The travel industry will account for a whopping $1 out of every $10 spent globally in 2024 as the sector’s contribution to global GDP will increase 12.1 per cent year-on-year to a record USD$11.1 trillion (AUD$16.5 trillion), according to World Travel & Tourism Council (WTTC) forecasts.
This means travel is responsible for 10 per cent of global gross domestic product (GDP) – a 7.5 per cent increase from the previous record set in 2019.
The bump comes as consumers increasingly see travel as an essential part of their budgets and continue to book cruises, flights and accommodation.
Travel and tourism are also expected to support nearly 348 million jobs globally in 2024 – 13.6 million jobs more than the previous record set in 2019.
US powers global tourism contribution
WTTC’s 2024 Economic Impact Trends Report revealed the US as the world’s most powerful travel and tourism market, contributing a record-breaking USD$2.36 trillion to the nation’s economy last year.
The US economic contribution was almost double the world’s second-largest market, China, with a GDP contribution of USD$1.3 trillion in 2023.
Germany secured the third spot with a USD$487.6 billion economic contribution followed by Japan, contributing USD$297 billion, and the UK, contributing USD$295.2 billion to the global GDP.
China will become the world’s largest travel and tourism market in the next 10 years. Image: Shutterstock
WTTC predicts in the next decade, China will become the world’s biggest travel and tourism market with India also moving up from eighth to fourth position.
WTTC President & CEO Julia Simpson said the shifts illustrate the dynamic nature of the global sector and highlight the countries experiencing the highest annual GDP contribution growth rates.
“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,” she said.
2024 WTTC Global Summit
Former US Secretary of State John Kerry served from 2013-2017 in President Barack Obama’s administration.
Former US Secretary of State John Kerry has been revealed as its keynote speaker at the global tourism body’s Global Summit, taking place 8-10 October in Perth. Kerry was also the inaugural Special Presidential Envoy for Climate under President Joe Biden.
Simpson said: “We are honoured to welcome Secretary John Kerry as a keynote speaker at our Global Summit in Perth. His unparalleled experience and dedication to tackling climate change and global challenges align perfectly with our mission to drive a more sustainable and resilient future for the sector.”
WTTC President & CEO Julia Simpson (second from left) at the announcement.
WA Tourism Minister Rita Saffioti added: “Securing John Kerry for this world-renowned conference is a huge coup for Western Australia, and we’re really excited to see the incredible insight and experience he will share with the hundreds of business and tourism leaders who attend.”
Late last year, Perth was unveiled as the host of the 2024 WTTC Global Summit, marking the first time the event has been held in Australia and Oceania.
Find out more at wttc.org
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