A record-breaking $1 out of every $10 spent worldwide in 2024 will go toward travel, as people quickly choose to book everything from hotels and cruises to flights, according to an annual report by the World Travel and Tourism Council (WTTC), a nonprofit membership organization.
The travel and tourism industry's contribution to global gross domestic product (GDP) is expected to reach new heights as consumers increasingly see travel as an essential part of their budgets.
The WTTC estimates the industry's contribution to global GDP in 2024 will increase 12.1% year-over-year to $11.1 trillion, making up 10% of global GDP. This represents about a 7.5% increase from the previous record set in 2019.
"Despite some concerns last year about us going into a global recession and high inflation, this year we are looking at travel and tourism being a real economic powerhouse globally," said Julia Simpson, CEO of the nonprofit organization.
Travel spending in the U.S., Chinese and German economies is expected to contribute the most to GDP.
The sector is expected to support nearly 348 million jobs in 2024, or 13.6 million jobs more than in 2019, the previous record before the pandemic. The industry is still hiring to fill jobs in the rapidly expanding field.
In the U.S., there are currently 1 million job openings across the leisure and hospitality industry, according to the U.S. Travel Association. Total employment supported in the U.S. was about 27 million jobs in 2023, according to the WTTC.
