Spending on travel is set to hit a record this year as every US$1 (£0.76) in US$10 globally is splashed on the likes of hotels, flights and cruises.
This will see the global tourism industry’s contribution to gross domestic product hit a new high, according to non-profit organisation the World Travel and Tourism Council.
Travel will contribute an estimated US$11.1 trillion, worth 10% of global GDP, in 2024, marking a 12.1% increase annually and 7.5% jump on the previous record set in 2019.
Spending on travel in the US, China and Germany is due to fuel the uptick, prompting the global industry to support 348 million jobs and 13.6 million more than in 2019.
“We are looking at travel and tourism being a real economic powerhouse globally,” World Travel and Tourism Council chief executive Julia Simpson commented.
This is “despite some concerns last year about us going into a global recession and high inflation”.
Airlines have been among those to enjoy a rebound in demand since the pandemic, with Wizz Air Holdings PLC (AIM:WIZZ) and Ryanair Holdings PLC (LSE:RYA) reporting record passenger figures for August on Tuesday.