Market Analysis

According to an annual report by the World Travel and Tourism Council (WTTC), a record-breaking 10% of global spending in 2024 will be allocated to travel, including hotels, cruises, and flights. This surge reflects how travel has become an essential expenditure for many consumers.

The WTTC forecasts that the travel and tourism sector will contribute $11.1 trillion to global GDP in 2024, marking a 12.1% increase from the previous year and accounting for 10% of the world's GDP. This figure represents a 7.5% rise compared to the previous record set in 2019.

Julia Simpson, CEO of the WTTC, highlighted the sector's resilience: "Despite concerns about a global recession and high inflation last year, travel and tourism are proving to be a significant economic force globally."

The U.S., China, and Germany are expected to make the largest contributions to global GDP through travel spending.

The industry is projected to support nearly 348 million jobs in 2024, an increase of 13.6 million jobs compared to 2019, which was the peak before the pandemic. The sector is actively hiring to accommodate its growth.

In the U.S. alone, there are currently 1 million job vacancies in the leisure and hospitality industry, according to the U.S. Travel Association. The WTTC reports that total employment in the sector was approximately 27 million jobs in 2023.

Paraphrasing text from "Reuters" all rights reserved by the original author.