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U.S. Endures as the World’s Most Dominant Travel & Tourism Sector
The World Travel & Tourism Council (WTTC) has just launched its 2024 Economic Impact Trends Report, revealing the U.S. as the world’s most powerful Travel & Tourism market, contributing an unparalleled $2.36 trillion to its economy in 2023. Despite slow spending recovery from international visitors, the U.S. remains a dominant force, with nearly double the economic contribution of its nearest competitor.China’s Resurgence and Global Rankings
China ranked second, contributing $1.3 trillion to its economy in 2023. This rebound is particularly impressive given the late reopening of its borders. Germany, Japan, and the United Kingdom round out the top five, while India saw a significant leap, rising from 10th to 8th with a contribution of $231.6 billion. Notably, India is forecasted to reach 4th position by the next decade.
Global Growth and Shifts in the Market
WTTC predicts China will become the largest Travel & Tourism market in the world within the next decade, with India continuing its upward trajectory. Emerging markets like Saudi Arabia (+91.3%), Türkiye (+38.2%), and Egypt (+22.9%) are showing significant growth in international spending post-pandemic.
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 priorities 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.”
Investment and Sustainability in Focus
Global Travel & Tourism investment surged 13% in 2023, reaching over $1 trillion, with a return to pre-pandemic levels expected by 2025. However, the report emphasizes potential challenges due to rising interest rates and underscores the importance of collaboration between public and private sectors to sustain investment growth.
The report also stresses the sector’s commitment to sustainability, showcasing how growth is increasingly decoupling from greenhouse gas emissions and promoting inclusion for women, youth, and marginalized communities. Moreover, AI and technology advancements are set to revolutionize the travel experience, further fueling growth in the years to come.
TTW Editor in Chief Mr. Anup Kumar Keshan said: “The World Travel & Tourism Council’s (WTTC) 2024 Economic Impact Research (EIR) demonstrates a record-breaking year for the U.S. Travel & Tourism sector, contributing an impressive $2.36 trillion to the nation’s economy, up 7% from the previous year and surpassing the previous record by $100 billion. This growth is particularly noteworthy given the slower recovery of international visitor spending, which remains 26% below 2019 levels at $156.1 billion.
He continued, Domestic visitor spending, however, surged to $1.37 trillion, an increase of more than 9% from the 2019 peak. Additionally, 656,000 new jobs were created, bringing the total to a record 18 million jobs across the country, surpassing the previous high of 17.4 million.
Source: Travel And Tour World
