Despite industry talk of softening and jitters in the sector, the United States is still the world’s biggest market for travel and tourism, new data shows.
Top five for travel and tourism income
The latest Economic Impact Trends Report from the World Travel & Tourism Council (WTTC) again puts the US in first place in the worldwide ranking, with travel and tourism contributing a record-breaking $2.36 TN to the country’s economy last year.
That figure is almost double the income of the second-placed nation: China, the next strongest travel and tourism market in the world, where the sector brought in US$1.3 TN in 2023, marking a notable success for the People’s Republic after the ravages of its harsh and long-lasting Covid-19 restrictions.
And in third place, sits Germany, for whom travel and tourism represented US$487.6 BN.
© Statista
Japan ranked fourth, up from fifth place in 2022, with a 2023 travel and tourism contribution of US$297 BN to the economy proving that reports of overtourism in some Japanese destinations are not exaggerated.
Meanwhile, the UK took fifth spot in the list, with its travel and tourism sector raking in $295.2 BN, round 31 billion dollars more than its age-old rival France. Though France stayed in sixth place, it remains the world’s favourite tourist destination.
China and India on the rise
Mexico placed seventh, and India gave a good account of itself, rising two places up the ranking to take eighth position. Italy and Spain round out the top ten most powerful markets for travel and tourism, the WTTC data shows.
The international body’s analysis predicts that India will rise further up the list to a potential fourth place over the next decade, competing hard with China, which is working all out on to make itself a powerhouse destination that appeals to a wide range of visitors and is convenient to visit. Thanks to that effort and investment it is has seen what the WTTC calls “astounding growth” of 135.8% year-on-year and is touted to take first place ahead of the United States in the next ten years.
Other impressive performances
Other destinations set to profit from a surge in international spending this year compared to pre-pandemic levels, include Saudi Arabia, up 91.3% compared to 2019%, Türkiye (+38.2%), Kenya (+33.3%), Colombia (+29.1%) and Egypt (+22.9%).
Commenting on the new report, Julia Simpson, WTTC President & CEO, said: “it’s clear that Travel & Tourism is not only back on track, but also set to achieve unprecedented growth. We will continue to prioritise 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.”
