WTTC’s annual Economic Impact Research, released today, shows Travel & Tourism was responsible for the creation of 7 million new jobs worldwide. The report also shows that 2017 was a bumper year for the global Travel & Tourism sector, which grew at 4.6%, 50% faster than the global economy as a whole (3% growth during 2017).
Gloria Guevara, WTTC President & CEO said, “Travel & Tourism creates jobs, drives economic growth and helps build better societies. Our research shows that our sector was responsible for the creation of one in five of all jobs globally. In the last few years, Governments around the world are realizing the extraordinary benefits of tourism and I congratulate them for taking steps to maximize our sector’s potential.”
For the seventh consecutive year, the Travel & Tourism sector has outperformed the global economy and in 2017 was the fastest growing broad economic sector globally, showing stronger growth than all sectors including manufacturing (4.2%), retail and wholesale (3.4%), agriculture, forestry and fisheries (2.6%) and financial services (2.5%).
In 2017, Travel & Tourism’s direct, indirect and induced impact accounted for:
- US$8.3 trillion contribution to global GDP (10.4%)
- 313 million jobs, 1 in 10 jobs around the world
- US$1.5 trillion exports (6.5% of total exports, 28.8% of global services exports)
- US$882 billion investment (4.5% of total investment)
Ms. Guevara continued, “2017 was the best year on record for the Travel & Tourism sector. We have seen increased spending as a result of growing consumer confidence, both domestically and internationally, recovery in markets in North Africa and Europe previously impacted by terrorism and continued outbound growth from China and India. This is great news for the millions of people who depend on our sector for their livelihoods.”
Highlights from around the world include:
- Europe’s performance was better than previously expected with 4.8% growth as long-haul demand recovered strongly, accompanied by strong intra-regional travel thanks to the strength of the European economy. According to the International Air Transport Association (IATA) in 2017, European airlines recorded passenger growth of 8.1% and over 1 billion passengers for the first time.
- Travel & Tourism’s contribution to GDP in North Africa grew by 22.6% in 2017, showing a strong rebound from the impacts of terrorism in previous years. Stellar performance from Egypt (72.9%) and solid growth in Tunisia (7.6%) inspire confidence in the region as tourism activity continues to recover to pre-attack levels.
- Asian countries continue to drive global tourism growth with North East Asia growing at 7.4% and South East Asia at 6.7%. China continues to lead the way at 9.8%. Over the next ten years, over one-third of absolute GDP growth and nearly half of employment growth will be generated by China and India.
- Latin America showed a decline of 1.4% in tourism GDP, largely a result of a contraction in international spend to the largest Latin American economy, Brazil, of 18.1% compared to 2016, and compounded by the ongoing political and economic problems in Venezuela.
Forecasts for 2018 suggest that growth will continue, albeit at a slower rate than in 2017 as a result of higher oil prices.
The long-term outlook to 2028 remains unchanged, with average growth of 3.8% per year over the next decade. However, by 2028, Travel & Tourism is expected to support more than 400 million jobs globally, which equates to 1 in 9 of all jobs in the world; and the sector is expected to contribute around 25% of global net job creation over the next decade.
Ms. Guevara added, “As our sector continues to become more important both as a generator of GDP and jobs, our key challenge will be ensuring this growth is sustainable and inclusive. Going forward we need to ensure that growth is planned for, well managed and includes partnerships between not only the public and private sectors but also includes communities themselves. There is a huge potential for governments to capitalize on the opportunities Travel & Tourism brings to create new jobs, especially in those economies where many jobs in other sectors are under threat from automation. Travel & Tourism is the best partner for governments to create jobs.”
The Economic Impact Research is available here.
Canada’s Travel & Tourism sector grew 50% faster than the wider economy in 2017, according to major new research released today by the World Travel & Tourism Council (WTTC).
The total contribution of Travel & Tourism to the Canadian economy in 2017 was CAD$138.8 billion, once all the direct, indirect and induced benefits were taken into account. This represented a rise of 4.5% against growth of 3% for the wider economy.
Other highlights of the report released today show:
- Travel & Tourism supported 1.6 million jobs in 2017 (8.6% of total Canadian employment)
- By 2028, almost 2 million jobs in Canada are forecast to be dependent on Travel & Tourism
- Canada is the 13th largest travel economy in the world
“Globally, 2017 was one of the strongest years of GDP growth in a decade. Our sector now supports one in ten jobs on the planet and contributes 10% of global GDP. Over the past ten years, one in five of all jobs created across the world has been in the sector and, with the right support from Governments, nearly 100 million new jobs could be created over the decade ahead.”
The latest report (Winter 2018 | Vol. 27) of findings from Destination Analysts’ 12-year study of American travel trends and behaviors can be accessed HERE.
With a global environment of rapid change and innovation, it is no surprise that consumer’s lifestyles are adapting. What are the five megatrends shaping how consumers prepare their meals, travel, react to economic shifts, save and spend money, change and adapt digital habits and ethical living?
Learn more by downloading our free white paper, Consumer Lifestyles in 2017: Global Survey Results.
Oh, smaller towns and cities, how we love you. You offer us an escape from the buzz of traffic, buildings that block out the sunset, and hectic, high-speed attitudes. And don’t even get us started on your killer charm and good looks.
We know you’re out there, and we want to celebrate you. That’s why Expedia polled 1,000 Americans to determine their favorite medium and small towns to visit in the U.S. They reviewed all the nominations and pinpointed the most frequently mentioned cities, towns, and villages to provide you with America’s favorite places to visit.
A new report “The State of Social Media in Canada 2017” by Ryerson University Social Media Lab reveals that 94% of adult Canadian internet users have at least one social media account.