The travel and tourism sector is set to reach record levels this year, contributing to the global economy an all-time high of $11.1 trillion, according to projections from the World Travel & Tourism Council (WTTC). This will be $770 billion over the previous record, with travel and tourism generating one in every 10 dollars worldwide in 2024.
As the global sector soars past its pre-pandemic prosperity, WTTC expects 142 countries of the 185 analysed to outperform previous national records. International visitor spending is expected to come within touching distance of the 2019 peak, to reach $1.89 trillion, while domestic tourists are forecast to spend more than in any year on record, reaching $5.4 trillion.
1. 2023 performance
Despite economic uncertainties and geopolitical shake-ups, the travel and tourism sector accounted for nearly $10 trillion of the global economy last year, matching its pre-pandemic peak and proving its resilience. At just over $9.9 trillion in 2023, travel and tourism represented 9.1% of global GDP, a mere 4% below 2019 levels.
Against the backdrop of uncertainty, the Travel & Tourism sector remains a global economic powerhouse.
Julia Simpson, WTTC President & CEO
International spending increased by 33.1% to reach $1.63 trillion, underscoring a comeback for many countries around the world, with domestic spending increasing by more than 18% to reach almost $5 trillion.
The growth was achieved despite two of the world’s biggest tourism markets lagging in terms of international visitor spend, with both the US and China seeing a far slower return of international tourist spend. Last year, in the US, international visitor spending remained more than a quarter below the peak of 2019, while China’s visitor spend remained almost 60% down.
“This isn’t just about breaking records, we’re no longer talker about a recovery – this is a story of the sector back at its best after a difficult few years, providing a significant economic boost to countries around the world and supporting millions of jobs”, said WTTC President and CEO Julia Simpson. “There’s a risk however, we need the U.S. and Chinese governments to support their national Travel & Tourism sectors. The U.S. and China will continue to suffer whilst other countries are seeing international visitors return much faster.”
2. 10-year outlook
Looking ahead, WTTC is forecasting a promising future for the next decade, characterised by robust growth and unparalleled career opportunities. By 2034, the sector will supercharge the global economy with $16 trillion, making up 11.4% of the global economic landscape.
With more than three quarters of the countries analysed expected to exceed the high point of 2019, in terms of GDP contribution, WTTC says the sector is “on the brink of its most transformative era yet, promising prosperity, innovation and connection on a scale we’ve yet to see.”
