The United States remains the world’s dominant travel and tourism market, generating $2.36 trillion in economic contribution in 2023. However, emerging markets like China and India are rapidly gaining ground, with China projected to surpass the US as the largest market by 2030. The World Travel and Tourism Council (WTTC) report highlights the sector’s resilience and future growth potential, emphasizing the importance of sustainability and innovation.
The World Travel & Tourism Council’s (WTTC) 2024 Economic Impact Trends Report reveals the US as the world’s most powerful travel and tourism market, contributing $2.36 trillion to its economy in 2023. However, China is poised to overtake the US in the next decade, while India is expected to rise to the fourth position. The report highlights strong growth in travel and tourism investments and spending globally, with a focus on sustainability and inclusivity.
The World Travel & Tourism Council (WTTC) has appointed Gaurav Bhatnagar, Joint Managing Director and Co-Founder of TBO.com, as the new Regional Vice Chair for India. This strategic move highlights WTTC’s commitment to expanding its presence and impact in one of the world’s fastest-growing travel and tourism markets.
The World Travel & Tourism Council (WTTC) forecasts a substantial economic boost for China’s Travel & Tourism industry in 2024. The sector is expected to contribute ¥12.62 trillion to the national economy, fueled by a surge in domestic travel expenditure of ¥6.79 trillion. However, international tourist spending is still lagging behind pre-pandemic levels due to delayed travel restrictions in China. Despite the positive outlook, the sector is still slightly behind 2019 employment figures, with a projected 10.6% of total employment in China this year.
The World Travel & Tourism Council (WTTC) forecasts a record-breaking year for Canada’s Travel & Tourism sector, with an economic contribution expected to reach an all-time high of $182 billion in 2024. This represents an 8.1 billion dollar increase from the previous peak in 2019, showcasing the sector’s significant role as an economic force, generating one in every 15 dollars of economic activity.
The World Travel & Tourism Council (WTTC) released its 2024 Economic Impact Research (EIR), highlighting a bright future for Oman’s Travel & Tourism sector. Bolstered by government backing and initiatives, the industry is set to not only recover but reach new heights this year. Key indicators for 2023 include a 35% increase in the sector’s GDP contribution, reaching OMR 2.8 billion, and a 15% growth in employment, supporting 191,500 jobs. International tourists contributed OMR 1.1 billion to the economy, a 69% rise from 2022, while domestic tourism spending bounced back to OMR 1.4 billion. Strategic government investments and support are revitalizing the economy and paving the way for further increases in international tourist spending and the overall economic impact of the sector.
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.
Research from the World Travel & Tourism Council (WTTC) in 2024 reveals that Qatar’s Travel & Tourism sector achieved record-breaking success last year. The sector’s contribution to GDP, employment, and domestic spending surged significantly. The GDP contribution reached QAR 81.2BN, accounting for 10.3% of Qatar’s total economic output. Over 20,300 new jobs were created in the sector, bringing the total to nearly 286,000 jobs nationwide. Despite a decline in international visitor spending, the sector is projected to make a record contribution to Qatar’s economy in 2024, with an expected GDP contribution of QAR 90.8BN and over 334,500 jobs supported.
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.
The World Travel & Tourism Council (WTTC) has announced a significant milestone in its Hotel Sustainability Basics (Basics) program, with 3,400 properties now verified across nearly 80 countries. This program guides hotels in enhancing their sustainability practices, aiming to elevate standards across the global hospitality sector. Major hotel groups and destinations have embraced this initiative, reflecting the industry’s commitment to progress in sustainability efforts.
