The volume of the travel industry by 2033 may reach a significant landmark of $15.5 trillion.
The corresponding forecast was published by the World Travel and Tourism Council (WTTC). If this option for the development of the industry is implemented, the share of travel as a profit sector in the structure of the world economy will be more than 11.6%. The projected volume of the industry is 50% higher than the result of 2019.
Currently, the largest tourist economies in the world are China, the United States, Great Britain, Japan, Germany, Italy, France, Mexico, India, and Spain. In this concerning, the situation has not changed in any way compared to the state of affairs in 2019.
The forecast also provides that in ten years up to 430 million people will be employed in the tourism industry. In 2019, 334 million people worked in this sphere. The travel industry accounts for approximately 1 out of every 9 jobs worldwide.
Julia Simpson, president and CEO of WTTC, says that the travel and tourism industry is expected to grow by about 5.1% annually. This indicates the active development of the sphere against the background of the projected increase in global GDP by about 2.6% per year.
Julia Simpson also said that the tourism economy of the United States, which is currently the largest in the world in terms of production and has an annual value of $2 trillion, will lose its leadership position to China over the next ten years. Current forecasts suggest that by 2033, the Chinese tourism sector will reach a volume equal to $ 4 trillion and will have a share of 14.1% in the overall system of economy of this country. By this point, the U.S. tourism economy is expected to reach $3 trillion. The share of this sector in the economic system of the United States will be 10.1%.
Before the coronavirus pandemic, Chinese travelers accounted for 14.3% of global outbound travel spending. Their activity began to recover only in 2023. The lack of presence of Chinese citizens in the tourism sector was partially compensated by the rest of the world. A rapid recovery in travel-related activity was recorded in North America, Europe, and Latin America.
As we have reported earlier, Travel Company TUI Tests ChatGPT.
Serhii Mikhailov
Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.
