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WTTC report: US remains top tourism market
The US remains the world’s most powerful tourism market according to the World Travel & Tourism Council (WTTC) latest Economic Impact Trends Report for 2024.
It revealed a record-breaking $2.36 trillion contribution to the nation’s economy last year.
Despite the slow return of spending from international travelers, the US kept pole position, with almost double the economic contribution of its nearest rival.
The report reveals China as the world’s second most powerful market with a GDP contribution of US$1.3 trillion in 2023, underscoring its impressive rebound, even with the late reopening of its borders.
Germany was third with US$487.6 billion economic contribution, while Japan, rose to fifth place.
The UK rounded out the top five contributing US$295.2 billion.
Over the next decade, WTTC predicts China will become the biggest tourism market, with India, currently in eighth, moving up to fourth position.
These shifts illustrate the dynamic nature of the sector, with emerging markets gaining ground.
The report also highlights the countries experiencing the highest annual growth rates in their tourism related contributions to GDP.
In 2023, China posted huge year on year growth of 135.8%, while other Asian countries, such as Hong Kong SAR, Malaysia, and the Philippines recovered soon after the removal of travel restrictions.
Julia Simpson, WTTC President & CEO, said: “As we look forward to a record-breaking 2024, it’s clear that tourism is not only back on track, but also set to achieve unprecedented growth.”
“The sector’s resilience and potential for innovation continues to drive us forward.”
According to the report, many key destinations will profit from a surge in international spending this year, with Saudi Arabia, up 91.3% compared to 2019, and Türkiye set to rise 38.2%.
Globally, international visitor spending is set to grow by nearly 16% to US$1.9 trillion.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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