The global travel and tourism industry has reached a significant milestone, with worldwide investment surpassing $1 trillion in 2024, marking a robust 9.9% year-on-year increase that signals the sector’s remarkable resilience and continued expansion in the post-pandemic era.
This groundbreaking announcement came during the World Travel & Tourism Council’s 25th Global Summit in Rome, where industry leaders, government officials, and tourism stakeholders gathered to discuss the future of one of the world’s most dynamic economic sectors. The summit’s return to Europe for the first time since the pandemic underscores the continent’s pivotal role in shaping global tourism trends and its unwavering position as the epicenter of international travel.
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Europe Maintains Its Crown as Tourism Powerhouse
Europe’s dominance in the global tourism landscape remains undisputed, with five of the world’s top ten most powerful travel and tourism markets by GDP located within the continent. This concentration of tourism strength demonstrates Europe’s unique ability to blend rich cultural heritage with modern innovation, creating experiences that continue to captivate millions of international visitors each year.
Italy, serving as the host nation for this year’s WTTC Global Summit, exemplifies Europe’s tourism leadership. The country’s travel and tourism sector contributed an impressive $248.3 billion to its economy in 2024, driven by strong international visitor spending and a thriving meetings and events industry. Italy’s selection as a G7 nation to host the summit, following last year’s historic first-ever G7 Tourism Ministers’ Meeting, reinforces its strategic importance in global tourism policy and development.
Germany stands as the world’s third most powerful travel and tourism market, with the sector contributing a staggering $525 billion to its GDP in 2024. This substantial contribution highlights Germany’s appeal as both a business and leisure destination, with its vibrant cities, historic landmarks, and world-class infrastructure attracting millions of visitors annually.
The United Kingdom, despite experiencing a £2.2 billion decline in international visitor spending last year, still added $367 billion to its economy through travel and tourism. The UK’s ability to maintain its position as one of the strongest and most dynamic markets worldwide speaks to the resilience of its tourism infrastructure and the enduring appeal of British cultural attractions.
France, renowned as the world’s most visited destination, generated over $289 billion from travel and tourism in 2024. The country’s unparalleled combination of art, culture, cuisine, and history continues to draw visitors from every corner of the globe, cementing its status as a must-visit destination for international travelers.
Spain, holding the position as the second most visited country globally, contributed $270 billion to the tourism economy. The nation’s diverse offerings, from Mediterranean beaches to historic cities and world-renowned culinary scenes, ensure its continued appeal to a broad spectrum of international visitors.
United States Retains Global Leadership Position
The United States maintains its position as the world’s most powerful travel and tourism market, with the sector contributing an enormous $2.6 trillion to GDP in 2024. The U.S. domestic market remains the strongest globally, sustaining millions of jobs and serving as a critical pillar of economic resilience across the nation.
However, the WTTC has issued a cautionary note regarding the future trajectory of U.S. tourism. The organization forecasts that international visitor spending in the United States will decline by $12.5 billion in 2025, resulting in modest growth of just 0.7%. This projection has prompted warnings from industry experts that without enhanced destination promotion, more traveler-friendly policies, and reduced visa costs, the United States risks losing its competitive edge in the fiercely contested global tourism market.
The potential slowdown in U.S. international tourism growth comes at a time when other markets are experiencing rapid expansion, highlighting the need for strategic policy interventions to maintain America’s attractiveness as a premier destination for global travelers.
China’s Dramatic Tourism Resurgence
China’s travel and tourism sector is experiencing a remarkable comeback, positioning the country as the world’s second-largest travel and tourism market. The sector contributed $1.64 trillion to China’s economy in 2024, and projections indicate an explosive 22.7% growth rate in 2025, which would add approximately $260 billion to the economy.
This rapid recovery highlights China’s return to international prominence and underscores its pivotal role in shaping global travel flows. As Chinese outbound tourism rebounds and domestic travel continues to surge, the ripple effects are being felt across destinations worldwide, from luxury shopping districts in European capitals to beach resorts in Southeast Asia.
The Chinese tourism boom is supported by the country’s expanding middle class, increased disposable income, and a growing appetite for international experiences. This demographic shift is transforming global tourism patterns and forcing destinations worldwide to adapt their offerings to cater to Chinese travelers’ preferences and expectations.
Asia-Pacific Region Poised for Explosive Growth
Japan has emerged as the world’s fifth-largest travel and tourism economy, with the sector contributing $310.5 billion in 2024. Forecasts suggest that Japan will add a further $13.8 billion to its GDP in 2025, bringing the total to nearly $325 billion. The country’s unique blend of ancient traditions and cutting-edge modernity, combined with its reputation for exceptional hospitality and cultural experiences, continues to attract record numbers of international visitors.
The broader Asia-Pacific region is set to become the epicenter of global tourism employment growth. According to WTTC projections, the majority of new tourism jobs created over the next decade will be in this region, reflecting the area’s rapidly expanding middle class, improving infrastructure, and increasing integration into global travel networks.
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Middle East Emerges as Fastest-Growing Tourism Region
The Middle East has established itself as one of the fastest-growing regions for travel and tourism, with Saudi Arabia leading the charge as a global powerhouse. The kingdom has witnessed surging inbound visitor spending and record levels of infrastructure investment as part of its ambitious Vision 2030 diversification strategy.
Across the Middle East, substantial capital is flowing into airports, cruise terminals, and cutting-edge hospitality projects, signaling long-term confidence in the region’s ambition to become a major global tourism hub. Countries like the United Arab Emirates, Qatar, and Oman are investing billions in tourism infrastructure, creating new attractions, and developing unique experiences that differentiate them in the competitive global marketplace.
The region’s strategic geographic location, bridging East and West, combined with significant financial resources and government commitment to tourism development, positions the Middle East for continued rapid growth in the coming years.
Global Employment Boom in Tourism Sector
The travel and tourism sector’s contribution to global employment continues to expand significantly. In 2024, the industry supported 357 million jobs worldwide, and this figure is projected to rise to 371 million in 2025, representing an increasing share of global employment.
Looking further ahead, the WTTC projects that by 2035, one in every eight jobs worldwide will be supported by travel and tourism. This represents the addition of 91 million new jobs, with the majority concentrated in the Asia-Pacific region. Remarkably, the sector is expected to support one in three new jobs globally, underscoring its critical role as an engine of employment growth and economic opportunity.
This employment growth spans a diverse range of roles, from hotel staff and tour guides to airline personnel, restaurant workers, and digital marketing specialists. The sector’s ability to create jobs across different skill levels makes it particularly valuable for developing economies seeking to reduce unemployment and create pathways to economic prosperity.
Shifting Consumer Preferences Drive Growth
A notable trend emerging from the WTTC data is that travel and tourism is now growing faster than the consumer goods sector, reflecting a fundamental shift in consumer preferences. Modern travelers, particularly millennials and Generation Z, are increasingly prioritizing experiences over material possessions, choosing to invest their disposable income in memorable journeys rather than physical products.
This preference for experiential consumption is reshaping not only the tourism industry but also influencing how destinations market themselves, how hospitality businesses design their offerings, and how travelers plan and book their trips. The rise of social media has amplified this trend, as travelers seek Instagram-worthy moments and unique experiences they can share with their networks.
Record Investment Signals Long-Term Confidence
The tourism sector’s investment figures tell a compelling story of confidence in the industry’s future. Global investment surpassed $1 trillion in 2024, marking a 9.9% year-on-year increase, with forecasts indicating continued growth in 2025.
Four countries—the United States, China, Saudi Arabia, and France—collectively accounted for more than half a trillion dollars of this investment, demonstrating the concentration of capital in key markets with proven track records and strong growth potential.
Italy attracted €11.4 billion in tourism investment in 2024, reinforcing its position as one of Europe’s most attractive destinations for sustainable and innovative tourism development. This investment is funding everything from hotel renovations and new attractions to digital infrastructure and sustainable tourism initiatives.
Historic Sector Contribution Expected in 2025
WTTC Interim CEO Gloria Guevara expressed optimism about the sector’s trajectory, stating: “These results tell a story of strength and opportunity. The U.S. remains the world’s largest travel and tourism market, China is surging back, Europe is powering ahead, and destinations across the Middle East, Asia, and Africa are delivering record growth.”
The organization forecasts that the sector will contribute a historic $2.1 trillion in 2025, surpassing the previous record of $1.9 trillion set in 2019 by $164 billion. This projected achievement would mark a complete recovery from the pandemic’s devastating impact and establish new benchmarks for the industry’s economic contribution.
Guevara added: “As Italy hosts this year’s Global Summit, its role as a G7 leader showcases the importance of tourism in driving economies, creating jobs, and shaping our shared future.”
Sustainability and Innovation at the Forefront
The WTTC’s Economic Impact Research Trends report emphasizes that travel and tourism is cementing its role as a cornerstone of the global economy. However, industry leaders recognize that sustainable growth requires balancing economic benefits with environmental protection and community wellbeing.
Europe’s success in maintaining its tourism leadership is attributed partly to its ability to blend heritage with innovation while leading the way in sustainable tourism development. Destinations across the continent are implementing measures to manage overtourism, reduce carbon footprints, and ensure that local communities benefit from tourism growth.
The Road Ahead
As the global travel and tourism industry continues its impressive recovery and expansion, several key factors will shape its future trajectory. Policy decisions regarding visa requirements, destination promotion strategies, infrastructure investment, and sustainability initiatives will all play crucial roles in determining which markets thrive and which struggle to maintain competitiveness.
The Rome Global Summit, hosted in partnership with the Italian Ministry of Tourism, ENIT, the Municipality of Rome, and the Lazio Region, brought together industry stakeholders to address these challenges and opportunities. With support from partners including Antonio Lefebvre d’Ovidio Di Bolsonaro Philanthropy, Arsenale Spa, Chase Travel (JPMC), Giacomo Milano, MMGY, MSC Group, Terme di Saturnia, and Trip.com Group, the summit provided a platform for collaborative problem-solving and strategic planning.
The data presented at the summit paints a picture of an industry that has not only recovered from the unprecedented challenges of recent years but is positioned for continued growth and evolution. As global investment surpasses the trillion-dollar mark and employment continues to expand, travel and tourism stands as a testament to humanity’s enduring desire to explore, connect, and experience the diverse wonders of our world.
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By: Montel Kamau
Serrari Financial Analyst
2nd October, 2025
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