The World Travel & Tourism Council (WTTC) announced that the United States is the world's largest travel and tourism market, contributing a record $2.36 trillion to the national economy last year.
According to WTTC's 2024 Economic Impact Trends Report, the US broke the record despite the “slow return of international traveler spending”, with America nearly doubling the economic contribution of its closest rival.
Overall, investment in travel and tourism is projected to increase by 13% in 2023 to more than $1 trillion, with a return to pre-pandemic levels expected by 2025.
“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,” said Julia Simpson, WTTC President and CEO.
“We will continue to prioritize sustainability and inclusion, ensuring that this growth benefits everyone and protects our planet for future generations,” Simpson continued. “The resilience and innovation potential of the sector continues to drive us forward.”
The WTTC ranked China as the world's second-largest market with a GDP contribution of $1.3 trillion in 2023, but officials predict the Asian powerhouse will become the largest travel and tourism market over the next decade.
As for the rest of the top five nations in terms of travel's contribution to GDP, Germany came in third, while Japan ranked fourth overall and the United Kingdom rounded out the top five.
According to the report, many key destinations will see increased international spending this year compared to pre-pandemic levels, with Saudi Arabia up 91.3%, Turkey up 38.2%, Kenya up 33.3%, Colombia up 29.1% and Egypt up 22.9%.
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