A record $1 out of every $10 spent globally in 2024 will be on travel as people book hotels, cruises and flights, according to an annual report by the World Travel and Tourism Council (WTTC).
Reuters quoted the WTTC report as saying that the tourism industry’s contribution to global gross domestic product is expected to reach new heights as consumers increasingly see travel as an essential part of their budgets.
The WTTC estimates the industry’s contribution to global GDP in 2024 will increase 12.1 per cent year-on-year to $11.1tn, making up 10 per cent of global GDP.
Global travel and tourism
This represents about a 7.5 per cent increase from the previous record set in 2019.
Julia Simpson, WTTC CEO, said: “Despite some concerns last year about us going into a global recession and high inflation, this year we are looking at travel and tourism being a real economic powerhouse globally”.
Tourism spending in the US, Chinese and German economies is expected to contribute the most to GDP.
The sector is expected to support nearly 348m jobs in 2024, or 13.6m jobs more than in 2019, the previous record prior to the pandemic.
The industry is still hiring to fill jobs in the rapidly expanding field
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