World Travel and Tourism Council (WTTC) reports faster-than-expected recovery of global business travel, with records expected for business powerhouses and China likely soon to overtake the United States as the biggest travel and tourism market.
by Martina Fuchs
PERTH, Australia, Oct. 13 (Xinhua) -- A new report from the World Travel and Tourism Council (WTTC) showed that business travel is set to surpass pre-pandemic levels this year, faster than previously predicted, to reach a record 1.5 trillion U.S. dollars as China is posed to overtake the United States as the world's biggest travel and tourism market in the next few years.
As the WTTC's 24th Global Summit concluded in Perth, Australia, WTTC President and CEO Julia Simpson said that after a few challenging years, business travel is not only back on track but recovering much faster than expected.
"Many business powerhouses such as the United States, China and Germany are expected to reach record numbers this year," she said, adding while virtual meetings played a crucial role during the pandemic, keeping people and businesses connected, the report showed that business was better face to face.
According to WTTC's "2024 Economic Impact Trends Report," business travel spending in the United States, which accounted for 30 percent of the global total in 2019, is expected to reach 472 billion dollars this year - 13.4 percent above the country's 2019 record.
In China, the world's second-largest market for business travel, spending is forecast to grow 13.1 percent above 2019 to reach almost 211 billion dollars.
"China is very likely to overtake the United States as the biggest travel and tourism market in the next few years. Within China, they have a very strong domestic market, but more and more Chinese are traveling overseas, and we're nearly back to 2019 numbers," Simpson said.
She continued "The Chinese are wonderful travelers. They love nature. They also like shopping, which is really, really great. Chinese travelers represent about 15 percent of all spending globally. We really welcome Chinese visitors everywhere."
In 2023, travel and tourism's contribution to global gross domestic product (GDP) almost reached pre-pandemic levels at 9.9 trillion dollars, just 4 percent shy of the sector's peak. ■