By 2033-End, Travel And Tourism Sector Is Expected To Hit The $15.5 Trillion Mark

by Shreya Ghosh
By 2033-End, Travel And Tourism Sector Is Expected To Hit The $15.5 Trillion Mark

The downfall of the global travel and tourism sector during the COVID-19 pandemic was quite traumatising. With lockdowns and endless restrictions, it took a lot of time for this industry to revive. It has been some time since all the countries began relaxing travel restrictions and welcoming overseas visitors as well. And still, the sector is on its way to reaching the mark of pre-pandemic times.

The Travel And Tourism Sector Is Booming!!!

Travel And Tourism Sector
Picture credit- Canva

Reaching heights like before is a long journey but globetrotters’ demand to explore the world, especially after the pandemic is boosting the industry and helping it to reach its goal soon. Tourists are travelling like crazy and the immense increase in passenger footfall all around the world is a major proof of that. We have read about reports of revenge tourism post-pandemic and everything is coming all together to influence the travel and tourism sector.

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The World Travel & Tourism Council recently revealed that this industry is expected to reach the milestone of $15.5 trillion in revenue, according to a report by News Bytes App. Well, not just this, the council also predicted how it can be a part of the global economy with 11.6 per cent. Predictions also state that about 430 million people are going to work in this sector. This massive number represents about 12 per cent of the working population globally. The World Travel & Tourism Council revealed these numbers by conducting research with Oxford Economics.

Further Updates Of This Global Research:

Travel And Tourism Sector
Picture credit- Canva
  • According to the research, the industry is set to reach $9.5 trillion. It is about 5 per cent lesser than the pre-pandemic time.
  • The COVID-19 pandemic is not the only travel obstacle that the world faced in the last couple of years. In fact, the war between Russia and Ukraine also impacted the travel and tourism sector. Even after all these challenges, this industry reported a year-on-year growth of 22 per cent in the last year.
  • In 2022, this sector hit $7.7 trillion and also represented 7.6 per cent of the global economy.
  • 2022 also witnessed this industry employing about 21.6 million new job opportunities. It helped the overall data to cross the mark of 295 million in the entire world.

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Travel enthusiasts are leaving no stone unturned to book tickets, pack their bags, and leave for a vacation. What are your travel plans for this year?

Cover Image Courtesy: Canva