World tourism and travel is almost back to pre-pandemic levels, and 2024 should see travel numbers surpassing 2019 levels.
The World Travel & Tourism Council’s Economic Impact Research shows the Travel & Tourism sector has reached more than 95% of its 2019 peak. In 2023, the sector is forecast to reach $9.5 trillion (USD) in spending, just five per cent below 2019 pre-pandemic levels, when travel was at its highest. Thirty four countries around the world have already exceeded 2019 levels.
In 2021 the global sector grew 24.7% year-on-year, and last year it grew a further 22% to reach a GDP contribution of $7.7 trillion.
The research shows that the ongoing conflict in Ukraine and prolonged travel restrictions imposed by a number of countries such as China had a significant impact on the global recovery. But the recent decision by the Chinese government to reopen its borders from January will propel the sector and see it recover to pre-pandemic levels next year.
A crowded street in Bordeaux, France from 2017. JIM BYERS PHOTO
From a pre-pandemic high of more than 334 million jobs, the COVID-19 pandemic ravaged employment in the sector, and worldwide tourism and travel jobs drop to 264 million. Following the recovery of 11 million jobs in 2021, the sector created 21.6 million new jobs in 2022 to reach more than 295 million globally. That’s one in 11 jobs worldwide.
“The Travel & Tourism sector continues to recover at pace, demonstrating the resilience of the sector and the enduring desire to travel,” said Julia Simpson, WTTC President & CEO. “By the end of the year, the sector’s contribution will be within touching distance of the 2019 peak. We expect 2024 to exceed 2019. Travel & Tourism will be a growth sector over the next ten years.
“The recovery will speed up this year as Chinese travellers re-enter the market,” she said.
