International Tourism | WTTC: Travel sector set to break all records during 2024
The World Travel & Tourism Council (WTTC) is projecting a record-breaking year for Travel & Tourism in 2024, with the sector’s global economic contribution set to reach an all-time high of $11.1 trillion.
According to the global tourism body’s 2024 Economic Impact Research (EIR), Travel & Tourism will contribute an additional $770BN over its previous record, stamping its authority as a global economic powerhouse, generating one in every 10 dollars worldwide.
As the global sector soars past its pre-pandemic prosperity, WTTC expects 142 countries out of 185 analyzed will be outperforming previous national records.
In partnership with Oxford Economic, WTTC’s latest EIR showcases a sector brimming with opportunities, underpinning almost 348MN jobs globally. This represents an increase of more than 13.6MN jobs compared to its highest point in 2019.
International visitor spending is expected to come within touching distance of the 2019 peak, to reach $1.89TN, while domestic tourists are forecast to spend more than in any year on record to hit $5.4TN.
A look back on last year
Despite economic uncertainties and geopolitical shake-ups, the Travel & Tourism sector is thriving. With an economic injection of nearly $10TN, the sector matched its pre-pandemic zenith, flexing its resilience and proving its critical role in the global economy.
Representing 9.1% of global GDP at just over $9.9TN in 2023, Travel & Tourism’s financial footprint was the largest it’s been since the golden year of travel in 2019, trailing its peak by a mere 4%.
The sector also bolstered its workforce by an additional 27.4MN, propelling the total to nearly 330MN jobs worldwide.
International spending increased by 33.1% to reach $1.63TN, underscoring a vibrant comeback story for many countries around the world, with domestic spending increasing by more than 18% to reach almost $5TN.
2023 set the stage, demonstrating the unwavering passion for travel, paving the way for a record-breaking year in 2024.
This growth comes despite two of the world’s biggest tourism markets lagging in terms of international visitor spend, with both the U.S. and China seeing a far slower return of international tourist spend.
Last year in the U.S., international visitor spending remained more than a quarter below the peak of 2019, while China’s visitor spend remained almost 60% down.
Julia Simpson, WTTC President & CEO, said: “Against the backdrop of uncertainty, the Travel & Tourism sector remains a global economic powerhouse.
“This isn’t just about breaking records, we’re no longer talker about a recovery – this is a story of the sector back at its best after a difficult few years, providing a significant economic boost to countries around the world and supporting millions of jobs.
“There’s a risk, however, we need the U.S. and Chinese governments to support their national Travel & Tourism sectors. The U.S. and China will continue to suffer whilst other countries are seeing international visitors return much faster.”
Travel & Tourism 10 years from now
Looking ahead, WTTC is forecasting a promising future for the next decade, characterized by robust growth and unparalleled career opportunities.
By 2034, the sector will supercharge the global economy with a staggering $16TN, making up 11.4% of the entire economic landscape.
This booming industry is also set to be a job creation juggernaut, providing employment for 449MN people worldwide. Nearly 12.2% of the workforce will be powering this vibrant sector, showcasing Travel & Tourism’s pivotal role in global employment.
With more than three-quarters of the countries analyzed expected to exceed the high point of 2019, in terms of GDP contribution,
Travel & Tourism is on the brink of its most transformative era yet, promising prosperity, innovation, and connection on a scale we’ve yet to see.
For more information, please check out the World Factsheet 2024 here.
RELATED TOPICS: Greece, Greek tourism news, Tourism in Greece, Greek islands, Hotels in Greece, Travel to Greece, Greek destinations, Greek travel market, Greek tourism statistics, Greek tourism report
Photo Source: pixabay.com
- 1) UK Tourism 2024: Greece named top destination in the world with best value for money
- 2) UN Tourism to make residents focus of Greek island of Thassos’ sector recovery
- 3) American Express report highlights Global Travel Trends during 2024
- 4) German Youth: Holidays are only worth it when they have content for social media
12/06 11:48
Athens Acropolis site closed down from 12:00 to 17:00 due to high temperatures
12/06 00:01
'Poor Things' costumes exhbition at Benaki Museum in downtown Athens
11/06 15:53
Schools in Athens to stay closed on Wednesday and Thursday due to heatwave
11/06 00:10
Greek Port Authority to acquire 11 boats for transfer of patients from remote islands
11/06 00:03
Greece's Interior Ministry issues directions for remote work during heatwave
10/06 23:45
Digital app for travellers to Greece 'mAIGreece' goes live on Monday
10/06 22:28
Greek Interior Ministry issues directions for remote work during heatwave on Tuesday-Thursday
10/06 19:38
Traffic restored on new Greek national highway leading to Corinth after truck explosion
10/06 14:42
09/06 11:18
UK Tourism 2024: Greece named top destination in the world with best value for money
08/06 00:22
Insolvency: FTI Touristik GmbH cancels all trips up to and including 05 July 2024
07/06 02:54
ERTFLIX International takes part in the Los Angeles Greek Film Festival
07/06 02:42
NBG: Greek tourism to break record in 2024 with 35 million arrivals and €22 billion in revenue
06/06 20:50
Greece elected to UN Security Council for 2025-26 in a 'historic day'
06/06 13:57
Hellenic National Archaeological Museum presents "The last Aphrodites" exhibition
05/06 22:00
FTI provisional insolvency admin strives for fastest possible solutions for clients
05/06 00:13
Turkey denies allowing Lord Elgin take Parthenon Marbles off Athens Acropolis
04/06 20:04
Migration & Asylum Ministry greenlights extra funding for 5 Greek island municipalities
04/06 14:55
Greek wine promotion event in London held under the auspices of GNTO
04/06 09:33
01/06 23:59
Regalia of King Otto on display in the Greek parliament in Athens until 2073
30/05 22:04
Eight groups submit expression of interest for Greek port of Lavrio
30/05 21:01
Traffic restrictions in Athens on Sunday morning for Cancer Survivors Day event
30/05 20:19
Conference and Summit of Global Archons conclides with dinner at Zappeion
30/05 18:15
Posidonia 2024: Minister wants more ships and related firms registered in Greece
30/05 15:23
Greek government spokesperson announces launch of new Entrepreneurship Fund
29/05 23:31
National Opera adds fifth performance of 'Tosca' due to high demand in Athens
29/05 21:24
Japan's Princess Kako tours Greece and visits National Foundation for the Deaf in Corfu
29/05 19:20
Attica Region governor talks synergies with firms, agencies at Shanghai conference
29/05 18:16
ATTICA GREEN EXPO 2024: Deputy Tourism Minister promotes sustainable tourism
29/05 15:11
Greek Prime Minister meets Emir of Qatar and two bilateral agreements are signed
29/05 14:47
28/05 22:58
Greek PM: We will continue to work hard to curb rising prices
28/05 22:54
Greek FinMin utilizes Recovery Fund, NSRF to be in vanguard of green transition
28/05 19:46
'The Enigma of Keros' clinches Audience Favorite prize at International Festival in Oregon
28/05 17:49
Former US Secretary of State Pompeo addresses Archon Conference in Athens
28/05 17:41
European report confirms 95.8% of bathing waters in Greece have 'excellent quality'
27/05 23:05
Türkiye's Ambassador to Athens on boosting economic, commercial, and cultural relations
27/05 21:11
4th International Conference on Religious Freedom of Archons commences in Athens
27/05 20:19
Delegation from the Saudi Arabia visits ONEX shipyards in Elefsis near Athens
27/05 18:15
Princess Kako takes part in 125th anniversary of Greek-Japanese diplomatic relations
27/05 14:07
National Opera offers free tickets to the dress rehearsal of 'Tosca' for the jobless
23/05 23:30
New Evinos bridge in Central Greece inaugurated by Transport Minister
23/05 21:34
Greece hosting meeting of International Organization of Securities Commissions May 26-29
23/05 20:37
Greek Deputy Foreign Minister highlights efforts to counter brain drain
23/05 20:24
Greek government to improve ties with Diaspora and consular services by AI
23/05 13:15
Climate Perception: Greece most resilient to global warming among Med destinations
22/05 23:17
Commander of French land forces visits Greece to promote military ties
22/05 20:06
Greek presence at 77th Cannes Film Festival includes Lanthimos film
22/05 18:55
Greece's Kalamata Dance Festival opens July 12 featuring 19 productions
22/05 18:11
Over 630 schools participate in 'Greek PISA' assessment tests on Wednesday
22/05 16:52
22/05 12:32
Porto Carras Pro-Am Aegean Mini Tour with participants from 12 countries
21/05 18:30
The President of the Hellenic Republic to visit Florence in Italy on May 23
21/05 17:24
'Greece through the Art of the Tourist Poster' exhibition in Chengdu of China
21/05 17:21
American Hellenic Institute honors Anniversary of the Pontic Greek Genocide
21/05 15:17
Arrivals and nights in Greek tourist accommodation rise 3.5% and 4.9% in March
21/05 14:12
Greek Tourism Minister receives ambassadors of Iraq and Slovakia
20/05 01:51
First Ramada by Wyndham Hotel in Fethiye opens in Ölüdeniz of Turkey
17/05 01:25
Mayors of Athens and Rome discuss city challenges and cooperation
16/05 23:20
Tsakopoulos Collection & Hellenic Studies Program marked their 20th anniversary
16/05 21:17
Greek Culture Minister hosts Turkish counterpart for ‘Romeo and Juliet’ premiere
16/05 20:12
Greek Finance Minister advocates green transition and Recovery Fund II
16/05 15:27
Higher global temperatures causing Caretta turtles to lay eggs sooner in Greece
15/05 20:32
BoG urges progress on harmonizing national systems of bank deposit guarantees
15/05 19:22
Islands Decarbonization Fund signing in Greek island of Naxos on May 27
15/05 14:15
EU Commission forecasts Greece's growth rate at 2.2% in 2024 and 2.3% in 2025
14/05 22:27
Syracuse show on Mycenaean influence on Sicily includes golden cup of Dendra
14/05 20:34
Greek Health Minister attends World Health Congress in Abu Dhabi
14/05 19:23
Greece and Santorini clinch top honors at American Leisure Lifestyle Awards 2024
14/05 18:31
20th Thessaloniki International Book Fair opens from May 16-19 at Helexpo
13/05 20:16
Greek Prime Minister meets with Turkish President in Ankara (video)
13/05 20:11
Greek Council of State to mull relocation of Mt Parnas casino to Maroussi again
13/05 15:48
13/05 09:53
Discover Kerasia Petrified Forest in northern Evia near the Greek Capital
11/05 01:30
Greek Foreign Minister congratulated new Serbian counterpart on assumption of duties
10/05 22:45
The 52nd Oakland Greek Festival to take place this year on May 17-19
10/05 22:33
Thessaloniki Port pier extension expected to be given the green light in the fall
10/05 19:42
Hellenic President visits Greek community's premises and Cavafy's tomb in Alexandria
10/05 19:27
Greek and Swiss ministers meet in Athens on investments and cooperation
09/05 17:22
Red Arrows aerobatic team to perform in Athens suburb of Paleo Faliro on May 18
05/05 19:40
International Tourism | WTTC: Travel sector set to break all records during 2024
04/05 17:56
Minister launches dynamic plan to boost Greece's relations with other countries
04/05 17:44
Greece opens another five Aegean Islands to Turkish visitors fast-track visas
03/05 23:04
03/05 18:00
03/05 17:42
Aegean and Olympic Air to fly 'Holy Light' from Athens to the rest of Greece
03/05 17:39
Athens transportation schedules over 2024 Greek Easter holidays announced
03/05 01:26
01/05 11:45
Euro 2004 Legends play FootGolf at Porto Carras Pro-Am Aegean Mini Tour
30/04 22:36
Visa entry express now available on five more Greek islands for Turkish citizens
30/04 20:44
Hellenic Police launches 10201, a 24-hour hotline for protection of minors in Greece
30/04 19:42
Aegean Airlines to distribute dividend for the first time after four years
30/04 18:39
May Day strikes in Greece: Public transportation disruptions and Syntagma Metro station closure
25/04 22:00
Greek FM talks with Kuwaiti counterpart on bilateral relations, regional cooperation
25/04 14:49
Prices of products in Easter Basket the same or lower in Greece than in 2023
25/04 13:57
25/04 12:44
Greece and China to ink cooperation protocols in the fisheries sector
25/04 09:53
Extended shop opening hours for Easter in Greece start on Thursday
25/04 02:19
Athens Airport voted as the best in marketing strategy at European awards in Denmark
Euro 2004 Legends play FootGolf at Porto Carras Pro-Am Aegean Mini Tour
Greek Foreign Minister congratulated new Serbian counterpart on assumption of duties
Athens State Orchestra presents 'St. Matthew's Passion' by Bach on April 30th
Elliniko-Argyroupoli Mayor marches in Greek Independence Philadelphia Parade
President of Hellenic Republic visits La Chascona Museum in visit to Chile
HFS presents 1968, Rousing Docudrama about Greece’s First European Cup April 21
Greek FinMin: New package of economic measures in 2025 to lower taxes, raise pensions
Greek and Turkish delegations discuss Confidence Building Measures for 2024
EU Commission forecasts Greece's growth rate at 2.2% in 2024 and 2.3% in 2025
Greek Migration Minister meets Senior US Coordinator for Lawful Migration
Greece opens another five Aegean Islands to Turkish visitors fast-track visas
2024 marks a critical year in the enduring strength of Greek-German relations
Greek Climate Change Minister signs memorandum for Attica fire protection zones
President of Hellenic Republic wraps up visit to Uruguay at parliament
International Tourism | WTTC: Travel sector set to break all records during 2024
Greece and Santorini clinch top honors at American Leisure Lifestyle Awards 2024
Minister: Up to 120 delegations to take part in 9th Our Ocean Conference in Athens
Minister: Greece is transforming into a hub for exporting quality agri-food products
Greece will invest $830 million to protect marine biodiversity
Aegean and Olympic Air to fly 'Holy Light' from Athens to the rest of Greece
Greek Health Minister attends World Health Congress in Abu Dhabi
Athens Airport voted as the best in marketing strategy at European awards in Denmark
Greek Council of State to mull relocation of Mt Parnas casino to Maroussi again
Ambassador: US committed to upgrade of Greek military and support NATO's SE flank
Thessaloniki Port pier extension expected to be given the green light in the fall