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The travel and tourism industry is expected to reach many new milestones as people increasingly view travel as an essential part of their spending. WTTC estimates the industry's contribution to global GDP this year will increase by 12.1% compared to last year, reaching $11.1 trillion, accounting for 10% of GDP.
In the first seven months of 2024, there were approximately 790 million international tourists worldwide, an 11% increase compared to the same period in 2023 and reaching 96% of pre-COVID-19 pandemic levels.
The global tourism industry is witnessing a strong recovery after negative impacts.
According to the report, for every $10 spent globally, $1 will go to tourism. Tourism spending in major economies such as the US, China, and Germany is expected to contribute the most to GDP.
The industry is projected to support nearly 348 million jobs this year, an increase of 13.6 million jobs compared to 2019, the pre-pandemic record. The industry is still hiring to meet the workforce demands of this rapid growth. According to the U.S. Travel Association, the country's leisure and hospitality industry is currently short 1 million employees.
The tourism industry, with its undeniable appeal, is reshaping the global economic map. As consumers increasingly prioritize experiences and exploration, the tourism sector's contribution to global Gross Domestic Product (GDP) is expected to reach new heights. Tourism is not simply a vacation; it is an integral part of modern lifestyles, driving consumer demand and stimulating the growth of many other industries.
Tourists have returned and spending on travel activities is stronger this year.
Julia Simpson, CEO of the nonprofit, said: "While last year there were still many concerns about us being impacted by a global recession and high inflation, this year we are aiming to make travel and tourism a real economic driver globally."
Modern technology and sustainable tourism initiatives also play a crucial role in the industry's development. Services such as contactless check-in, virtual tours, and personalized travel offer convenience for travelers. Simultaneously, tourism 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, opening up a promising future of unprecedented prosperity and innovation.
