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The U.S. emerged as the most powerful travel and tourism market in the world, contributing a record $2.36 trillion to the country’s economy in 2023, a recent study has revealed.
The country’s position remain undeterred by the slow return of spending by international travelers, with the travel and tourism sector nearly doubling the economic contribution of its closest rival, according to the latest Economic Impact Trends Report conducted by the World Travel & Tourism Council (WTTC).
The previous year was a record-breaking one for the U.S. travel and tourism sector and it continues to support several other economies and millions of jobs worldwide, the report noted.
With a GDP contribution of $1.3 trillion in 2023, China follows the U.S. This highlights China’s impressive rebound, although the country was late to reopen its international borders following the pandemic.
The past year saw China’s travel and tourism sector grow a surprising 135.8%, while other Asian countries — such as Hong Kong (SAR), Malaysia and the Philippines — recovered soon after travel restrictions were lifted.
The U.S. emerged as the most powerful global travel and tourism market, contributing a record $2.36 trillion to the country’s economy in 2023.
Germany claimed the third spot, with an economic contribution of $487.6 billion, followed by Japan (which was in the fifth position in 2022) contributing $297 billion. The top five countries were completed by the U.K., which contributed $295.2 billion in 2023.
France retained its sixth position with a contribution of $264.7 billion, followed by Mexico at $261.6 billion, underscoring its continued appeal as a significant tourist destination. India came in eighth (up from its previous 10th position) with $231.6 billion, marking a notable improvement and highlighting its growing influence in the sector. Italy and Spain completed the top 10, contributing $231.3 billion and $227.9 billion, respectively.
Over the next decade, however, China is expected to become the biggest travel and tourism market, with India climbing to the fourth position. These changes also throw light on the dynamic nature of the global travel and tourism sector, with emerging markets gaining ground and traditional powerful nations maintaining their positions.
The report also highlights the countries experiencing the highest annual growth rates in their travel and tourism contributions to GDP. Not only is the global travel and tourism sector back on track, it is also poised to achieve unprecedented growth, WTTC observed.
“We will continue to prioritize sustainability and inclusivity, ensuring that this growth benefits everyone and protects our planet for future generations. The sector’s resilience and potential for innovation continues to drive us forward,” said Julia Simpson, WTTC president and CEO.
Several key destinations will profit from an increase in international spending this year compared to pre-pandemic volumes, with Saudi Arabia (soaring +91.3%), Turkey (+38.2%), Kenya (+33.3%), Colombia (+29.1%) and Egypt (+22.9%) leading the way.
International visitor spending across the world is projected to rise by around 16% to reach $1.9 trillion, while domestic tourists are expected to spend record numbers to touch $5.4 trillion, a 10.3% jump over 2019 levels.
With the travel and tourism sector posting a 13% growth in 2023 to reach more than $1 trillion, a complete return to 2019 levels is likely by 2025, the report said. However, high interest rates can hurt recovery and create challenges for future investment. Public and private sectors, therefore, should join forces to ensure that this significant sector continues to remain strong and maintain its stellar performance.
Highlighting the travel and tourism sector’s commitment to sustainability, the report showcased the decoupling of growth from greenhouse gas emissions and the increasing opportunities for women, youth and marginalized communities.
Technological innovations, partcularly Artificial Intelligence, is expected to offer an enhanced travel experience and boost growth.
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