US Still Holds Top Spot as World’s Strongest Travel & Tourism Market &

US Still Holds Top Spot as World’s Strongest Travel & Tourism Market

In 2023, the United States (US) was once again recognised as the world’s most powerful travel and tourism market, contributing a record $2.36 trillion to the economy, according to the World Travel & Tourism Council (WTTC) 2024 Economic Impact Trends Report.

Even with slower spending from international visitors, the U.S. nearly doubled the economic contribution of its closest competitor, China.

WTTC President & CEO Julia Simpson said, “Travel and tourism are not only back but are set for unprecedented growth in 2024.”

Top Global Travel Markets:

2nd Place: China, contributing $1.3 trillion, made a strong recovery despite reopening its borders late.

3rd Place: Germany, adding $487.6 billion to its economy.

4th Place: Japan moved up a spot, contributing $297 billion.

5th Place: The U.K. with a $295.2 billion contribution.

Emerging Markets:

6th Place: France – $264.7 billion

7th Place: Mexico – $261.6 billion

8th Place: India – $231.6 billion (ising from 10th)

9th Place: Italy – $231.3 billion

10th Place: Spain – $227.9 billion

These numbers show that travel and tourism are not just recovering but booming.

Based on this forecast, China will soon surpass the United States as the world's largest tourism market within a decade, with India on its heels. These shifts demonstrate how emerging markets are gaining traction even as traditional leaders remain dominant.

On a global scale, international visitor spending is expected to grow by nearly 16%, reaching $1.9 trillion, while domestic tourism spending is projected to hit $5.4 trillion—a 10.3% increase from 2019.

Travel and tourism investment grew by 13% in 2023, surpassing $1 trillion, with a full recovery to pre-pandemic levels anticipated by 2025.

The report offers important insights into current trends and the future of global travel, showcasing both opportunities and challenges in a post-pandemic world.

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