The travel and tourism industry across the globe has drastically evolved in the last few decades. The tourism industry plays a major role in boosting the economic growth and has contributed US$2.3 trillion globally in 2016, providing more than 109 million jobs across the globe. Considering the impact of this contribution on relevant sectors, the industry has contributed US$7.6 trillion in the global economy and 292 million in jobs, making 10.2% of the world’s Gross Domestic Product.
The United States has the highest contribution from travel and tourism industry to the Gross Domestic Product, totaling US$1509.2 billion, followed by China with 1000.7 billion and Germany with 376.7 billion. However, research shows that China, Thailand, Indonesia, and India are expected to witness a fast-growing tourism industry in the coming years, yet the United States will remain the leader in terms of business travel spending, visitor exports and direct Travel and Tourism GDP.
Global spending on business travel hit a record-breaking US$1.2 billion in 2015 and witnessed an increase of 5% from the previous year. In the United States, the interest of consumer spending has shifted from goods to services and experiences, therefore, an increase in traveling from business and leisure travelers is witnessed.
In the United States, leisure travelers prefer traveling within the United States and international traveling is not frequent, however, people love traveling to the United States, from different regions of the world, hence the travel and tourism industry is continuously growing.
The hospitality industry has matured with increasing tourism. Hotels, motels, and resorts are using technology and digital world to connect with travelers and guests, while working tirelessly to provide convenient and reliable services, with luxurious guest experience. The abundance of hotels has laid pressure on the hospitality industry to continuously evolve and improve their services, via meticulous selection of hotel supply companies and creative solutions to enhance the experience of travelers.
The coming years will see a boost in tourism and travel. Are you ready for it?