{"id":5797,"date":"2022-09-16T03:11:30","date_gmt":"2022-09-16T03:11:30","guid":{"rendered":"https:\/\/travelcommunication.net\/?p=30795"},"modified":"2022-09-16T03:11:30","modified_gmt":"2022-09-16T03:11:30","slug":"united-states-retains-position-as-worlds-biggest-travel-tourism-market","status":"publish","type":"post","link":"https:\/\/www.travelindex.org\/media\/global-travel-news\/united-states-retains-position-as-worlds-biggest-travel-tourism-market\/","title":{"rendered":"United States Retains Position as World\u2019s Biggest Travel & Tourism Market"},"content":{"rendered":"\n

\"United<\/a>Washington D.C., United States, September 15, 2022 \/ TRAVELINDEX \/ The latest World Travel & Tourism Council\u2019s (WTTC) Economic Trends Report reveals the U.S. remains the world\u2019s biggest and most powerful Travel & Tourism market. UK sees biggest drop in the global rankings, China and Germany hold onto second and third position.<\/p>\n

Its top ranking was reaffirmed, despite suffering long and damaging travel restrictions which did little to halt the spread of COVID-19 and only resulted in serious economic losses.<\/p>\n

However, while its number one position was retained, the U.S. Travel & Tourism sector\u2019s contribution to the nation\u2019s economy fell by US$700 billion in 2019, to just under US$1.3 trillion last year.<\/p>\n

Research by Oxford Economics for WTTC shows there has been no change in the top three countries – with China second and Germany third.<\/p>\n

But the rankings are illusionary as the top economies bolstered their numbers through domestic travel, while international visitor numbers plummeted.<\/p>\n

In the U.S., International traveller spend rankings saw it toppled from its pre-pandemic top position.<\/p>\n

But despite the challenges of the past two years, the new report from the global tourism body shows business travel is on the road to recovery.<\/p>\n

Julia Simpson, WTTC President & CEO, said: \u201cOur report shows the resilience of the Travel & Tourism sector, despite the impact of travel restrictions around the world which failed to halt the spread of the virus.<\/p>\n

\u201cDespite a challenging macro environment, Travel & Tourism has bounced back. The world, with some exceptions, is travelling again. And we are seeing a resurgence in business travel. Over the next 10 years, Travel & Tourism growth will outstrip the global economy.\u201d<\/p>\n

WTTC\u2019s data reveals that in terms of the Travel & Tourism sector\u2019s contribution to GDP, China held onto its second position, with more than US$814 billion, while Germany remained the third biggest Travel & Tourism sector in the world, contributing US$251 billion to the German economy.<\/p>\n

The UK slipped dramatically from fifth place in 2019 to ninth in 2021, with a contribution of just over US$157 billion, the biggest faller of the top 10 countries.<\/p>\n

In terms of international traveller spend, France, which before the pandemic struck was in fourth place, overtook Spain, China, and the U.S. to grab first place.<\/p>\n

China, which remains closed to much of the rest of the world, was in second place before the pandemic, but fell dramatically to 11th position in 2021.<\/p>\n

Across Asia Pacific, major Travel & Tourism markets such as Thailand and Japan saw huge losses in international spending, which resulted in both markets – in fifth and eighth place respectively before the pandemic – falling out of the top 20 altogether in 2021.<\/p>\n

According to WTTC\u2019s predictions, worldwide business travel is expected to grow more than 41% this year. For the next 10 years it predicts business travel could grow an average of 5.5% annually and may return faster in the Asia-Pacific region.<\/p>\n

WTTC predicts by 2032, China could overtake the U.S. to become the world\u2019s biggest Travel & Tourism market.<\/p>\n

The research shows China\u2019s Travel & Tourism sector\u2019s contribution to GDP could reach US$3.9 trillion by 2032, making it the world\u2019s most powerful Travel & Tourism market, and India could leapfrog Germany to reach third place with a projected value of US$457 billion.<\/p>\n

To read the report in full, please click here<\/a>.<\/p>\n

First published at TravelCommunication.net<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Washington D.C., United States, September 15, 2022 \/ TRAVELINDEX \/ The latest World Travel & Tourism Council\u2019s (WTTC) Economic Trends Report reveals the U.S. remains the world\u2019s biggest and most powerful Travel & Tourism market. UK sees biggest drop in the global rankings, China and Germany hold onto second and third position. Its top ranking …<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[1924,43,1925],"class_list":["post-5797","post","type-post","status-publish","format-standard","hentry","category-global-travel-news","tag-corporate","tag-global-travel-news","tag-latest-travel-news"],"_links":{"self":[{"href":"https:\/\/www.travelindex.org\/media\/wp-json\/wp\/v2\/posts\/5797","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.travelindex.org\/media\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.travelindex.org\/media\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.travelindex.org\/media\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.travelindex.org\/media\/wp-json\/wp\/v2\/comments?post=5797"}],"version-history":[{"count":0,"href":"https:\/\/www.travelindex.org\/media\/wp-json\/wp\/v2\/posts\/5797\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.travelindex.org\/media\/wp-json\/wp\/v2\/media?parent=5797"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.travelindex.org\/media\/wp-json\/wp\/v2\/categories?post=5797"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.travelindex.org\/media\/wp-json\/wp\/v2\/tags?post=5797"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}