poised for unprecedented growth.
“We will continue to prioritize sustainability and inclusion, ensuring that this growth benefits everyone and protects our planet for future generations. The resilience and innovation potential of the sector continues to drive us forward.”
According to the report, many key destinations will see increased international spending this year compared to pre-pandemic levels, with Saudi Arabia seeing a 91.3% increase compared to 2019. Turkey (+38.2%), Kenya (+33.3%), Colombia (+29.1%) and Egypt (+22.9%) lead the way.
Globally, international visitor spending is expected to increase by nearly 16% to US$1.9 billion, while domestic tourists are expected to spend more than ever, reaching US$5.4 billion, a 10.3% increase over 2019 levels.
Investment in travel and tourism is expected to increase by 13% in 2023 to reach more than US$1 trillion, with a return to pre-pandemic levels expected by 2025.
However, high interest rates across the world could pose challenges for future investment, so it is essential that the public and private sectors work together to innovate and ensure the continued strengthening of this vital sector.
The report also highlights the sector's commitment to sustainability, highlighting the decoupling of growth from greenhouse gas emissions and growing opportunities for women, youth and marginalized communities.
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RELATED TOPICS: Greece, Greek Tourism News, Tourism in Greece, Greek Islands, Hotels in Greece, Travel to Greece, Greek Destinations, The Greek tourism market, Greek Tourism Statistics, Report on Tourism in Greece
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