Travel Spending to Hit Record High in 2024 🌍✈️

In 2024, a record $1 out of every $10 spent globally will be on travel as consumers eagerly book hotels, cruises, and flights, according to a report by the World Travel and Tourism Council (WTTC). The travel and tourism industry’s contribution to global GDP is projected to reach $11.1 trillion, making up 10% of the total GDP—a 12.1% year-over-year increase and a 7.5% rise from the previous record in 2019. Julia Simpson, CEO of WTTC, noted that despite concerns about a global recession and high inflation last year, travel and tourism are now driving global economic growth. The sector is expected to support nearly 348 million jobs in 2024, surpassing the 2019 record by 13.6 million jobs. In the U.S., there are currently 1 million job openings in the leisure and hospitality industry, with about 27 million jobs supported in 2023.