The travel boom is here, and with more people vacationing, or traveling for work, travel and tourism will impact the world’s economy in a big way in 2024.
The travel industry is set to make a huge impact on the global economy this year.
Predictions from the Travel & Tourism Economic Impact Report by the World Travel and Tourism Council found that in 2024, the travel and tourism industry will be responsible for an extra $11 trillion contributed to the global economy, Bloomberg News reported.
Economic Growth
The current prediction surpasses the $10 trillion the industry reached in 2019.
The increase is a clear indicator of the industry’s significance in economic growth around the world. The growth can be attributed to several factors, including improved infrastructure, consumer confidence, willingness to spend, and raises in disposable income.
As more people have the desire to travel and have the means to do it, there’s a greater opportunity to fuel the growth of the tourism industry.
One key factor in the growth of tourism is largely due to technology’s rise. It’s easier than ever to plan a trip. People can research, plan, and book trips with simplicity and less stress than in years past.
Online booking platforms, travel-centered apps, online planning tools, and even social media have revolutionized the way people prepare for travel. With these tools, travel is more accessible, even at various income levels. Some TikTokers have built a large following around how to travel at lower budgets, prompting more intrigue across income lines.
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According to the report, 142 of 185 countries surveyed are expected to exceed their pre-pandemic levels.
The numbers reflect the current times when travel is becoming a more common part of people’s plans. It is also a reflection of the industry’s ability to bounce back from nearly nothing during the early pandemic months.