WTTC predicts China to become largest tourism market over next decade

September 4, 2024

Tourism /

The World Travel and Tourism Council (WTTC) today launched its 2024 Economic Impact Trends Report, which has revealed that while the USA is currently the world’s most powerful tourism market, China is predicted to become the largest tourism market over the next decade.

The report reveals that USA contributed a record-breaking $2.36 trillion to the nation’s economy last year.

Despite the slow return of spending from international travellers, the USA keeps pole position, with almost double the economic contribution of its nearest rival.

Following a record-breaking year for tourism, the sector continues to be the backbone to many country economies, while supporting millions of jobs globally.

The latest report from the global tourism body reveals China as the world’s second most powerful market with a GDP contribution of US$1.3 trillion in 2023, underscoring its impressive rebound, despite the late reopening of its borders.

Germany secured the third spot with a US$487.6 billion economic contribution, while Japan, which in 2022 was in 5th place, jumped up to 4th position, contributing US$297 billion.

The United Kingdom completes the top five contributing US$295.2 billion..

France, the world’s most popular destination retained its sixth position with a contribution of US$264.7 billion, followed closely by Mexico at US$261.6 billion, showcasing its continued appeal as a major tourist destination.

India came in eighth, rising from a previous 10th position, with US$231.6 billion, marking a notable improvement and highlighting its growing influence in the sector. Italy and Spain complete the top 10, contributing US$231.3 billion and US$227.9 billion, respectively.

However, over the next decade, WTTC predicts China will become the biggest tourism market with India moving up to 4th position.

These shifts illustrate the dynamic nature of the global tourism industry, with emerging markets gaining ground and traditional powerhouses maintaining their strongholds.

The report also highlights the countries experiencing the highest annual growth rates in their tourism contributions to GDP.

In 2023, China’s sector surged led with an astounding year on year growth of 135.8%, while other Asian countries, such as Hong Kong SAR, Malaysia, and the Philippines recovered soon after the removal of travel restrictions.

Julia Simpson, WTTC President and Chief Executive, notes "as we look forward to a record-breaking 2024, it's clear that travel and tourism is not only back on track, but also set to achieve unprecedented growth.

“We will continue to prioritise sustainability and inclusivity, ensuring that this growth benefits everyone and protects our planet for future generations. The sector's resilience and potential for innovation continues to drive us forward.”

According to the report, many key destinations will profit from a surge in international spending this year compared to pre-pandemic levels, with Saudi Arabia, up 91.3% compared to 2019%, Türkiye (+38.2%), Kenya (+33.3%), Colombia (+29.1%) and Egypt (+22.9%) leading the way.

Globally international visitor spending is set to grow by nearly 16% to reach US$1.9 trillion, while domestic tourists are projected to spend more than ever before, reaching US$5.4 trillion, an increase of 10.3% over 2019 levels.

Travel & Tourism investment grew 13% in 2023 to reach more than US$1trillion, with a return to pre-pandemic levels anticipated by 2025.

However, high interest rates around the world could create challenges for future investment. It is therefore crucial that the public and private sectors work together to innovate to ensure the continual strengthening of this vital sector.

The report also highlights the sector's commitment to sustainability, showcasing the decoupling of growth from greenhouse gas emissions and the increasing opportunities for women, young people, and marginalised communities.

Technological advancements, particularly in AI, are expected to further enhance the travel experience and drive future growth.

For more information and to access the full report, please visit WTTC's Research Hub.

24th August 2024 - Report highlights changing tourism priorities of affluent Chinese women

10th August 2024 - WTTC’s Hotel Sustainability Basics program adopted by 5,000 properties worldwide

26th June 2024 - EverNow Festival to coincide with WTTC Global Summit in Perth

30th May 2024 - Robert Irwin announced as first major speaker for WTTC Global Summit in Perth

3rd May 2024 - WTTC hotel sustainability program verifies 3,400 properties

7th March 2024 - WTTC says sustainability reporting is no longer negotiable for tourism businesses

6th March 2024 - WTTC’s Hotel Sustainability initiative reaches significant milestone

2nd March 2024 - UN Tourism and WTTC laud Saudi Arabia for welcoming over 100 million tourists

19th January 2024 - WTTC and Biosphere partner to standardise International Hotel Sustainability

20th December 2023 - WTTC report reveals significant increase in female employment in hospitality and tourism

14th December 2023 - WTTC’s hotel sustainability program verified in hotels across more than 30 countries

5th December 2023 - WTTC highlights need for tourism industry to reinvent its water strategy efforts

1st December 2023 - WTTC releases statement on the death of Henry Kissinger

14th November 2023 - WTTC appoints new Vice-Chair and Chair of its Sustainability Committee

5th November 2023 - Western Australia to host 24th WTTC Global Summit

4th November 2023 - Greg O’Hara announced as incoming WTTC Chair

26th October 2023 - WTTC and Saudi Arabia Ministry of Tourism release latest data on tourism’s impact on the environment

18th October 2023 - WTTC and Global Sustainable Tourism Council agree a three-stage hotel sustainability initiative

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