A total of 330 million jobs are supported by this industry around the world, and it contributes 10%, or $8.9 trillion to global GDP each year.
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Despite the significant annual increase, international tourism arrivals remained below pre-pandemic levels, totaling approximately 969 million in 2022.
In 2022, the Travel & Tourism sector contributed 7.6% to global GDP; an increase of 22% from 2021 and only 23% below 2019 levels. In 2022, there were 22 million new jobs, representing a 7.9% increase on 2021, and only 11.4% below 2019.
International tourism receipts grew back to hit the USD1 trillion mark in 2022, growing 50% in real terms compared to 2021, driven by the important rebound in international travel. International visitor spending reached 64% of pre-pandemic levels (-36% compared to 2019, measured in real terms).
Despite the sharp increase, the market size of tourism worldwide remained below pre-pandemic levels, totaling around two trillion U.S. dollars in 2022. As forecast, this figure is expected to rise to nearly 2.29 trillion U.S. dollars in 2023, surpassing the peak reported in 2019.
Despite the sharp increase, the market size of tourism worldwide remained below pre-pandemic levels, totaling around two trillion U.S. dollars in 2022. As forecast, this figure is expected to rise to nearly 2.29 trillion U.S. dollars in 2023, surpassing the peak reported in 2019.
The number of international tourist arrivals worldwide bounced back in 2022 after dropping sharply with the onset of the coronavirus (COVID-19) pandemic. Despite the significant annual increase, international tourism arrivals remained below pre-pandemic levels, totaling approximately 969 million in 2022.
Of the 136 top economies in the world, Ukraine is the one least reliant on tourism, with just 1.4% of its gross domestic product coming from visitors. Russia is close behind, with just 1.5% of its GDP coming from tourism.
According to IBISWorld experts' analysis, the global tourism industry is ranked 5th on the list of the 10 global biggest industries by revenue. However, if we rank the industry's size by employment, the travel industry comes in as the first one.
It creates jobs, strengthens the local economy, contributes to local infrastructure development and can help to conserve the natural environment and cultural assets and traditions, and to reduce poverty and inequality.
What percentage of Americans don't travel? Whether before or during the pandemic, international travel is something a 71% majority of U.S. adults have done at some point in their lives, according to a June Pew Research Center survey. By contrast, around a quarter (27%) have not traveled abroad.
Despite the sharp increase, the market size of tourism worldwide remained below pre-pandemic levels, totaling around two trillion U.S. dollars in 2022. As forecast, this figure is expected to rise to nearly 2.29 trillion U.S. dollars in 2023, surpassing the peak reported in 2019.
In 2019, Travel & Tourism was one of the world's largest sectors, accounting for 10.4% of global GDP (USD 9.2 trillion), 10.6% of all jobs (334 million), and was responsible for creating 1 in 4 of all new jobs across the world.
In 2022, the United States reported the highest total contribution of travel and tourism to GDP, with these industries generating, directly and indirectly, roughly two trillion U.S. dollars.
Tourism creates a cultural exchange between tourists and local citizens. Exhibitions, conferences, and events usually attract foreigners. Organizing authorities usually gain profits from registration fees, gift sales, exhibition spaces, and sales of media copyright.
If you want to know why France is so popular, prepare for an avalanche of reasons. France attracts people from near and far with charm, sophistication, and style. Annually attracting millions of visitors, tourism accounts for over one million jobs and billions of pounds in revenue.
So what makes France so appealing to travelers from all over the world? Well, there's a lot to love about the country, from its stunningly beautiful countryside and picturesque villages to its exciting cities and rich cultural heritage. Not to mention, France is also home to some of the best food and wine in the world.
Stimulates Economic GrowthOne of the biggest pros of tourism is economic. Tourism accounts for about 10% of employment worldwide, both directly and indirectly. Benefits can extend to a local economy, and broader, country-wide economy as well.
Tourism is one of the fastest growing industries and contributes a great deal to economies around the world. However, the damage tourism can cause to local cultures and the environment is often ignored.