Tourexpi
Despite
the slow return of spending from international travellers, the U.S. keeps pole
position, with almost double the economic contribution of its nearest rival.
Following
a record-breaking year for Travel & Tourism, the sector continues to be the
backbone to many country economies, while supporting millions of jobs globally.
The
latest report from the global tourism body reveals China as the world’s second
most powerful market with a GDP contribution of US$1.3 TN in 2023, underscoring
its impressive rebound, despite the late reopening of its borders.
Germany
secured the third spot with a US$487.6 BN economic contribution, while Japan,
which in 2022 was in 5th place, jumped up to 4th position, contributing US$297
BN.
The
United Kingdom completes the top five, contributing US$295.2 BN.
France,
the world’s most popular destination retained its sixth position with a
contribution of US$264.7 BN, followed closely by Mexico at US$261.6 BN,
showcasing its continued appeal as a major tourist destination.
India
came in eighth, rising from a previous 10th position, with US$231.6 BN, marking
a notable improvement and highlighting its growing influence in the sector.
Italy and Spain complete the top 10, contributing US$231.3 BN and US$227.9 BN,
respectively.
However,
over the next decade, WTTC predicts China will become the biggest Travel &
Tourism market with India moving up to 4th position.
These
shifts illustrate the dynamic nature of the global Travel & Tourism sector,
with emerging markets gaining ground and traditional powerhouses maintaining
their strongholds.
The
report also highlights the countries experiencing the highest annual growth
rates in their Travel & Tourism contributions to GDP.
In
2023, China’s sector surged ahead with an astounding year on year growth
of 135.8%, while other Asian countries, such as Hong Kong SAR, Malaysia, and
the Philippines recovered soon after the removal of travel restrictions.
Julia
Simpson, WTTC President & CEO, said: "As we look forward to a
record-breaking 2024, it's clear that Travel & Tourism is not only back on
track, but also set to achieve unprecedented growth.
“We
will continue to prioritise sustainability and inclusivity, ensuring that this
growth benefits everyone and protects our planet for future generations. The
sector's resilience and potential for innovation continues to drive us
forward.”
According
to the report, many key destinations will profit from a surge in international
spending this year compared to pre-pandemic levels, with Saudi Arabia up
91.3% compared to 2019. Türkiye (+38.2%), Kenya (+33.3%), Colombia
(+29.1%) and Egypt (+22.9%) leading the way.
Globally,
international visitor spending is set to grow by nearly 16% to reach US$1.9 TN,
while domestic tourists are projected to spend more than ever before, reaching
US$5.4TN, an increase of 10.3% over 2019 levels.
Travel
& Tourism investment grew 13% in 2023 to reach more than US$1TN, with a
return to pre-pandemic levels anticipated by 2025.
However,
high interest rates around the world could create challenges for future
investment. It is therefore crucial that the public and private sectors work
together to innovate to ensure the continual strengthening of this vital
sector.
The
report also highlights the sector's commitment to sustainability, showcasing
the decoupling of growth from greenhouse gas emissions and the increasing
opportunities for women, young people, and marginalised communities.
Technological
advancements, particularly in AI, are expected to further enhance the travel
experience and drive future growth.
For
more information and to access the full report, please visit WTTC's Research Hub.
Image
Credit: © WTTC
The most interesting news
Gen X plore: Three Quarters of Over 50s Seek Career Change to Facilitate Travel Plans
New research from Hilton (NYSE: HLT) has revealed a growing number of over 50s are considering changing careers or changing their working hours to facilitate travel plans.
Eurowings receives four-star airline award
Rating agency Skytrax ranks Eurowings' service level significantly above the low-cost competition.
Travel in Serenity: Unique Escapes in Different Mexican Destinations
More and more people are prioritizing their health and well-being through experiences that allow them to disconnect from everyday stress.
TUI Blue continues rapid expansion in China and Southeast Asia
First TUI Blue hotels opened in China and Malaysia.
British Airways set for a record-breaking summer of flights from North America to London
British Airways will operate a record number of flights between North America and London for Summer 2025, offering more than 400 direct flights per week during its busiest weeks.
Industry officials: Tourism rebounds beyond expectations but remains vulnerable to health threats
Top tourism officials call for stronger crisis management, collaboration to help stem impact of any possible health uncertainties.
Kimpton Hotels & Restaurants Expands into Shanghai’s Vibrant Xujiahui Commercial Hub
Redefining Urban Luxury with A Reimagined Design.
UN Tourism Launches Investment Guidelines for Armenia
UN Tourism has added to its growing portfolio of investment guidelines with a new edition focused on the potential of Armenia.
Explore the ‘Efeler Way’ in İzmir: the latest hiking trail linking authentic villages
The Efeler Way (Efeler Yolu) is the newest sustainable hiking trail along Türkiye's stunning Aegean coast, offering an unparalleled opportunity to explore the region's natural beauty and rich cultural heritage.
Cruise industry annual environmental data shows continued progress toward sustainability
Cruise Lines International Association (CLIA), the leading voice of the global cruise industry, today released its annual Global Cruise Industry Environmental Technologies and Practices Report, showing continued progress by the sector in advancing it
UN Tourism Puts Spotlight on Education and Innovation at Bled Strategic Forum
UN Tourism brought its expertise to the Bled Strategic Forum, highlighting the essential role of investments and innovation as drivers of a better future, while also engaging in an official visit to the Ministry of Economy, Tourism and Sport to stren
WTM London 2024 is Set to be Biggest to Date
World Travel Market London has announced that this year’s event will be the largest to date, with an expected 7% growth and expansion into new halls at ExCeL London, reflecting the thriving international tourism sector.
Hilton Set to Surpass 150 Luxury Hotels in Asia Pacific
Leading global hospitality company Hilton (NYSE: HLT) today revealed plans to surpass 150 luxury hotels in Asia Pacific in the coming years – quadrupling its luxury portfolio across the region compared with the end of 2023.
Berlin: Lufthansa Group expands route network in winter
With a new direct flight to Geneva, the Lufthansa Group is improving connectivity to Berlin Brandenburg Airport.
UN Tourism Welcomes First Students to Sustainable Tourism Degree Course
UN Tourism has welcomed the first students enrolled on its pioneering degree course in International Sustainable Tourism.
Massimo Brancaleoni joins Kempinski Hotels as Chief Commercial Officer
The luxury hospitality group Kempinski Hotels is proud to announce the arrival of Massimo Brancaleoni as of 1 November 2024. Amanda Elder steps down to pursue other opportunities.
Salt Mountain in eastern Türkiye to host underground book and culture festival
Mountain in Igdir province to host festival 80 meters below surface from Sept. 11-15.
World Meteorological Organization predicts 60 percent chance of La Nina's cooling impact
Forming of La Nina anticipated to rise to 60% from October 2024 through February 2025; chance of El Nino redeveloping during this period negligible, says agency.
Eight Continents Hotels and Resorts Expands Portfolio with Stamps Red Martin in Amritsar
Eight Continents Hotels and Resorts is delighted to announce the addition of Stamps Red Martin to its prestigious portfolio.
IHG Hotels and Resorts debuts the Holiday Inn brand in Pushkar
The new-build Holiday Inn Resort Pushkar will add 120-keys to IHG’s growing portfolio across secondary cities in the country.
IHG Hotels and Resorts ‘Flipped’ upside down hotel room delighted festival goers
IHG Hotels & Resorts turned festival goers world’s upside down with the debut of IHG Hotels & Resorts Flipped at Lollapalooza Berlin last weekend.