(TAN): The United States remains the world’s biggest and most powerful travel & tourism market, according to the latest World Travel & Tourism Council (WTTC)’s Economic Trends Report.
The US retained its top ranking despite suffering long and damaging travel restrictions which did little to halt the spread of Covid-19 and only resulted in serious economic losses. However, while its number one position was retained, the US Travel & Tourism sector’s contribution to the nation’s economy fell by USD 700 billion in 2019, to just under USD 1.3 trillion last year.
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China and Germany retained their second and third place in the rankings. However, the WTTC said in a statement that the rankings are illusionary as the top economies bolstered their numbers through domestic travel, while international visitor numbers plummeted.
Julia Simpson, WTTC president & CEO, said: “Our report shows the resilience of the travel & tourism sector, despite the impact of travel restrictions around the world which failed to halt the spread of the virus. Despite a challenging macro environment, travel & tourism has bounced back. The world, with some exceptions, is travelling again. And we are seeing a resurgence in business travel. Over the next 10 years, travel & tourism growth will outstrip the global economy.”
Across Asia Pacific, major Travel & Tourism markets such as Thailand and Japan saw huge losses in international spending, which resulted in both markets — in fifth and eighth place respectively before the pandemic — falling out of the top 20 altogether in 2021.
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According to WTTC’s predictions, worldwide business travel is expected to grow more than 41% this year. For the next 10 years it predicts business travel could grow an average of 5.5% annually and may return faster in the Asia-Pacific region.
WTTC predicts by 2032, China could overtake the US to become the world’s biggest Travel & Tourism market.
The research shows China’s travel & tourism sector’s contribution to GDP could reach USD 3.9 trillion by 2032, making it the world’s most powerful travel & tourism market, and India could leapfrog Germany to reach third place with a projected value of USD 457 billion.
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