We work in the best industry in the world – travel and tourism. But we’re not alone. Approximately 1 in every ten jobs is directly or indirectly connected to our industry. Strong tourism growth is contributing to innovation, job creation and economic development.
With eight years of consecutive travel and tourism growth, 2018 is off to another jaw-dropping start. International tourist arrivals grew 6% in January-April 2018 compared to the same period last year (outperforming forecasts). And while we don’t have a crystal ball, all of the economic indicators point towards the continuation of this upward trend.
According to the World Travel & Tourism Council (WT&TC), travel and tourism is a “dynamic engine of economic development and job creation throughout the world.”
2017 Breaks Growth Records
Here are some statistics from a WT&TC report that may surprise you:
- Strong results (earlier this year) reflect a continuation of the strong trend seen in 2017 (+7%) and so far exceed UNWTO’s forecast of 4% to 5% for the year 2018.
- In 2017, global visitor exports reached a record high, totalling US$1.5 trillion, and accounted for almost 30% of total world services exports and 6.5% of total world exports.
- Travel & Tourism is one of the leading job creators in the world, with more than 118 million people directly employed in the sector.
- Over the past seven years, one in five of all net new jobs created across the world has been in the Travel & Tourism sector.
- Direct Travel & Tourism GDP grew by 4.6% in 2017; the sector last saw higher growth than this in 2011.
- 2017 was one of the strongest years of GDP growth in a decade with robust consumer spending worldwide.
- International tourism receipts increased 5% in 2017 in real terms (local currencies at constant prices) to reach US$ 1,332 billion globally, (US$ 94 billion more than in 2016).
- Travel & Tourism’s direct contribution to GDP is expected to grow at an average of 3.8% per year over the next ten years.
- There are expected to be over 64 million ‘new travelling households’ in China by 2027. Some distance behind in second place is India with around 9 million new travelling households.
Click here for the complete World Travel & Tourism Council Report, Travel & Tourism Global Economic Impact & Issues 2018.