Both the US and China have seen a slower rebound in visitor spend than anticipated, even though international spending last year increased 33.1% to hit $1.63 trillion.
The global tourism body’s 2024 Economic Impact Research (EIR), expects travel and tourism to contribute an additional $770 billion beyond its previous record this year.
The WTTC said this achievement would ensure the sector stamped its “authority as a global economic powerhouse, generating one in every 10 US dollars worldwide”. It also expects 142 of the 185 countries it analysed to outperform national records.
"Travel and tourism is on the brink of its most transformative era yet, promising prosperity, innovation and connection on a scale we’ve yet to see,” the WTTC added.
Julia Simpson, WTTC president and chief executive, said: “Against the backdrop of uncertainty, the travel and 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.”
However, Simpson cautioned: “There’s a risk, however. We need the US and Chinese governments to support their national travel and tourism sectors. The US and China will continue to suffer while other countries are seeing international visitors return much faster.”
The WTTC is also forecasting the “sector will supercharge the global economy with a staggering $16 trillion, making up 11.4% of the entire economic landscape” in the next 10 years.
