Global Travel Surge: $1 Out of Every $10 Spent in 2024 Predicted for Tourism

By 2024, $1 out of every $10 spent globally is forecasted to go toward travel, as an annual report by the World Travel and Tourism Council predicts a significant surge. The industry's contribution to global GDP is expected to increase by 12.1% year-over-year, reaching $11.1 trillion. Employment in the sector is also projected to rise substantially.

A record-breaking projection shows that $1 out of every $10 spent globally in 2024 will be directed towards travel, with consumers avidly booking hotels, cruises, and flights, states an annual report by the World Travel and Tourism Council (WTTC).

The travel and tourism industry's contribution to the global gross domestic product (GDP) is set to soar as people increasingly deem travel an essential budget item. According to WTTC, the sector's contribution to global GDP in 2024 is expected to rise 12.1% year-over-year, hitting $11.1 trillion and comprising 10% of the worldwide GDP. This marks a 7.5% increase from 2019's previous record.

"Despite concerns last year about a potential global recession and high inflation, this year we see travel and tourism as a formidable economic powerhouse globally," said Julia Simpson, CEO of WTTC. In the U.S., China, and Germany, travel spending is anticipated to significantly boost GDP. The sector will also support nearly 348 million jobs in 2024, which is 13.6 million more jobs than the 2019 pre-pandemic record. In the U.S., there are currently 1 million job openings in the leisure and hospitality industry, with total employment supported hitting around 27 million jobs in 2023, WTTC noted.

(With inputs from agencies.)