World Leads in Travel and Tourism: United States Continues Dominating Global Market

World Travel & Tourism Council Releases 2024 Economic Impact Trends Report

The World Travel & Tourism Council (WTTC) has recently unveiled its 2024 Economic Impact Trends Report, offering insights into the global Travel & Tourism market's future.

According to the report, the Travel & Tourism sector is making significant strides towards sustainability and decoupling growth from greenhouse gas emissions. This commitment is reflected in the sector's ambitious goals, aiming to reduce its carbon footprint and promote responsible tourism practices.

In terms of market rankings, India is poised to make a significant leap, moving up to the 4th position in the Travel & Tourism market by 2024. In 2023, India marked an impressive improvement, securing the 8th spot with a contribution of US$231.6 BN. Japan followed suit, jumping up to the 4th position with a contribution of US$297 BN in the same year.

France retained its sixth position with a contribution of US$264.7 BN, while Germany secured the third spot with a US$487.6 BN economic contribution. The United States remains the world's most powerful Travel & Tourism market, contributing $2.36 TN to its economy in 2023. The UK completes the top five, contributing US$295.2 BN.

China, however, is expected to surpass the U.S. to become the biggest Travel & Tourism market by 2024. In 2023, China's Travel & Tourism sector experienced an astounding year-on-year growth of 135.8%, with a GDP contribution of US$1.3 TN.

International visitor spending is set to grow by nearly 16% to reach US$1.9 TN in 2024. Despite a slow return of spending from international travelers, the U.S. has almost double the economic contribution of its nearest rival.

The report also highlights the importance of collaboration between the public and private sectors to ensure the continual strengthening of the Travel & Tourism sector. Technological advancements, particularly in AI, are expected to further enhance the travel experience and drive future growth.

Domestic tourists are projected to spend more than ever before, reaching US$5.4 TN in 2024, an increase of 10.3% over 2019 levels. Countries like India, Hong Kong SAR, Malaysia, and the Philippines have recovered soon after the removal of travel restrictions in 2023.

Notable mentions in the report include France, which was identified as the fourth strongest Travel & Tourism market, and Egypt, which ranked as the fifth strongest market worldwide. Italy and Spain complete the top 10, contributing US$231.3 BN and US$227.9 BN, respectively.

Lastly, the report predicts that Travel & Tourism investment grew 13% in 2023 to reach over US$1 TN, with a return to pre-pandemic levels anticipated by 2025. The future of the Travel & Tourism sector looks promising, with a commitment to sustainability, technological advancements, and a robust economic outlook.

World Leads in Travel and Tourism: United States Continues Dominating Global Market