World Travel & Tourism Council’s (WTTC) https://dev.traveldailymedia.com/tag/world-travel-tourism-councils-wttc/ Informing, connecting and developing the world’s travel industry professionals. Tue, 06 Sep 2022 13:10:46 +0000 en-US hourly 1 https://wordpress.org/?v=6.4.3 US remains the world’s biggest travel market: WTTC https://dev.traveldailymedia.com/us-remains-the-worlds-biggest-travel-market-wttc/ Tue, 06 Sep 2022 13:10:46 +0000 https://www.traveldailymedia.com/?p=720627 The post US remains the world’s biggest travel market: WTTC appeared first on TD (Travel Daily Media) Brand TD.

The latest World Travel & Tourism Council’s (WTTC) Economic Trends Report reveals the U.S. remains the world’s biggest and most powerful Travel & Tourism market.

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The latest World Travel & Tourism Council’s (WTTC) Economic Trends Report reveals the U.S. remains the world’s biggest and most powerful Travel & Tourism market. Its top ranking was reaffirmed, despite suffering long and damaging travel restrictions which did little to halt the spread of COVID-19 and only resulted in serious economic losses.

Julia Simpson, WTTC president & CEO, said: “Our report shows the resilience of the Travel & Tourism sector, despite the impact of travel restrictions around the world which failed to halt the spread of the virus. Despite a challenging macro environment, Travel & Tourism has bounced back. The world, with some exceptions, is travelling again. And we are seeing a resurgence in business travel. Over the next 10 years, Travel & Tourism growth will outstrip the global economy.”

However, while its number one position was retained, the U.S. Travel & Tourism sector’s contribution to the nation’s economy fell by USD 700 billion in 2019, to just under USD 1.3 trillion last year. Research by Oxford Economics for WTTC shows there has been no change in the top three countries – with China second and Germany third. But the rankings are illusionary as the top economies bolstered their numbers through domestic travel, while international visitor numbers plummeted.

In the U.S., International traveller spend rankings saw it toppled from its pre-pandemic top position.But despite the challenges of the past two years, the new report from the global tourism body shows business travel is on the road to recovery.

WTTC’s data reveals that in terms of the Travel & Tourism sector’s contribution to GDP, China held onto its second position, with more than USD 814 billion, while Germany remained the third biggest Travel & Tourism sector in the world, contributing USD 251 billion to the German economy.

The UK slipped dramatically from fifth place in 2019 to ninth in 2021, with a contribution of just over USD 157 billion, the biggest faller of the top 10 countries. In terms of international traveller spend, France, which before the pandemic struck was in fourth place, overtook Spain, China, and the U.S. to grab first place. China, which remains closed to much of the rest of the world, was in second place before the pandemic, but fell dramatically to 11th position in 2021.

Across Asia Pacific, major Travel & Tourism markets such as Thailand and Japan saw huge losses in international spending, which resulted in both markets – in fifth and eighth place respectively before the pandemic – falling out of the top 20 altogether in 2021.

According to WTTC’s predictions, worldwide business travel is expected to grow more than 41% this year. For the next 10 years it predicts business travel could grow an average of 5.5% annually and may return faster in the Asia-Pacific region.

WTTC predicts by 2032, China could overtake the U.S. to become the world’s biggest Travel & Tourism market. The research shows China’s Travel & Tourism sector’s contribution to GDP could reach USD 3.9 trillion by 2032, making it the world’s most powerful Travel & Tourism market, and India could leapfrog Germany to reach third place with a projected value of USD 457 billion.

 

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8 million tourism jobs to be created in Europe within next decade: WTTC https://dev.traveldailymedia.com/8-million-tourism-jobs-to-be-created-in-europe-within-next-decade-wttc/ Thu, 12 May 2022 02:20:25 +0000 https://www.traveldailymedia.com/?p=691972 The post 8 million tourism jobs to be created in Europe within next decade: WTTC appeared first on TD (Travel Daily Media) Brand TD.

WTTC) latest Economic Impact Report (EIR) reveals Europe’s travel and tourism sector is expected to create up to eight million new jobs within the next decade

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The post 8 million tourism jobs to be created in Europe within next decade: WTTC appeared first on TD (Travel Daily Media) Brand TD.

The World Travel & Tourism Council’s (WTTC) latest Economic Impact Report (EIR) reveals Europe’s travel and tourism sector is expected to create up to eight million new jobs within the next decade. The forecast from WTTC, which represents the global travel and tourism private sector, also shows the sector will be a driving force behind Europe’s economic recovery, following more than two years of suffering.

Over the next 10 years and with an average annual growth rate of 3.3%, the travel and tourism sector is expected to grow at twice the rate of the overall economy, which is forecasted to expand by just 1.5% annually. The global tourism body’s latest report also reveals Europe’s travel and tourism’s GDP is forecast to grow by 31.4% to €1.73 trillion ($1.9 trillion).

Julia Simpson, WTTC President & CEO, said: “Europe’s travel and tourism sector is in a strong recovery. It looks set to create up to eight million new jobs over the next 10 years. In terms of contribution to Europe’s economy and jobs, the sector will almost reach pre-pandemic levels by the end of next year as the sector’s recovery continues its momentum. The recovery in 2021 was slower than expected due to the impact of the Omicron and the uncoordinated response by European governments around border closures which failed to stop the spread of the virus, but did cause real and lasting damage to economies and livelihoods.”

WTTC’s EIR data for 2021 shows across Europe there was a 4.7% increase in the number of travel and tourism sector jobs accounting for just over 9% of all jobs, in marked contrast to the 12.5% fall the previous year.

The fastest growing region last year, it also saw the sector claw back its contribution to GDP with a 28% rise to account for 6.2% of Europe’s economy to €1.3 trillion (U.S.$1.45 trillion) up from 5.2% contribution (just over €1 trillion or U.S.$1.13 trillion in 2020).

Europe’s bounce back was in part driven by significant growth in key destination markets such as Greece, which saw a year-on-year growth of 75%, Turkey (61%), and Italy (59%). Greek National Tourism Organisation was named World’s Leading Tourist Board by World Travel Awards.

According to the latest data, more than 1.7 billion certificates have been issued by member states. This successful roll out has provided a much-needed boost to economies and saved millions of jobs. However, in several other European countries, there was a much slower than expected recovery due to numerous failed attempts by governments to clamp down on the transmission of the Omicron variant, causing the regional economic recovery to falter.

The leaders of European travel are to meet for World Travel Awards Europe Gala Ceremony 2022 at the Hilton Galatzo, Mallorca, Spain.

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