The travel and tourism sector is poised for unprecedented expansion, with the World Travel & Tourism Council (WTTC) predicting it will contribute an impressive $16.5 trillion to the worldwide economy by 2035.
Over this ten-year boom, the industry will contribute 11.5% to the world's GDP, showcasing its resilience and growing demand spanning multiple continents.
Based on the World Travel & Tourism Council's 2025 Economic Impact Report, international tourist expenditures are forecasted to hit a peak of $2.1 trillion this year, exceeding the previous high recorded in 2019 before the pandemic.
The total sector contribution in 2025 is anticipated to reach $11.7 trillion, representing 10.3% of the world's GDP. This equates to an increase of $164 billion compared to the previous peak in 2019.
Despite ongoing economic instability impacting sectors across the globe, Travel & Tourism persists as a crucial cornerstone of the world economy.
It is anticipated that this sector will provide approximately 371 million employment opportunities in 2025, marking an uptick of 14 million positions from the prior year—a figure exceeding the total populace of the United States.
A Mixed Global Recovery
The WTTC study underscores the uneven nature of the recovery across various regions. Major global travel markets such as the United States, China, and Germany are facing deceleration.
In the United States, expenditure by international visitors stayed under pre-2019 levels in 2024 and isn’t anticipated to completely rebound this year.
In 2024, China managed to exceed its international expenditure levels from before the pandemic, but it is now expecting a significant slowdown in growth for 2025.
Nevertheless, other countries are progressing rapidly. For instance, Saudi Arabia is committing $800 billion to this sector as part of its larger plan to diversify its economy.
In the meantime, established tourist magnets such as France and Spain keep reporting robust figures, driven by their universal attraction along with targeted investments in travel-related facilities and infrastructure.
Julia Simpson, President & CEO of WTTC, stated, "Travel continues to be a top priority for people. This strong endorsement reflects great confidence in our industry and underscores its resilience."
She mentioned that although the general outlook is favorable, the sector's expansion varies considerably across different regions.
2024: A Year of Progress
Reflecting on 2024, according to WTTC data, the Travel & Tourism industry added $10.9 trillion to the worldwide economy, representing 10% of the global GDP. This amount showed an 8.5% growth compared to 2023 and a 6% increase from pre-pandemic levels in 2019. Additionally, employment saw significant gains, with the sector providing 357 million jobs across the globe—one out of every ten jobs worldwide.
The expenditure by international visitors surged by almost 12%, totaling $1.87 trillion, whereas domestic travel spending climbed by 5.4% to amount to $5.3 trillion. This data indicates a robust recovery in consumer trust along with an enhanced worldwide desire for exploring both near and far destinations.
Gazing Forward: The 2035 Vision
According to WTTC projections, theTravel & Tourism sector is expected to grow annually at a rate of 3.5%, surpassing the anticipated 2.5% expansion of the worldwide economy.
By 2035, approximately one out of every eight positions globally will likely be sustained by travel-related activities, totaling over 460 million jobs.
By then, international tourist expenditure is expected to amount to $2.9 trillion, while domestic spending will concurrently surge to reach $7.7 trillion.
These statistics highlight the sector's substantial future potential—not only as a provider of entertainment and cultural interchange, but also as a key driver of job creation and economic growth.
Each year, the WTTC partners with Oxford Economics for an in-depth examination of the travel and tourism sector's influence on 185 different countries.
Apart from economic forecasts, the Council monitors environmental metrics as well. Their latest Environmental Social Research indicated that the Travel & Tourism industry accounted for 6.5% of worldwide emissions in 2023. This underscores the critical necessity for sustainable innovations amid accelerating expansion.
By 2035, as we look ahead, Travel & Tourism seem poised not only to recover but also to take the forefront. This period brings forth novel opportunities and hurdles for travelers, investors, and policymakers, signifying a crucial epoch in the annals of international travel.
Provided by SyndiGate Media Inc. Syndigate.info ).
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