Tourism has been a significant contributor to the global economy for many years. It is an industry that generates revenue through travel and hospitality-related activities.
But how much money does tourism make a year? Let’s dive into the numbers.
Global Tourism Revenue
According to the World Travel and Tourism Council, the global tourism industry generated approximately $8.9 trillion in 2019. This number includes all direct, indirect, and induced impacts of travel and tourism on the economy.
Direct Impact
Direct impact refers to the money spent by tourists on transportation, accommodation, food, and other tourist activities. In 2019, direct spending by tourists worldwide amounted to around $2.9 trillion.
Indirect Impact
Indirect impact refers to the money spent by businesses that supply goods and services to the tourism industry. For instance, hotels purchase supplies from local vendors, which in turn boosts local economies. The indirect impact of tourism was estimated at around $3 trillion in 2019.
Induced Impact
Induced impact refers to the economic effects generated by increased spending by employees of businesses directly or indirectly related to tourism. For instance, when a hotel hires more staff due to increased demand from tourists, those employees will then spend their wages within their local communities. The induced impact of tourism was estimated at around $3 trillion in 2019.
Regional Differences
The amount of money generated by tourism varies significantly across different regions of the world. Europe is currently the largest regional market for travel and tourism revenue with over $2 trillion generated in 2019 alone. Asia-Pacific follows with over $1.7 trillion in revenue.
Top Tourist Destinations
When it comes to specific tourist destinations, France leads with over 89 million international tourist arrivals in 2019, followed by Spain with 83.7 million and the United States with 79.3 million.
Conclusion
Tourism continues to be a major contributor to the global economy, generating trillions of dollars in revenue each year. While the COVID-19 pandemic has significantly impacted the industry, it is expected to recover in the coming years as travel restrictions ease and people begin to travel again.
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