In 2024, a historic $1 out of every $10 spent worldwide will be dedicated to travel, reflecting a significant rebound and growth in the sector, according to the World Travel and Tourism Council (WTTC). This surge in travel expenditure is driven by a robust demand for hotels, cruises, and flights.
The WTTC’s annual report projects that the travel and tourism industry’s contribution to global gross domestic product (GDP) will soar to $11.1 trillion, marking a 12.1% increase from the previous year and accounting for 10% of global GDP. This figure surpasses the industry’s pre-pandemic peak in 2019 by approximately 7.5%.
Julia Simpson, CEO of WTTC, highlighted the sector’s resilience, stating, “Despite last year’s global recession fears and high inflation, travel and tourism is emerging as a major economic force this year.”
The U.S., China, and Germany are expected to be the top contributors to this growth, with the sector set to support nearly 348 million jobs globally in 2024. This represents an increase of 13.6 million jobs compared to 2019, the previous record before the pandemic.
In the United States alone, there are currently 1 million job vacancies in the leisure and hospitality sector, according to the U.S. Travel Association. The WTTC reports that total employment in the sector was approximately 27 million jobs in 2023, underscoring the industry’s continued expansion and job creation.
