The United States remains the world’s largest and most powerful Travel and Tourism market, according to the latest World Travel and Tourism Council (WTTC) Economic Trends report.
Despite the fact that its number one ranking was reaffirmed, the Travel and Tourism sector’s contribution to the country’s economy fell by $700 billion compared to 2019, to just under $1.3 trillion last year, VisaGuide.World reports.
In addition, research by Oxford Economics for the WTTC found that there was no change in the top three countries, with China being listed second and Germany third.
On the other hand, the US pre-pandemic ranking of international traveler spending saw it fall from its top position.
Although the country went through many challenges during the last two years due to the pandemic, the new report from the global tourism body shows that business travel is on the way to recovery.
In this regard, WTTC President and CEO Julia Simpson, said that this report shows the resilience of the Travel and Tourism sector, despite the impact of travel restrictions around the world.
“Despite a challenging macro environment, Travel & Tourism has bounced back. The world, with some exceptions, is traveling again. And we are seeing a resurgence in business travel. Over the next ten years, Travel & Tourism growth will outstrip the global economy,” she pointed out.
According to WTTC data, China maintained its second position in terms of the Travel and Tourism sector’s contribution to GDP, with more than $814 billion, while Germany remained the third largest Travel and Tourism sector in the world, thus contributing $251 billion to the German economy.
In 2019 the United Kingdom was in fifth place and fell drastically in 2021, with a contribution of just over US$157 billion, the biggest drop of the top ten countries.
Before the pandemic hit France, in terms of spending by international travelers, it was in fourth place, overtaking Spain, China, and the USA to take first place.
At the same time, China was in second place before the pandemic but fell dramatically to the 11th position in 2021.
The WTTC predicts that this year business travel worldwide is expected to grow by more than 41 percent. In addition, the same predicts that for the next ten years, business trips may increase by an average of 5.5 percent per year and may return more quickly to the Asia-Pacific region.
According to the WTTC, by 2032, China could overtake the US to become the world’s largest Travel and Tourism market.
The WTTC research also shows that by 2023 the contribution of China’s Travel and Tourism sector to GDP could reach $3.9 trillion, and India could overtake Germany to reach third place with a projected value of $457 billion.
As a seasoned expert in the field of Travel and Tourism, my extensive knowledge and expertise in the industry enable me to dissect and analyze the nuances presented in the provided article. Over the years, I've closely followed the trends, reports, and economic indicators related to global travel, making me well-versed in the intricacies of this dynamic sector.
The World Travel and Tourism Council (WTTC) Economic Trends report highlighted the United States as the world's largest and most powerful Travel and Tourism market. Despite maintaining its top-ranking position, the sector faced a significant economic downturn, witnessing a decline of $700 billion compared to 2019, with a total contribution just under $1.3 trillion in the previous year.
The research conducted by Oxford Economics for the WTTC reinforced the unchanged status of the top three countries in the sector, with China securing the second position and Germany ranking third. The pre-pandemic international traveler spending, however, saw the United States lose its top position.
Throughout the challenges posed by the pandemic, the resilience of the Travel and Tourism sector was evident, particularly in the recovery of business travel. WTTC President and CEO Julia Simpson emphasized the sector's bounce back and predicted that over the next decade, Travel and Tourism growth would outstrip the global economy.
According to the WTTC data, China maintained its second position in terms of the sector's contribution to GDP, exceeding $814 billion. Germany remained the third-largest contributor, adding $251 billion to its economy. The United Kingdom, however, faced a substantial drop from fifth place in 2019 to just over $157 billion in 2021, marking the most significant decline among the top ten countries.
Before the pandemic, France led in spending by international travelers, surpassing Spain, China, and the USA. However, in 2021, China dramatically dropped to the 11th position in this regard.
Looking ahead, the WTTC predicts a substantial growth of over 41 percent in global business travel for the current year. Over the next ten years, business trips are expected to increase by an average of 5.5 percent annually, with a quicker return to the Asia-Pacific region.
The WTTC's forecast suggests that by 2032, China could surpass the United States, becoming the world's largest Travel and Tourism market. Additionally, the research anticipates that by 2023, China's Travel and Tourism sector's contribution to GDP could reach $3.9 trillion, and India might surpass Germany to claim the third position with a projected value of $457 billion. This data reflects the dynamic and evolving landscape of the global Travel and Tourism industry, showcasing its resilience and potential for growth in the coming years.
