Latest World Tour & The Tourism Council (WTTC) Economic Trends Report reveals that the US remains a Travel & tourism market.
Its top ranking is reaffirmed, despite suffering from lengthy and damaging travel restrictions that did little to stop the spread of COVID-19 and resulted in only serious economic losses.
However, while the number one position was maintained, US Travel & The contribution of the tourism sector to the country’s economy fell by US$700 billion in 2019, to just under US$1.3 trillion last year.
Research by Oxford Economics for WTTC showed no change in the top three countries – with China second and Germany third.
But the rankings are an illusion as the top economies increase their numbers through domestic travel, while the number of international visitors plummets.
In the US, international traveler spending rankings saw him ousted from the pre-pandemic top spot.
But despite the challenges of the past two years, a new report from the global tourism agency suggests business travel is on the way to recovery.
Julia Simpson, President of WTTC & CEO, said: “Our report demonstrates the resilience of Travel & The tourism sector, despite the impact of worldwide travel restrictions that have failed to stop the spread of the virus.
“Despite the challenging macro environment, Travel & Tourism has bounced back. The world, with a few exceptions, is traveling again. And we are seeing a resurgence in business travel. Over the next 10 years, Travel & Tourism growth will outpace the global economy.”
WTTC data reveals that in terms of Travel & The tourism sector’s contribution to GDP, China holds the second position, with more than US$814 billion, while Germany remains the third largest Travel & The world tourism sector contributes US$251 billion to the German economy.
The UK slipped dramatically from fifth place in 2019 to ninth in 2021, with a contribution of more than $157 billion, the biggest decline of the top 10 countries.
In terms of international tourist spending, France, which before the pandemic hit was in fourth place, overtaking Spain, China and the US for first place.
China, which remains closed to most of the world, was in second place before the pandemic, but dropped dramatically to 11th in 2021.
In Asia Pacific, Travel & Tourism markets such as Thailand and Japan suffered heavy losses in international spending, resulting in both markets – in fifth and eighth place respectively before the pandemic – dropping out of the top 20 in 2021.
According to WTTC predictions, worldwide business travel is expected to grow by more than 41% this year. Over the next 10 years, he estimates business travel can grow at an average of 5.5% per year and can return faster in the Asia-Pacific region.
WTTC predicts that by 2032, China can overtake the US to become Travel & tourism market.
Research shows Travel & The tourism sector’s contribution to GDP could reach US$3.9 trillion by 2032, making it Travel & The tourism market, and India could leapfrog Germany to reach third place with a projected value of US$457 billion.
How much is the tourism industry worth US?
Try US$5.29 trillion.
How much money does the US make from tourism? In addition, in 2019, nearly 80 million international travelers visited the United States and contributed nearly $240 billion to the U.S. economy, making the United States a global leader in revenue from international travel and tourism.
How much is the travel industry worth 2022?
The contribution of travel and tourism to GDP could increase by 40.9 percent (over $450 billion) by the end of this year, followed by a year-on-year increase of 30.9 percent ($480 billion) in 2022.
Is tourism a billion dollar industry?
Globally, the direct contribution of travel and tourism to GDP will be approximately USD 5. See the article : How to Solve the Global Food Crisis.8 billion in 2021. Given how lucrative the industry is, many countries have incentives to invest in policies that enable the development of travel and tourism.
How much is the travel industry worth 2021?
In 2020, the market size of the global tourism sector decreased compared to the previous year, reaching 1.09 trillion US dollars. This may interest you : 2022 NBA Mock Draft: Jabari Smith to Magic, Chet Holmgren to Thunder. The market size of this industry is expected to increase to US$1.3 trillion by 2021.
Does tourism help the economy?
I. Tourism and the Economy in General The most important economic feature of activities related to the tourism sector is that they contribute to the three high priority goals of developing countries: income generation, employment and foreign exchange earnings. To see also : Hearst Foundation supports undergraduate research at Brandeis | School of Arts and Sciences.
What is the importance of tourism in our economy? Tourism helps “increase employment and income opportunities, which can be of major economic significance for local residents” [18]. In terms of employment, local communities can improve their incomes and socio-economic conditions, which can lead to improved living standards.
What are the five positive impacts of tourism?
Positive social impacts in tourism include learning about different cultures, increasing tolerance and inclusion through LGBTQ travel, improving facilities (e.g., parks, recreational facilities), investment in arts and culture, celebration of indigenous peoples, and community pride.
What are the 5 A of tourism?
Accommodation, Accessibility, Activities, Facilities and Attractions.
What are 10 benefits of tourism?
Tourism Advantage
- Economical. It brings money. …
- Opportunity. It provides work. …
- infrastructure. It provides the means and incentives for investment in infrastructure such as roads, rail networks, and local medical and educational facilities.
- Environment. …
- Cross Culture. …
- Promotion.
What are the benefits of tourism? Tourism increases economic income, creates thousands of jobs, develops a country’s infrastructure, and instills a sense of cultural exchange between foreigners and citizens. The number of jobs created by tourism in various regions is significant.
What is the most important benefits of tourism?
Tourism has become an important sector that has an impact on the development of the country’s economy. The main benefits of tourism are income generation and job creation. For many regions and countries, it is the most important source of well-being.
