The travel and tourism industry is expected to reach new milestones as people increasingly see travel as an essential part of their spending. WTTC estimates the industry’s contribution to global GDP this year to rise 12.1% from last year to $11.1 trillion, or 10% of GDP.
In the first seven months of 2024, there were approximately 790 million international tourist arrivals globally, up 11% year-on-year and reaching 96% of pre-COVID-19 levels.
The global tourism industry is witnessing a strong recovery from the negative impacts
According to the report, one in every 10 dollars spent globally will be on tourism. Tourism spending in major economies such as the US, China and Germany is expected to contribute the most to GDP.
The industry is expected to support nearly 348 million jobs this year, up 13.6 million from 2019, a pre-pandemic record. The industry is still hiring to meet the workforce needs of rapid growth. According to the U.S. Travel Association, the country's leisure and hospitality industry is short 1 million workers.
The tourism industry, with its undeniable appeal, is reshaping the world economic map. As consumers increasingly prioritize experiences and exploration, the contribution of tourism to global Gross Domestic Product (GDP) is expected to reach new heights. Tourism is not just a holiday, but an integral part of modern lifestyle, driving consumer demand and stimulating the development of many other industries.
Tourists are back and spending on tourism activities is stronger this year.
"While last year there were concerns that we would be hit by a global recession and high inflation, this year we are aiming to make travel and tourism a real economic driver globally," said Julia Simpson, CEO of the non-profit organisation.
Modern technology and sustainable tourism initiatives have also played a major role in the industry’s growth. Services such as contactless check-in, virtual tours, and personalized tours offer convenience to travelers. At the same time, travel companies are increasingly focusing on sustainability, with efforts to reduce carbon emissions, promote local culture, and support conservation.
WTTC forecasts that by 2034, the travel and tourism industry will contribute US$16 trillion to the global economy and support 449 million jobs, ushering in a future of unprecedented prosperity and innovation.
