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United Kingdom Claims Top Spot as Fifth Most Valuable Travel and Tourism Market
The United Kingdom has been ranked as the world’s fifth most valuable travel and tourism market, contributing $295.2 billion to the national economy in 2023, according to the World Travel & Tourism Council (WTTC) 2024 Economic Impact Trends Report. However, it is expected to move up to fourth place in 2024, with a forecasted contribution of $346.7 billion, overtaking Japan.In 2019, the UK also held the fifth spot, contributing the same amount as in 2023. The United States remains the world’s most valuable travel and tourism market, setting a record with $2.36 trillion in 2023. China, in second place, is projected to surpass the US by 2034, while the UK is expected to remain in fourth position.
Despite slower spending recovery from international travelers, the US continues to lead with nearly double the economic contribution of China, which provided $1.3 trillion to its GDP in 2023 despite a late border reopening.
Germany ranked third with a contribution of $487.6 billion, while Japan moved up to fourth in 2023, contributing $297 billion. The UK rounded out the top five. France, the most popular tourist destination in the world, remained in sixth place with $264.7 billion, followed by Mexico at $261.6 billion.
India ranked eighth, contributing $231.6 billion, with expectations to rise to fourth place by 2034. Italy and Spain completed the top ten, contributing $231.3 billion and $227.9 billion, respectively.
The report also highlights rapid growth in travel and tourism contributions to GDP in countries like China, where the sector surged by 135.8% in 2023. Other fast-recovering Asian destinations include Hong Kong SAR, Malaysia, and the Philippines.
Julia Simpson, WTTC president and CEO, said: “As we look ahead to 2024, travel and tourism are not just recovering but are on track for record growth. We will continue to focus on sustainability and inclusivity to ensure this growth benefits everyone and protects the planet for future generations.”
The report predicts that international visitor spending will rise nearly 16% globally to $1.9 trillion, while domestic tourists are expected to spend $5.4 trillion, a 10.3% increase over 2019 levels. Countries such as Saudi Arabia, Türkiye, Kenya, Colombia, and Egypt are leading the charge with significant increases in international spending compared to pre-pandemic levels.
Source: Travel And Tour World
