The United States has been recognized as the world’s most dominant travel and tourism market, surpassing China, which holds the second position. The World Travel & Tourism Council (WTTC) reported that the U.S. contributed a record $2.36 trillion to its economy from travel and tourism in the past year.
The WTTC’s 2024 Economic Impact Trends Report reveals that the U.S. achieved this milestone despite slower spending recovery from international travelers. The U.S. nearly doubled the economic impact of its closest competitor.
Travel and tourism investments saw a 13% increase in 2023, exceeding $1 trillion, with expectations to return to pre-pandemic levels by 2025. “Looking ahead to a record-setting 2024, it’s evident that Travel & Tourism is not only recovering but poised for extraordinary growth,” stated WTTC President and CEO Julia Simpson.
Simpson emphasized the importance of sustainability and inclusivity in this growth, aiming to ensure that benefits are widespread and environmental protection is maintained.
China ranked as the second-largest travel and tourism market with a $1.3 trillion contribution to GDP in 2023. However, projections suggest that China could surpass the U.S. in this sector within the next decade.
Germany holds the third position in travel contributions to GDP, followed by Japan in fourth, and the United Kingdom in fifth. The report also highlights significant increases in international spending for several destinations compared to pre-pandemic levels, including Saudi Arabia (up 91.3%), Turkey (up 38.2%), Kenya (up 33.3%), Colombia (up 29.1%), and Egypt (up 22.9%).
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