The World Travel & Tourism Council (WTTC) has unveiled its 2024 Economic Impact Trends Report, revealing the United States as the foremost Travel & Tourism market worldwide.
In 2023, the sector contributed an impressive $2.36 trillion to the US economy, solidifying its status ahead of other nations.
Strong performance amid challenges
Despite the gradual recovery in spending from international visitors, the US continues to maintain a significant lead, with nearly double the economic output of its closest competitor.
Following the US in the rankings is China, which contributed $1.3 trillion to its GDP, showcasing a remarkable rebound since reopening its borders.
Germany ranks third, with a contribution of $487.6 billion, while Japan has moved up to fourth place with $297 billion, and the United Kingdom rounds out the top five with $295.2 billion.
Emerging markets gain ground
The report indicates a dynamic shift in the global Travel & Tourism landscape. Countries like India, now eighth with a contribution of $231.6 billion, are demonstrating considerable growth.
Italy and Spain complete the top ten, contributing $231.3 billion and $227.9 billion, respectively.
WTTC forecasts that over the next decade, China is expected to surpass the US as the largest market, with India moving up to fourth position.
Future outlook and sustainability efforts
Julia Simpson, WTTC President & CEO, expressed optimism about the sector's future, stating, "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."
The report highlights a surge in international spending, particularly in countries like Saudi Arabia and Türkiye, which are experiencing substantial increases compared to pre-pandemic levels.
Globally, international visitor spending is projected to rise by nearly 16%, reaching $1.9 trillion, while domestic tourist expenditure is expected to surpass $5.4 trillion, reflecting a 10.3% increase from 2019.
Despite potential challenges posed by high interest rates, the report emphasises the importance of public and private sector collaboration to bolster this vital industry.
Furthermore, the WTTC report underscores the commitment to sustainability, noting that growth is becoming increasingly decoupled from greenhouse gas emissions.
The sector aims to enhance opportunities for women, youth, and marginalised communities, while advancements in technology, particularly AI, are anticipated to play a crucial role in shaping the future of travel.
