Travel and tourism sector will break all past records this year: WTTC

Representing 9.1% of global GDP at just over $9.9 tn in 2023, Travel & Tourism’s financial footprint was the largest since travel’s golden year 2019, trailing its peak by a mere four per cent. The sector also bolstered its workforce by an additional 27.4 mn, propelling the total to nearly 330 million jobs worldwide

The World Travel & Tourism Council (WTTC) is projecting a record-breaking year for Travel & Tourism in 2024, with the sector’s global economic contribution set to reach an all-time high of $11.1 trillion.

According to the global tourism body’s 2024 Economic Impact Research (EIR), Travel & Tourism will contribute an additional $770 bn over its previous record, stamping its authority as a global economic powerhouse, generating one in every 10 dollars worldwide.

According to WTTC data, women in tourism comprise a significant portion of the sector's workforce, by accounting for nearly 40% of the total employment.

Key findings reveal that hospitality stands out as the leading employer of women within the Travel & Tourism sector, with over half (52%) of all female employment in 2019 attributed to this segment.

As the global sector soars past its pre-pandemic prosperity, WTTC expects 142 of 185 countries that have been analysed will be outperforming previous national records.

In partnership with Oxford Economic, WTTC’s latest EIR showcases a sector brimming with opportunities, underpinning almost 348MN jobs globally. This represents an increase of more than 13.6 mn jobs compared to its highest point in 2019.

International visitor spending is expected to come within touching distance of the 2019 peak, to reach $1.89 tn, while domestic tourists are forecast to spend more than in any year on record to hit $5.4 tn.

When one reviews the showing in the last year, it shows that despite economic uncertainties and geopolitical shake-ups, the sector is thriving. With an economic injection of nearly $10 tn, the sector matched 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 tn in 2023, Travel & Tourism’s financial footprint was the largest since travel’s golden year 2019, trailing its peak by a mere four per cent. The sector also bolstered its workforce by an additional 27.4 mn, propelling the total to nearly 330 million jobs worldwide.

International spending increased by 33.1% to reach $1.63 tn, underscoring a vibrant comeback story for many countries, with domestic spending increasing by more than 18% to reach almost $5 tn.

In a way, 2023 set the stage by demonstrating the unwavering passion for travel, paving the way for a record-breaking year in 2024.

This growth comes despite two of the world’s biggest tourism markets lagging in terms of international visitor spend, with both the U.S. and China seeing a far slower return of international tourist spend.

Last year in the U.S., international visitor spending remained more than a quarter below the peak of 2019, while China’s visitor spend remained almost 60% down.

Julia Simpson, WTTC President and CEO, said: “Against the backdrop of uncertainty, the Travel & Tourism sector remains a global economic powerhouse. This isn’t just about breaking records, we’re no longer talker about a recovery – this is a story of the sector back at its best after a difficult few years, providing a significant economic boost to countries around the world and supporting millions of jobs.”

Going further, Julia Simpson added, “There’s a risk however. We need the U.S. and Chinese governments to support their national travel and tourism sectors. The two will continue to suffer whilst other countries are seeing international visitors return much faster.”

10 years down the line: Looking ahead, WTTC is forecasting a promising future for the next decade, characterised by robust growth and unparalleled career opportunities.

By 2034, the sector will supercharge the global economy with a staggering $16 tn, making up 11.4% of the entire economic landscape.

This booming industry is also set to be a job creation juggernaut, providing employment for 449 million people worldwide. Nearly 12.2% of the workforce will be powering this vibrant sector, showcasing Travel & Tourism’s pivotal role in global employment.

With more than three quarters of the countries analysed expected to exceed the high point of 2019, in terms of GDP contribution,

Travel & Tourism is on the brink of its most transformative era yet, promising prosperity, innovation, and connection on a scale we’ve yet to see.

The global body’s data also reveals women in Travel & Tourism surpass the average workforce participation in other sectors globally. In regions such the Americas, women make up a larger share of employment in the sector compared to the economy-wide workforce.

As we celebrate International Women's Day, this data underscores the significant contribution of women to the Travel & Tourism sector, portraying it as a catalyst for gender inclusivity and empowerment on a global scale.

WTTC remains committed to provide high-wage jobs, gender equality, and fostering entrepreneurship through SMEs, as well as generating more high-level opportunities for women within large corporations.