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) Booking.com unveils family travel trends for 2024: AI, nannies and jet setters
- 2) UK Tourism 2024: Greece named top destination in the world with best value for money
- 3) UN Tourism to make residents focus of Greek island of Thassos’ sector recovery
- 4) American Express report highlights Global Travel Trends during 2024
25/07 23:18
Greek banks and EIB join forces to enhance access to finance for mid-cap firms
25/07 23:10
Hotel occupancy in Athens reaches 75.5% during the first half of 2024
25/07 23:01
25/07 21:07
Fifty-two municipalities throughout Greece embrace digital transformation
25/07 14:22
Bank of Greece: Loans and deposits by households and institutions rise in June
24/07 23:04
St. Irene Chrysovalantou Astoria marks its Annual Festival from July 25-28
24/07 22:46
Greek Finance Ministry enforces beach regulations after 4,500 citizen complaints
24/07 21:13
Greek president organizes reception for 50th anniversary of restoration of democracy
24/07 19:53
Guards at e-ticketed ancient sites, museums announcing work stoppage Thursday
24/07 16:08
Minister: Disbursement of €2.3 billion from the loan part of the Recovery Fund
22/07 23:29
Cyprus displays in Nicosia once-looted antiquities dating back thousands of years
22/07 23:25
Greek high school students clinch 6 medals at International Math Olympiad
22/07 21:37
Greek Climate Crisis Minister meets with visiting British Minister of State for Europe
22/07 21:33
Hellenic Parliament indowntown Athens undergoes energy upgrades
22/07 18:19
Book of condolences for Nguyen Phu Trong to open at Vietnamese embassy in Athens
21/07 18:05
Sharp hike in the viral load of SARS-CoV2 in the Greek city of Thessaloniki
21/07 15:29
Events for 50-years from democracy restoration in Greece start at the Presidential Mansion
21/07 14:14
Deputy Tourism Minister: Greece can emerge as a protagonist in diving tourism
21/07 13:24
19/07 00:18
UN Tourism and TUI Care Foundation jointly support African artisans in rural areas
16/07 14:47
16/07 11:55
Very high risk of fire for nine regional units across Greece on Tuesday
15/07 23:28
AADE implements mandatory digital export notification system beginning September
15/07 23:26
Hellenic Land Cadastre to be the first Greek state service to implement AI tools
15/07 21:06
US Embassy event marking July 4th: Embracing inclusion and accessibility
15/07 19:13
Athens Municipality opens air-conditioned halls during heatwave
14/07 14:39
National Tourism Organization and Netflix ink cooperation memo to promote Greece
13/07 23:31
OECD report: Greece makes significant strides in competition strengthening
10/07 22:53
Greek-American congressmen meet Greek Prime Minister in Washington DC
10/07 22:50
Greek National Gallery's 'Democracy' looks at Southern European history and art
10/07 21:56
10/07 19:59
Cypriot President visits Athens for event on 50th anniversary of Turkish invasion
10/07 15:44
09/07 22:28
The SFGFF comes to Athens in cooperation with Feelgood Entertainment
09/07 20:34
09/07 18:30
Deal for development of Sani-Kassandra property in Chalkidiki is inked
09/07 14:57
Golf & Maritime for a Good Cause at the 10th Greek Maritime Golf Event
09/07 11:56
The Ultimate Sports Event of Santorini Experience Coming to Santorini on October 3-6
08/07 22:53
Capital Link Invest in Greece webinar series continues on July 9 and 16
08/07 22:25
08/07 20:43
New data on the burial site of Lord Byron's illegitimate daughter Allegra
08/07 15:37
German ambassador: 'To live and work in Greece has always been my dream'
05/07 22:14
Greek port of Piraeus approves distribution of highest dividend in its history
04/07 23:09
Culture Minister inaugurates renovated theater at Dion in Central Macedonia
04/07 19:17
The 43rd Thessaloniki Book Festival opens at the waterfront Friday until July 21
04/07 17:20
Piraeus Port greenlights distribution of highest dividend in its history
03/07 00:24
03/07 00:02
Hotrec reveals digital trends in tourism: Hotels, Booking.com and DMA
01/07 19:28
Higher June temperatures in Greece compared to 2010–2019 average
01/07 19:13
More firefighting aircraft to reinforce firefighting efforts in Greek island of Kos
01/07 17:26
SNF extends support for the Greek National Opera in Athens with an €11 million grant
01/07 12:31
Amendment extending duration of measures against high prices tabled in Greek Parliament
28/06 19:18
Mount Pelion steam tourist train resumes daily service beginning July 1
27/06 14:36
Minister: Mycoast app received 8,911 complaints of illegal activities on beaches
26/06 22:56
Significance of OECD anti-bribery report for Greece's good image highlighted
25/06 19:08
FTI insolvency: Operational business of hotels remains unaffected
25/06 16:19
FinMin urges Greek banks to emulate European counterparts regarding commission charges
25/06 12:12
AEGEAN elected "Best Regional Airline in Europe" at the World Airline Awards 2024
25/06 10:16
Platform for Greece's 'Thessaly & Evros Pass 2024' opens on Tuesday
23/06 14:52
State Minister: Greece is the 8th cheapest country in the European Union
22/06 22:49
Bank of Greece: Travel receipts increased by 22.0% during January-April 2024
22/06 18:11
Greek Tourism Ministry and embassies cooperate to address sector issues
22/06 18:05
Wyndham inked deal with Oikos for the first Ramada Residences in Greece
21/06 17:57
Event organized to present 'The Ilisian' - the new name of the former Athens Hilton
19/06 23:47
Greek state ten-year bond auction concluded with yield at 3.56%
19/06 23:41
Shipping Minister: Greece supports EU's efforts to modernise maritime safety rules
19/06 22:32
Culture minister reviews NSRF projects on the Greek island of Lesvos
19/06 19:41
US Ambassador to Athens applauds Greece’s comeback and investors interest
19/06 11:44
Minister: Reforms must follow investments to boost regional competitiveness
18/06 18:15
ARF 2024: US Ambassador to Athens on Greece's economic miracle
18/06 16:33
Capital Region AHEPA organizes 5th Annual Golf Outing in New York
18/06 14:58
18/06 14:24
Greek Minister refers to multiple benefits from the restoration of the Athens Riviera
18/06 13:35
Regional Governor of Attica: Greeks living abroad are the most important ambassadors
17/06 19:02
Conference focuses on Sifnos and sustainable development on Greek islands
17/06 18:56
Council of State discusses relocation of Mount Parnitha casino to Marousi again
17/06 18:56
Ministers and Super League chief talk digital tickets for upcoming soccer matches
17/06 15:59
Forecast: Very high risk of fire in two Greek regions including Attica
17/06 13:42
Passenger traffic in Greek ports records an increase of 11.1% during Q4 2023
14/06 22:58
14/06 22:03
14/06 17:58
Athens and Thessaloniki added 250 new electric buses to their urban transport networks
13/06 22:43
National Theater to perform Aristophanes at ancient Greek theaters over the summer
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 22:47
High prices of consumer goods in Greek supermarkets are on a downward trend
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
Hotel occupancy in Athens reaches 75.5% during the first half of 2024
Greek banks and EIB join forces to enhance access to finance for mid-cap firms
St. Irene Chrysovalantou Astoria marks its Annual Festival from July 25-28
Bank of Greece: Loans and deposits by households and institutions rise in June
Greek Finance Ministry enforces beach regulations after 4,500 citizen complaints
Fifty-two municipalities throughout Greece embrace digital transformation
Guards at e-ticketed ancient sites, museums announcing work stoppage Thursday
Minister: Disbursement of €2.3 billion from the loan part of the Recovery Fund
Greek president organizes reception for 50th anniversary of restoration of democracy
High risk of fire for Attica, Viotia and Evia regions in Greece on Thursday
Greece and Turkey agree to implement or reactivate CBM activity in 2024
FM: Procedures underway to repatriate 149 Greeks in Israel and Palestinian territories
Greek Tourism minister meets with Swiss, Albanian ambassadors in Athens
Media report: Cheap airfares aren’t coming back according to airline execs
Minister: Greece will continue to demand the return of the Parthenon Marbles
PM at Axia discussion: Greece offering great investment opportunities in 2023
Bill lifting restrictions for Greeks voting from abroad greenlighted by majority vote
Greek authorities simplify storage process for vehicles with foreign license plates
Hellenic-American Cultural Foundation presents lecture with US University President
Greek capital of Athens among top-10 most beautiful cities for the second time