Travel Will Inject a Record $11 Trillion Into the Global Economy This Year: Report

All your jet-setting and hotel-hopping is having a significant effect on the global economy.

The folks at the World Travel & Tourism Council (WTTC) estimate that the travel industry will reach a record $11.1 trillion in 2024, eclipsing the prior high of $10 trillion achieved in 2019. Furthermore, tourism is expected to become a $16 trillion industry within the next decade and will represent 11.4 percent of the global GDP by 2034.

Both predictions are outlined in the WTTC’s 2024 Travel & Tourism Economic Impact Report, which Bloomberg received ahead of wider distribution. Produced in partnership with research advisory firm Oxford Economics, the latest report looks at the impact of travel and tourism on the economy in granular detail across many metrics. The analysts combined data from governments and industry groups with travel forecasts to determine the sector’s future.

Travel’s record-setting boom hinges largely on the state of the Chinese and American markets, according to Bloomberg. International arrivals in both countries lagged significantly behind pre-pandemic levels in 2023. The strengthening of the U.S. dollar and ongoing visa delays have deterred travelers from visiting the States, WTTC’s president and CEO Julia Simpson told Bloomberg. Meanwhile, China’s unpredictable economy and political position have hampered inbound travel to the country. Both countries are expected to recover this year, though. The bounceback will help the industry reach those record-breaking trillions.

The 14-figure sums can be broken down into three types of travel transactions, Bloomberg notes. Direct travel spending includes things like hotels, tours, and transportation, as well as public investment in these types of services. Indirect travel spending covers the expenses of those businesses, such as sheets and towels or the ingredients for the breakfast buffet. Finally, induced spending accounts for the trickle-down effects of hospitality employees.

In total, 142 out of the 185 surveyed countries are expected to exceed their 2019 tourism performance levels in 2024. Almost all nations are expected to see year-over-year growth, too. As a result, records are likely to be broken on a local level as well as a global.

“Travel isn’t just back, travel is booming,” says Simpson. “We’re talking about a really, really strong sector.”