US dominates global travel and tourism market

The 2024 Economic Impact Trends Report launched by the World Travel & Tourism Council (WTTC) reveals that the United States continues to be the world's most powerful travel and tourism market. The US holds the top position in terms of both overall travel and tourism contribution to GDP and international visitor spend. Last year, the US travel and tourism sector contributed nearly $2.36 trillion to the national economy, reinforcing its status as a global leader.

The latest report from the global tourism body also reveals China as the world’s second most powerful market with a GDP contribution of $1.3 trillion in 2023, underscoring its impressive rebound, despite the late reopening of its borders. While Germany secured the third spot with a $487.6 billion economic contribution, while Japan, which in 2022 was in fifth place, jumped up to fourth position, contributing $297 billion.

The United Kingdom completes the top five, contributing $295.2 billion. France, the world’s most popular destination retained its sixth position with a contribution of $264.7 billion, followed closely by Mexico at $261.6 billion, showcasing its continued appeal as a major tourist destination.

India came in eighth, rising from a previous 10th position, with $231.6 billion, marking a notable improvement and highlighting its growing influence in the sector. Italy and Spain complete the top 10, contributing $231.3 billion and $227.9 billion, respectively.

Julia Simpson, WTTC President & CEO, said, "As we look forward to a record-breaking 2024, it's clear that Travel & Tourism is not only back on track, but also set to achieve unprecedented growth. We will continue to prioritise sustainability and inclusivity, ensuring that this growth benefits everyone and protects our planet for future generations. The sector's resilience and potential for innovation continues to drive us forward.”

Globally, international visitor spending is set to grow by nearly 16 per cent to reach $1.9 trillion, while domestic tourists are projected to spend more than ever before, reaching $5.4 trillion, an increase of 10.3 per cent over 2019 levels. Travel & Tourism investment grew 13 per cent in 2023 and is set to reach more than $1 trillion, with a return to pre-pandemic levels anticipated by 2025.

The report also highlights the sector's commitment to sustainability, showcasing the decoupling of growth from greenhouse gas emissions and the increasing opportunities for women, young people, and marginalised communities. Technological advancements, particularly in AI, are expected to further enhance the travel experience and drive future growth.