Tourexpi
After bouncing back to pre-pandemic levels in 2023,
the sector is poised to surpass its previous peak with a projected economic
contribution of $265.5BN, representing 10% of the Australian economy.
Host of the global tourism body’s 24th Global
Summit, to be held in Perth, Western Australia in October, the sector is
expected to maintain robust growth over the next decade, aligning with the
global economy’s growth rate, and is projected to exceed $345BN by 2034.
Jobs on the Rise
In 2023, jobs in Australia's Travel & Tourism
sector surged by nearly 10% from the previous year, hitting 1.42MN,
representing a tenth of the national workforce.
WTTC's latest research predicts a full recovery of
jobs lost during the pandemic this year, with job levels surpassing the 2018
peak by 2026.
Over the next decade, the sector is expected to
support over 2MN jobs, representing 12% of all Australian employment.
Julia Simpson, WTTC President & CEO, said;
"Australia is set to break tourism records. WTTC will throw a spotlight on
the value of Travel & Tourism to the Australian economy when we celebrate
the WTTC Global Summit in Perth, Western Australia.
"The Summit will highlight Australia’s dynamic
growth, reflecting Travel & Tourism’s broader economic recovery and rising
employment trends."
Visitor Spending Surging Forward
Last year, domestic visitors set a new record for
total spending in Australia, hitting $146BN – a new high since 2018.
This upward trend is set to continue, with
forecasts predicting spending will reach nearly $148BN in 2024 and soar to
almost $180BN in 2034.
Despite reopening its border later than many other
major destinations around the world, in 2023, spending by overseas visitors
surged by nearly 195%, ranking Australia 10th globally for growth in
international visitor spending.
Spending reached $31.6BN last year, with forecasts
suggesting it will near $35BN this year and set a new record in 2025.
By 2034, WTTC predicts international visitor
spending will reach almost $52.5BN.
As Australia's Travel & Tourism sector prepares
to break records and redefine benchmarks, the WTTC 2024 EIR underscores a
future filled with promise and prosperity.
With employment booming and spending by domestic
visitors reaching unprecedented levels, the upcoming WTTC Global Summit in
Western Australia is set to showcase a sector that's not just rebounding, but
truly thriving.
Although international visitor spending is still
expected to be down on 2019, by the end of this year, this is a pivotal moment,
as we witness Australia solidify its position as a global leader in tourism
growth and economic resilience.
What Does the Region Look Like?
The sector is forecast to contribute $337.4BN this
year, 10.7% of Oceania’s total. Jobs are expected to grow by 10% and reach
2.33MN across the region, equivalent to nearly one in nine jobs.
Domestic visitor spending is anticipated to reach
almost $180BN, an uplift of almost 31% since 2019, whilst international visitor
spending is projected to recover to $65.7BN and be within touching distance of
the 2019 peak.
See all the data in our Australia
Travel & Tourism Economic Impact Report on the WTTC Research Hub.
For more information, please visit wttc.org
Image
Credit: © AA
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