LONDON—The United States continues to dominate the world Travel & Tourism market, according to a World Travel & Tourism Council (WTTC) report. WTTC’s 2024 Economic Impact Trends Report reveals the United States contributed a record-breaking $2.36 trillion to the nation’s economy last year—almost double the economic contribution of its nearest rival.
Following a record-breaking year, Travel & Tourism continues to be the backbone to many country economies, while supporting millions of jobs globally. The latest WTTC report reveals China as the world’s second-most-powerful market, with a gross domestic product (GDP) contribution of $1.3 trillion (U.S). in 2023. Germany secured the third spot, with a $487.6 billion economic contribution. Japan, which was in fifth place in 2022, jumped up to the fourth position, contributing $297 billion. United Kingdom, in the current fifth spot, contributed $295.2 billion.
The remaining Top 10 countries for Travel & Tourism are: France, the world’s most popular destination, sixth, with $264.7 billion; Mexico, seventh, with $261.6 billion; India, eighth, up from tenth the previous year, with $231.6 billion; Italy, ninth, with $231.3 billion; and Spain, tenth, with $227.9 billion.
However, over the next decade, WTTC predicts China will become the biggest Travel & Tourism market. India’s Travel & Tourism revenue is expected to experience significant gains in the next 10 years as well, forecast to move into fourth position.
Julia Simpson, WTTC president & CEO, says, “As we look forward to a record-breaking 2024, it’s clear that Travel & Tourism is not only back on track but also set to achieve unprecedented growth. We will continue to prioritize sustainability and inclusivity, ensuring this growth benefits everyone and protects our planet for future generations. The sector’s resilience and potential for innovation continues to drive us forward.”
Travel & Tourism investment grew 13 percent in 2023 to reach more than $1 trillion. International visitor spending is set to grow by nearly 16 percent to reach $1.9 trillion, while domestic tourists are projected to spend more than ever, reaching $5.4 trillion—an increase of 10.3 percent more than 2019 levels.
To access the full report, visit WTTC’s Research Hub.
