Results for: Economic impact

London Stansted Airport reached new heights in April 2024, exceeding previous records for both passenger and cargo volumes. The airport handled 2.48 million passengers in April, surpassing the previous record set in 2019. Over the past year, Stansted has seen a 10.8% increase in passengers, handling over 28.64 million. Additionally, cargo operations reached a milestone with over 27,000 tonnes of freight passing through the airport in April. This connectivity is vital for the Greater Cambridge area’s business ecosystem, supporting industries in global trading and international e-commerce.

Africa’s Travel Indaba (ATI) 2024 exceeded expectations, showcasing KwaZulu-Natal’s recovery with a significant economic impact. The event generated direct spending of over R226 million, contributing to GDP by over R500 million. As a platform for collaboration and innovation, ATI enabled partnerships between coastal provinces to enhance cruise tourism. Furthermore, the Basic Quality Verification (BQV) programme recognized 150 properties in small communities, providing a foundation for tourism growth and inclusivity.

New research by Oxford Economics reveals London Gatwick Airport’s significant contribution to the UK economy in 2023, highlighting its role in supporting economic activity and employment. The airport contributed £5.5 billion to the economy, supporting over 76,000 jobs, reaching levels close to pre-pandemic figures. The economic impact was primarily concentrated in the South East region, including West Sussex, East Sussex, Surrey, Kent, Brighton and Hove, and Croydon.

Sydney, Australia’s business events industry is thriving, with the city securing 103 events expected to generate over $507 million in direct expenditure for the local economy between now and 2030. This announcement was made at IMEX in Frankfurt, Germany, by BESydney CEO Lyn Lewis-Smith. These events will attract around 128,000 delegates, significantly boosting the local visitor economy. The conference programming will provide Australians access to cutting-edge practices and insights in industries such as AI, biodiversity, education, engineering, defense and aerospace, critical minerals, and health, along with addressing social issues such as gender-based violence and aging.

IPW 2024, hosted by U.S. Travel in Los Angeles, welcomed 5,700 attendees, including 2,000 international buyers and media from nearly 70 countries. The event generated over $5.5 billion in future travel to the U.S. and highlighted major upcoming events, such as the World Cup, Copa America, and the Summer Olympics in Los Angeles. Industry leaders and elected officials emphasized the vital role of travel in their communities and businesses.

The World Travel & Tourism Council (WTTC) and IC Bellagio have launched ‘Community Conscious Travel,’ an initiative to promote responsible travel practices among consumers. This campaign aims to strike a balance between the needs of residents, visitors, and the environment in popular destinations. By empowering travelers with knowledge, the initiative encourages informed choices such as visiting during off-peak seasons, supporting year-round travel, and exploring less-crowded destinations. These actions contribute to the long-term sustainability of communities, businesses, and ecosystems.

The World Travel & Tourism Council’s (WTTC) 2024 Economic Impact Research (EIR) has revealed a remarkable upsurge in Qatar’s Travel & Tourism sector. Last year witnessed unprecedented highs in GDP contribution, job creation, and domestic traveler expenditure, surpassing previous records. In 2023, the sector’s GDP contribution soared by 31%, reaching a historic QAR 81.2BN, constituting 10.3% of Qatar’s total economic output. Employment in the sector burgeoned with over 20,300 new positions, totaling nearly 286,000 jobs nationwide, accounting for one in every eight jobs across the country. Domestic visitor spending surged to QAR 1.4BN. Despite hosting the FIFA World Cup the preceding year and experiencing a 40% surge in spending by foreign visitors to QAR 60.4BN, it still trailed the previous peak by QAR 1.2BN.

The World Travel & Tourism Council’s 2024 Economic Impact Research predicts a remarkable year for Portugal’s Travel & Tourism industry, with an estimated economic impact of over €54 billion. This represents a significant 24.3% surge compared to 2019, accounting for 20% of the national economy. The sector is poised to create 1.14 million jobs, a substantial increase of 126,000 jobs from 2019 levels. Reflecting on 2023, Travel & Tourism’s contribution rose by 8.6% to €52 billion, constituting 19.6% of Portugal’s total economic output. International visitor expenditure surged by 9.2% to €29.6 billion, while domestic tourism spending experienced a nearly 5% uptick, totaling €17.2 billion.

Chinese tourists are back in action, as shown by the surge in international travel during the May Labour Day holiday. This resurgence, despite economic challenges in China, bodes well for global tourism destinations that rely heavily on Chinese travelers. The recovery is expected to reach pre-pandemic levels by 2025.

Peterborough Musicfest, Canada’s longest-running free music festival, has a significant economic impact on the Peterborough region. Visitor spending during the festival exceeds $1.76 million, with the combined spending of out-of-town attendees and event organizers totaling over $2.34 million. The festival supports $1.2 million in wages and salaries and generates a diverse range of economic activity, with accommodations and restaurants being the leading expenditure categories.