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Set to hold its 2024 Global Summit in October, the World Travel & Tourism Council (WTTC) has forecast that 2024 will be a landmark year for Australian tourism sector, with its economic contribution projected to reach $265.5 billion - exceeding all previous records.

In a statement, WTTC advise that after rebounding to pre-pandemic levels in 2023, the industry will this year achieve an unprecedented economic impact accounting for 10% of Australia’s GDP.

It goes on to say that by 2034, the industry’s contribution is anticipated to soar past $345 billion, aligning closely with the global economy’s expansion.

Jobs on the Rise
WTTC note that the Australian tourism industry saw a remarkable 10% increase in employment in 2023, reaching 1.42 million jobs, a tenth of the national workforce with WTTC’s research indicating that the sector will fully recover the jobs lost during the pandemic by this year, surpassing the 2018 peak by 2026.

Looking forward, the sector is expected to support over 2 million jobs by 2034, making up 12% of Australia’s total employment.

Commenting on the surge, WTTC President and Chief Executive, Julia Simpson explained “Australia is set to break tourism records.

“WTTC will throw a spotlight on the value of travel and tourism to the Australian economy when we celebrate the WTTC Global Summit in Perth, Western Australia.

“The Summit will highlight Australia’s dynamic growth, reflecting travel and tourism’s broader economic recovery and rising employment trends.”

Visitor Spending Surges in Australia
Last year, domestic visitors in Australia reached a milestone, spending $146 billion - a record high since 2018. WTTC predict that the momentum is set to continue, with forecasts predicting a rise to nearly $148 billion in 2024 and an impressive surge to almost $180 billion by 2034.

Despite a delayed reopening compared to other major destinations, Australia saw a remarkable 195% increase in overseas visitor spending in 2023, placing it 10th globally for growth in international tourism expenditure. Last year’s international visitor spending hit $31.6 billion, with expectations to near $35 billion this year and to set a new record in 2025. By 2034, the WTTC predicts that international visitor spending will soar to nearly $52.5 billion.

As Australia’s tourism industry prepares for unprecedented growth, the WTTC 2024 Economic Impact Research (EIR) highlights a promising future. With employment booming and domestic spending hitting new peaks, the upcoming WTTC Global Summit in Western Australia is poised to spotlight a sector that’s not just recovering but thriving.

However, the WTTC caution that international visitor spending for Australia is expected to remain below 2019 levels by the end of this year.

Oceania Regional Outlook
For 2024, the sector is forecasted to contribute $337.4 billion, accounting for 10.7% of Oceania’s GDP. Job growth is expected to surge by 10%, reaching 2.33 million across the region, nearly one in nine jobs. Domestic visitor spending is anticipated to climb to almost $180 billion, a 31% increase since 2019. International visitor spending is projected to recover to $65.7 billion, nearing its 2019 peak.

WTTC Global Summit
The 2024 WTTC Global Summit is being held in Perth from 8th to 10th October.

Click here for more information on the 24th WTTC Global Summit in the Australasian Leisure Management industry Calendar.

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