The tourism industry is one of the largest and fastest-growing industries in the world. It encompasses a wide range of businesses and activities, including transportation, accommodation, food and beverage services, entertainment, and more. In this article, we will explore just how much the tourism industry is worth worldwide.
The Global Tourism Industry
According to the World Travel and Tourism Council (WTTC), the global tourism industry was worth $8.8 trillion in 2019. That’s a staggering figure that highlights just how important tourism is to the world economy.
The Growth of Tourism
The tourism industry has been growing rapidly over the past decade. In 2010, the global tourism industry was worth $6 trillion, which means it has grown by almost 50% in just nine years.
The growth of tourism can be attributed to several factors such as increased disposable income, cheaper travel options, improved infrastructure, and technological advancements that make traveling easier and more accessible.
The Impact of Tourism on Employment
Tourism is a labor-intensive industry that creates jobs all over the world. According to WTTC, the tourism industry accounts for one in ten jobs globally. In 2019 alone, the travel and tourism sector supported 330 million jobs worldwide.
Top Tourist Destinations
Some countries are heavily dependent on their tourist industries for economic growth. For instance, France welcomed over 89 million tourists in 2019 and generated $60 billion from international visitors alone. Spain welcomed over 83 million tourists in 2019, generating $73 billion from international visitors.
Other top tourist destinations include the United States (80 million visitors), China (63 million visitors), Italy (62 million visitors), Turkey (45 million visitors), Mexico (41 million visitors), Germany (39 million visitors), Thailand (39 million visitors) and Japan (31 million visitors).
The Future of Tourism
The tourism industry is expected to continue growing in the coming years. According to WTTC, the industry is projected to grow by 3.6% per annum over the next ten years and will be worth $11.4 trillion by 2028.
However, there are also concerns about the impact of tourism on local communities and the environment. Sustainable tourism practices are being encouraged to ensure that the growth of tourism does not come at the expense of local cultures, economies or natural resources.
Conclusion
The tourism industry is a vital part of the global economy and has a significant impact on employment and economic growth. With its continued growth, it’s important that we prioritize sustainable tourism practices to ensure that future generations can also benefit from this valuable industry.