WTTC Report Reveals U.S. as Leading Travel & Tourism Market
U.S. tops global Travel & Tourism market with $2.36 TN contribution in 2023.
The World Travel & Tourism Council (WTTC) has launched its 2024 Economic Impact Trends Report, revealing the U.S. as the world’s leading Travel & Tourism market, contributing a record-breaking $2.36 TN to the economy in 2023.
Despite a slow return of international spending, the U.S. maintained its lead, nearly doubling the economic contribution of its closest competitor.
Chinaranked second with a GDP contribution of $1.3 TN, followed by Germanyat $487.6 BN.
Japan moved up to fourth place with $297 BN, and the UK rounded out the top five with $295.2 BN.
France, the world’s most popular destination, retained sixth place with $264.7 BN, followed by Mexico at $261.6 BN.
India rose to eighth with $231.6 BN, while Italy and Spain completed the top ten with $231.3 BN and $227.9 BN, respectively.
Future Projections and Growth
WTTC predicts China will become the largest Travel & Tourism market over the next decade, with India moving to fourth position.
The report highlights the dynamic nature of the sector, with emerging markets gaining ground.
In 2023, China experienced a 135.8% year-on-year growth in its Travel & Tourism sector, with other Asian countries like Hong Kong SAR, Malaysia, and the Philippines also showing strong recoveries.
Sustainability and Investment
WTTC President & CEO Julia Simpson’s the sector’s resilience and potential for innovation, highlighting a commitment to sustainability and inclusivity.
The report projects international visitor spending to grow by nearly 16% to $1.9 TN, with domestic tourists expected to spend $5.4 TN, a 10.3% increase over 2019 levels.
Travel & Tourism investment grew 13% in 2023 to over $1 TN, with a return to pre-pandemic levels anticipated by 2025.
However, high global interest rates could pose challenges for future investment, underscoring the need for public and private sector collaboration.
The report also showcases the sector’s efforts to decouple growth from greenhouse gas emissions and increase opportunities for women, young people, and marginalised communities.
