The latest economic trends report from the World Travel & Tourism Council (WTTC) reveals that the US, China and Germany remain the largest and most powerful travel and tourism markets worldwide. In the case of the US alone, while maintaining its leading position, the sector’s contribution has fallen from $700 billion compared to 2019, to just under $1.3 trillion in 2021.
According to WTTC the report shows the resilience of the travel industry despite the impact of restrictions around the world that have failed to stop the spread of Covid-19. Despite a challenging environment, the sector has recovered. The world, with a few exceptions, is traveling again. And we’re seeing a resurgence in business travel. Over the next 10 years, Travel and Tourism growth will outpace the global economy.
China maintained the second position, with over US$814 billion, while Germany remained the third largest Travel and Tourism sector in the world, contributing US$251 billion to the economy. The UK, meanwhile, dropped from fifth place in 2019 to ninth in 2021, with a contribution of just over $157 billion. This was the biggest drop among the top 10 countries, according to WTTC data.
Corporate – And despite the challenges of the past two years, the new WTTC report shows that corporate travel is on the road to recovery. According to the agency’s forecasts, business travel around the world is expected to grow by more than 41% this year. For the next 10 years, it is predicted that business travel could grow by an average of 5.5% per year and could return faster in the Asia-Pacific region.
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