Travel Industry Contribution To Global GDP Increased To $11.1 Trillion

The travel Industry is having a boom in a lot of countries like the USA, Germany, and China. Thus, the World Travel & Tourism Council (WTTC) expects the travel contribution to increase to $11.1 Trillion in 2024. The industry will be setting a new record in the worldwide GDP contribution. As more and more people are willing to spend a considerable amount on travel, they are saving every 1 dollar from 10 dollars for their travel goals. The economies of the USA are having increased jobs in the hospitality and leisure industry.

Travel Trends Increased The Industry’s Contribution To The Global GDP

Travelling is becoming more of a need for people. Thus, they are putting at least 10% of their money into travel. The industry expects to have a huge rise in its global GDP contribution. It is mostly expected from the countries like USA, Germany, and China. The growth of this year is said to be more than 2019, the pre-pandemic period. It will not only increase employment opportunities in the country, it will also promote their culture worldwide. According to the sources, the travel industry will create 1 million job openings in 2024 in hospitality and leisure alone.

2023 also provided 27 million jobs in total in the travel industry. While if we talk about the current year, it crossed all its previous records. The industry will be supporting approximately 348 million jobs. There were a lot of discussions and risks going on related to the recession. However, the travel industry is coming out as a strong pillar of support to every economy. Despite changes in inflation rates, the travel segment is showing a rise. Thus, it outperformed all the negativities and challenges.

The travel industry is a crucial industry for almost all countries. Some are dependent more on the sector while others are less. The pandemic affected the industry a lot. However, things are changing positively now. More and more people started resuming their normal lives. However, quarantine does teach us the importance of the travel and outdoors. It was the time when everyone was eager to go outside and enjoy life as they used to do earlier. Thus, post-pandemic travel is getting a boom in every coming year.

People are also understanding the importance of life more. Thus, they are moving towards living a balanced life which includes travelling along with work. The travel and tourism department is now having more startups. New players are preparing the industry to be more competitive and profitable as well. Currently, MakeMyTrip is among the few top travelling brands.