The Travel and Tourism sector will inject about $11.1 trillion into the global economy at the end of 2024 according to a new report by the World Travel & Tourism Council (WTTC).
Based on WTTC’s 2024 Economic Impact Research (EIR), this projection signifies an additional $770 billion compared to previous records, pushing the sectors status to powerhouse in the global economy.
- Julia Simpson, President & CEO of WTTC, emphasized the sector’s importance, stating, “This isn’t just about breaking records; we’re witnessing a sector rebounding to its best form after challenging years, providing a substantial economic boost and supporting millions of jobs globally.”
Currently, the travel sector supports nearly 348 million jobs globally, an increase of over 13.6 million jobs compared to 2019.
Also, international visitor spending is expected to nearly match the 2019 peak, reaching $1.89 trillion, while domestic tourism expenditure is forecasted to surpass previous records, reaching $5.4 trillion.
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A breakdown of Travel sector performance
Despite economic uncertainties and geopolitical shifts, the Travel and Tourism sector demonstrated resilience in 2023, injecting nearly $10 trillion into the global economy, equivalent to 9.1% of global GDP.
- With an economic resurgence reminiscent of the pre-pandemic era, the sector showcased its critical role by bolstering the workforce by an additional 27.4 million jobs, totaling nearly 330 million jobs worldwide.
- A look at international spending recorded a 33.1% increase to $1.63 trillion, signaling a vibrant recovery for many nations, while domestic spending jumped 18% to almost $5 trillion.
- However, significant challenges remain, particularly in the U.S. and China, where international visitor spending lagged pre-pandemic levels by 25% and 60%, respectively.
Looking ahead, WTTC forecasts the travel sector raking up to $16 trillion for the global economy by 2034, comprising 11.4% of the entire economic landscape. With 449 million people employed in the sector, representing 12.2% of the global workforce.
