Tourexpi
Global Travel & Tourism is Strong Despite Economic Headwinds
Against
a backdrop of economic uncertainty, the World Travel & Tourism Council’s (WTTC) latest research shows that global Travel
& Tourism is projected to grow strongly this year, reaffirming its role as
cornerstone to major world economies, as travellers are expected to spend more
than ever before.
According
to WTTC’s 2025 Economic Impact Research (EIR), international visitor spending
is forecast to reach an historic $2.1TN in 2025, surpassing the previous high
of $1.9TN in 2019 by $164BN.
This
year, Travel & Tourism is expected to contribute an all-time high of
$11.7TN to the global economy, accounting for 10.3% of global GDP.
Jobs
around the world supported by the sector are expected to grow by 14MN in 2025,
to reach 371MN worldwide, more than the population of the U.S.
Julia
Simpson, WTTC President & CEO, said “People are continuing to prioritise
travel. That’s a powerful vote of confidence in our sector and a sign of its
enduring strength.
“But
while the global picture in Travel & Tourism is strong, the recovery
remains uneven. Whilst some countries and regions are producing record-breaking
numbers, other large economies are plateauing.”
Whilst
there is some positive news for many economies around the world, in a number of
major Travel & Tourism markets such as the U.S., China, and Germany, growth
has slowed.
In
the U.S., the world’s most powerful Travel & Tourism market, international
visitor spend remained significantly below 2019 levels in 2024 and is not
expected to fully recover this year. In China, while international spending was
above pre-pandemic levels last year, growth is expected to slow sharply in
2025.
By
contrast, other key markets such as Saudi Arabia, which will inject $800BN into
the sector by 2030, is ahead of the curve and setting new benchmarks. European
countries such as France and Spain, the world’s top two destinations in terms
of visitor numbers, continue to lead the region’s resurgence, powered by smart
investment and global appeal.
A
Look Back on Last Year
According
to the global tourism body’s latest EIR data, in 2024, Travel & Tourism
contributed 10% of the world’s economy to reach $10.9TN - an 8.5% increase on
2023, and 6% above the previous peak of 2019.
Jobs
grew 6.2% to reach 357MN, accounting for one in 10 jobs around the world.
International
spending also increased by almost 12%, to $1.87TN and domestic spending grew
5.4% to $5.3TN.
The
Decade Ahead
WTTC
forecasts that by 2035, Travel & Tourism will inject $16.5TN into the
global economy, accounting for 11.5% of global GDP. That’s a decade-long growth
rate of 3.5% annually, outpacing the wider economy’s 2.5%.
Jobs
are expected to reach one in eight jobs, with more than 460MN.
International
spending is anticipated to reach $2.9TN, with a CAGR of 3.4%, and domestic
spending will grow at a similar rate (3.3%), to reach $7.7TN.
In
collaboration with Oxford Economics, WTTC produces reports annually on the
economic and employment impact of Travel & Tourism for
184 economies.
Each
year, WTTC also releases its groundbreaking Environmental Social Research,
which shows the sector’s emissions stood at 6.5% of the global total in 2023 –
underscoring the critical need for continued sustainable innovation as Travel
& Tourism expands.
Image
Credit: © AA
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