Within the next 10 years, the volume of the global tourism industry is projected to increase by 50% compared to 2019, reaching $ 15.5 trillion, which will account for approximately 11.6% of the global economy, by 2033.
The top countries generating the most tourism revenue relative to GDP in 2022 remain the same as before the pandemic in 2019: the United States of America, China, Germany, Japan and the United Kingdom. The top ten also includes France, Mexico, Italy, India and Spain.
By the end of 2023, the global tourism industry will employ 430 million people, up from 334 million in 2019, about 11% of all jobs worldwide. In addition, Travel and Tourism sector will grow faster than the global economy.
According to the head of the WTTC, Julia Simpson, the Travel and Tourism sector is expected to grow at about 5.1%, while economists predict global GDP growth this year at 2.6%.
It is also predicted that China’s tourism industry will grow faster than the US tourism sector, and by 2033 the Chinese tourism industry will surpass the US in terms of revenue.
According to forecasts, the Chinese tourism industry will bring in $4 trillion over ten years, accounting for 14.1% of the country’s economy, while in the US the corresponding figures will be $3 trillion and 10.1%.
Prior to the pandemic, Chinese tourists accounted for about 14.3% of global foreign tourist spending. A full recovery of the Chinese tourism sector to pre-pandemic levels is predicted to happen by 2024, and by 2033, the share of spending by Chinese tourists on a global scale will be 22.3%.
According to the industry players, travel sales in the first half of 2023 are up 69% compared to 2019. This growth is due to increased interest in non-standard destinations, including scientific expeditions to Antarctica and the Galapagos Islands, as the travelers are becoming more adventurous and eager to discover new places and experiences.
