According to the World Travel and Tourism Council (WTTC), the travel and tourism sector is forecasted to make a tremendous $11 trillion contribution to the global GDP by 2024. This impressive number indicates an accelerated growth in the industry, projected to support over 425 million jobs globally. A figure this significant highlights the crucial need for sustainable and responsible tourism practices.
Projections suggest 10% of all international spending in 2024 will be funnelled towards travel-related expenses, cementing the economic significance of the industry. As accessibility of travel continues to increase with advancements in technology, so does the interest and spending in the sector, potentially stimulating economic growth in tourism-dependent regions.
Changes in consumer attitudes, such as a shift from material goods to experiential spending, coupled with an increase in disposable income, have contributed to growth in the travel sector. The COVID-19 pandemic and the resultant rise of remote work may play a role as well, as more individuals have the freedom to work from various locations, potentially boosting the tourism industry even further.
Opportunities for growth abound with innovative technology and emerging travel markets. Virtual Reality offers immersive, non-physical travel experiences, while developing nations surface as enticing travel destinations.
Tourism’s impressive contribution to global economy
Sustainability is also key, as many modern consumers prioritize environmentally-conscious practices. Travel businesses that accommodate these preferences may thrive in this evolving market, elevating the travel sector’s contribution to the global GDP even further.
Julia Simpson, WTTC’s head, predicts travel and tourism to evolve into a globally significant economic force. She highlighted the potential for revenue generation and job creation in the sector, despite any potential challenges that may arise. Simpson underscored the need for proactive and innovative strategies to overcome these challenges.
The tourism industry is expected to create nearly 348 million jobs by 2024, an increase of 13.6 million from 2019. To meet this demand, hiring within the sector is accelerating, particularly in the U.S, where one million vacancies currently exist in the hospitality and leisure sectors. As the industry expands, the need for skilled professionals from IT specialists to travel agents is apparent. Flourishing in this dynamic industry will require candidates to procure additional training and certification to stay competitive in the job market.
