International tourism ready to boom

People are finally shaking off their post-pandemic reluctance to travel and are making up for lost time, according to a new report from the World Travel and Tourism Council (WTTC). 

International wanderlust is projected to contribute a record $US11.1 trillion ($A16.9 trillion) to global economies this year, some $US770 billion ($A1.1 trillion) higher than the previous annual total.

The desire to travel is not just restricted to the wealthier nations, with the WTTC predicting that 142 out of 185 countries analysed will out-perform previous national records.

President and Chief Executive of the WTTC, Julia Simpson said the report, written in partnership with Oxford Economics, showcased a sector brimming with opportunities, underpinning almost 348 million jobs worldwide.

“This represents an increase of more than 13.6 million jobs compared to its highest point in 2019,” Ms Simpson said.

She said this growth had come despite two of the world’s biggest tourism markets lagging in terms of international visitor spending, with both the United States and China seeing a far slower return to previous levels.

Last year US’s international visitor spending remained more than a quarter below the peak of 2019, while China’s remained almost 60 per cent down.

“This is a risk; we need the US and Chinese Governments to support their national travel and tourism sectors,” Ms Simpson said.  

Despite this, the WTTC is forecasting that the next decade will be characterised by robust growth and unparalleled career opportunities, with tourism contributing a staggering $US16 trillion ($A24.3 trillion) to global economies annually, making up 11.4 per cent of the entire economic landscape.

“We believe travel and tourism is on the brink of its most transformative era yet, promising prosperity, innovation, and connection on a scale never seen before.” Ms Simpson said.