US retains its position as the world’s biggest Travel & Tourism market despite lengthy travel restrictions by boosting domestic travel

US retains its position as the world’s biggest Travel & Tourism market despite lengthy travel restrictions by boosting domestic travel

London, UK – The newest World Travel & Tourism Council’s (WTTC) Economic Trends Report reveals the US stays the world’s biggest and strongest Travel & Tourism market.

Its prime rating was reaffirmed, despite struggling lengthy and damaging travel restrictions which did little to halt the unfold of COVID-19 and solely resulted in critical financial losses.

However, whereas its primary position was retained, the US Travel & Tourism sector’s contribution to the nation’s economic system fell by US$700 billion in 2019, to simply underneath US$1.3 trillion final 12 months.

Research by Oxford Economics for WTTC exhibits there was no change in the prime three nations – with China second and Germany third.

But the rankings are illusionary as the prime bolstered their numbers by domestic travel, whereas worldwide customer numbers plummeted.

In the US, International traveler spend rankings noticed it topppled from its pre-pandemic prime position.

But despite the challenges of the previous two years, the new report from the world tourism physique exhibits enterprise travel is on the highway to restoration.

Julia Simpson, WTTC President & CEO, mentioned: “Our report exhibits the resilience of the Travel & Tourism sector, despite the affect of travel restrictions round the world which didn’t halt the unfold of the virus.”

“Despite a difficult macro setting, Travel & Tourism has bounced again. The world, with some exceptions, is touring once more. And we’re seeing a resurgence in enterprise travel. Over the subsequent 10 years, Travel & Tourism development will outstrip the world economic system.”

WTTC’s information reveals that when it comes to the Travel & Tourism sector’s contribution to GDP, China held onto its second position, with greater than US$814 billion, whereas Germany remained the third largest Travel & Tourism sector in the world, contributing US$251 billion to the German economic system.

The UK slipped from fifth place in 2019 to ninth in 2021, with a contribution of simply over US$157 billion, the biggest faller of the prime 10 nations.

In phrases of worldwide traveller spend, France, which earlier than the pandemic struck was in fourth place, overtook Spain, China, and the US to seize first place.

China, which stays closed to a lot of the remainder of the world, was in second place earlier than the pandemic, however fell to eleventh position in 2021.

Across Asia Pacific, main Travel & Tourism markets such as Thailand and Japan noticed big losses in worldwide spending, which resulted in each markets – in the fifth and place respectively earlier than the pandemic – falling out of the prime 20 eighth altogether in 2021.

According to WTTC’s predictions, worldwide enterprise travel is anticipated to develop greater than 41% this 12 months. For the subsequent 10 years it predicts enterprise travel might develop a median of 5.5% yearly and should return quicker in the Asia-Pacific area.

WTTC predicts by 2032, China might overtake the US to grow to be the world’s biggest Travel & Tourism market.

The analysis exhibits China’s Travel & Tourism sector’s contribution to GDP might attain US$3.9 trillion by 2032, making it the world’s strongest Travel & Tourism market, and India might leapfrog Germany to achieve a 3rd place with a projected worth of US$457 billion.

To learn the report in full, please click on right here.

About WTTC

The World Travel & Tourism Council (WTTC) represents the world travel & tourism personal sector. Members embody 200 CEOs, Chairs and Presidents of the world’s main travel & tourism firms from all geographies masking all industries. For greater than 30 years, WTTC has been dedicated to elevating the consciousness of governments and the public of the financial and social significance of the travel & tourism sector.

According to WTTC’s 2021 Economic Impact Report, throughout 2020, a 12 months during which it was devasted by the COVID-19 pandemic, Travel & Tourism made a 5.5% contribution to world GDP and was accountable for 272 million jobs.

WTTC Press Office
WTTC

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