The recovery of the US travel and tourism industry is projected to exceed pre-pandemic levels this year, according to the World Travel and Tourism Council (WTTC).
The global tourism body’s latest modelling forecasts that the travel and tourism sector’s contribution to the US economy could reach almost US$2 trillion, a 6.2 per cent increase from 2019 (US$1.87 trillion).
Research by WTTC and Oxford Economics also found that US domestic travel and tourism spending is projected to reach over US$1.1 trillion in 2022, outperforming pre-pandemic levels by 11.3 per cent.
Employment in the sector, too, could surpass pre-pandemic levels, reaching nearly 16.8 million jobs – above pre-pandemic levels by almost 200,000 jobs.
Meanwhile, international traveller spending in the US could see a growth of US$113 billion compared to 2020, reaching almost US$155 below – 14 per cent less than 2019 levels.
Julia Simpson, president and CEO of WTTC, commented:
“Our latest forecast shows the recovery significantly picking up this year as infection rates subside and travelers continue benefitting from the protection offered by the vaccine and boosters.
“As travel restrictions ease and consumer confidence returns, we expect a welcome release of pent-up Travel & Tourism demand. That, together with what we hope will be a strong consumer-led economic recovery, creates a positive outlook for the sector.”
Note that the WTTC forecast is dependant on the easing of travel restrictions and the rollout of the vaccine and booster programmes around the world. This comes after the WTTC revealed that the UK economy suffered a £7 billion loss due to “ineffective travel restrictions” at the end of last year.
In 2019 the travel and tourism sector generated nearly $9.2 trillion for the global economy, but there was a drop of 49.1 per cent representing a loss of nearly $4.5 trillion the following year due to the pandemic.
Recent research by WTTC shows that the sector could grow to US$8.6 trillion this year, just 6.4 per cent behind pre-pandemic levels.
WTTC: Travel and tourism sector could reach $8.6 trillion this year
