World Travel and Tourism Council (WTTC) today released its 2024 Economic Impact Trends ReportData shows that the United States has become the world’s most powerful tourism market, contributing a record $2.36 trillion to the U.S. economy last year.
Despite slow growth in international visitor spending, the United States maintained its lead, with its economic contribution nearly double that of its nearest competitor.
The travel and tourism industry has enjoyed a record year and continues to be the backbone of many national economies while supporting millions of jobs around the world.
Other countries’ performance
The global tourism body’s latest report shows that China will become the world’s second-largest market, contributing $1.3 trillion to GDP in 2023, highlighting the impressive rebound of its economy despite a late reopening of its borders.
Germany ranked third with an economic contribution of $487.6 billion, while Japan, which ranked fifth in 2022, jumped to fourth place with a contribution of $297 billion.
The United Kingdom ranked fifth, contributing $295.2 billion.
France, the world’s most popular tourist destination, remained in sixth place with a contribution of $264.7 billion, followed by Mexico with $261.6 billion, demonstrating its continued appeal as a major tourist destination.
India ranked eighth, up from tenth place, with an investment of $231.6 billion, a significant increase, highlighting its growing influence in the sector. Italy and Spain rounded out the top ten, with investments of $231.3 billion and $227.9 billion, respectively.
However, WTTC predicts that China will become the largest tourism market over the next decade, with India rising to fourth place.
These shifts reflect the dynamic nature of the global travel industry, with emerging markets rising and traditional powerhouses retaining their dominance.
High growth, huge potential
The report also highlights the countries with the highest annual growth in tourism’s contribution to GDP.
In 2023, China’s tourism industry developed rapidly, with a year-on-year growth of 135.8%, while other Asian countries such as the Hong Kong Special Administrative Region, Malaysia and the Philippines also recovered quickly after the lifting of travel restrictions.
Looking ahead to the record-breaking year of 2024, it is clear that the travel industry is not only back on track, but is set to experience unprecedented growth.
The report shows that many major tourist destinations will see a surge in international spending this year compared to pre-pandemic levels, with Saudi Arabia experiencing a 91.3% increase compared to 2019. Turkey (+38.2%), Kenya (+33.3%), Colombia (+29.1%) and Egypt (+22.9%) leading the way.
Globally, international visitor spending is expected to grow by nearly 16% to $1.9 trillion, while domestic visitors are expected to spend more than ever before, reaching $5.4 trillion, up 10.3% from 2019 levels.
In 2023, tourism investment will increase by 13% to more than US$1 trillion and is expected to return to pre-pandemic levels in 2025.
The report also highlights the industry’s commitment to sustainable development, showcasing the decoupling of growth from greenhouse gas emissions and growing opportunities for women, young people and marginalized communities.
Technological advancements, particularly in the field of artificial intelligence, are expected to further enhance the travel experience and drive future growth.
To view the full report, visit WTTC’s Research Centre.
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