Global GDP impact predicted to exceed $11 trillion in 2024 Unprecedented job numbers expected in the sector, says WTTC The World Travel & Tourism Council (WTTC) is projecting a record-breaking year for Travel & Tourism in 2024, with the sector’s global economic contribution set to reach an all-time high of $11.1 trillion. According to the global tourism body’s 2024 Economic Impact Research (EIR), Travel & Tourism will contribute an additional $770BN over its previous record, stamping its authority as a global economic powerhouse, generating one in every 10 dollars worldwide. As the global sector soars past its pre-pandemic prosperity, WTTC expects 142 countries of 185 analysed will be outperforming previous national records. In partnership with Oxford Econ...
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Beginning the year with massive inbound numbers from last year and encouraging growth projections, Saudi tourism is racing ahead on its remarkable journey. Saudi aims to make India its top source market targeting 7.5 million visitors within the next seven years. Committed to the Indian market, Saudi Tourism Authority (STA) hosted a series of power-packed networking events held across four cities – Mumbai, Ahmedabad, Bengaluru, and Delhi for the members of the Indian travel trade associations. The STA delegation with key stakeholders engaged with over 500 travel agents and tour operators from these key cities. STA also organised sales mission in collaboration with leading Destination Management Companies (DMC) across all four cities, engaging with key trade partners. It showcased STA’s ...
Read MoreThe recent conclusion of The Travel & Tourism Fair (TTF) in Chennai, India marked yet another successful event, characterized by its fruitful business meetings and insightful discussions. Chennai, as one of India's four metropolitan cities and a vibrant hub for tourism, serves as the host city for TTF, the largest regional travel tradeshow in the Southern circuit, strategically timed right before the summer holidays. From March 15th to 17th, TTF Chennai 2024 took place in the vibrant state of Tamil Nadu. The event brought together a diverse range of exhibitors, industry professionals, and travel enthusiasts for three days of networking, collaboration, and exploration. With over 160 exhibitors, including domestic and international travel brands, TTF Chennai 2024, an integral ...
Read MoreBahrain Tourism and Exhibitions Authority (BTEA) successfully concluded its three-city roadshow in India from February 12th to February 16th, 2024. The event featured the participation of 17 partners from Bahrain who visited Ahmedabad, Delhi, and Bangalore, engaging in meaningful interactions with the travel trade fraternity of these cities. The Bahraini delegation comprised leading Destination Management Companies (DMCs), hoteliers, and airline partners, with high focus on the Indian market. Through over 150 productive one-on-one Business-to-Business (B2B) meetings, BTEA effectively showcased Bahrain's diverse tourism offerings to the travel trade professionals of the three cities. Additionally, the team delivered concise destination presentations highlighting Bahrain's cultural, ...
Read MoreMakes third consecutive appearance at OTM; 50% surge in visitation from India since 2022 • This year, the Saudi Tourism Authority (STA) returns with a stronger delegation, comprising key stakeholders such as DMOs, DMCs, Hotels, Tour Operators and Airlines Saudi Tourism Authority (STA) is all set to participate in the upcoming edition of Outbound Travel Market (OTM), scheduled from February 8-10 at the Jio World Convention Centre in Mumbai. The event serves as a platform focused on strengthening ties between the travel trade and key stakeholders from the world’s fastest-growing tourism destination. STA’s continued presence at OTM Mumbai is a testament to its burgeoning tourism industry. A delegation comprising 20 key Saudi stakeholders and prominent associates from various secto...
Read MoreMajor new reports from the World Travel & Tourism Council (WTTC) and Microsoft highlight the transformative power of AI (Artificial Intelligence) for Travel & Tourism, marking a commitment to a digital future with unparalleled customer experiences. The first in a series of AI reports, announced during the global tourism body’s event at FITUR and in collaboration with WTTC’s Industry Partner, Microsoft, is poised to redefine Travel & Tourism standards and call on the sector for greater integration of such technologies. As the global leader in Travel & Tourism, WTTC is committed to driving innovation and supporting the sector to embrace AI and other cutting-edge technologies. To promote sustainability and excellent customer experiences, WTTC acknowledges the crucial im...
Read MoreThe World Tourism Organization (UNWTO) has entered a new era with a new name and brand: UN Tourism. With this new brand, the Organization reaffirms its status as the United Nations specialized agency for tourism and the global leader of tourism for development, driving social and economic change to ensure that “people and planet” are always center stage. To achieve this goal, UN Tourism engaged the services of Interbrand, the leading global branding agency. Interbrand successfully translated the Organization’s renewed vision for tourism into a new visual identity and brand narrative. This involved renaming the Organization, transitioning from UNWTO to UN Tourism. At the same time, a new brand narrative was meticulously crafted, one that seamlessly aligns with UN Tourism’s centra...
Read MoreAlbeit interim, the Union Budget of India offers significant opportunity as a growth accelerator for the travel & tourism sector - a valuable contributor to the country’s GDP and a powerful employment engine. With just a few days to go, Indian tourism industry expects a multi-pronged approach from the government to stimulate its growth. Madhavan Menon, Executive Chairman, Thomas Cook India Ltd. said, "The Travel & Tourism sector represents a vital economic driver: With a 5.8% contribution to India’s GDP (2022) and the government’s target of achieving $1 trillion by 2047, the sector forms a strong force multiplier - across allied sectors, employment generation and foreign exchange receipts. Our expectations from the Union Budget include key pivots to transform India into a des...
Read More“People, Planet, Prosperity”: UNWTO global investment forum looks to the future
The "where, why, how and how much?” of tourism investments were the focus of high-level dialogues within the framework of the UNWTO General Assembly in Samarkand, Uzbekistan. With UNWTO data analyses making clear the vital need for both increasing levels of traditional and non-traditional investments in the sector and also ensuring that it is not solely focused on a minority of well-established destinations. The Investment Forum brought on stage Ministers (Albania, Colombia, Kingdom of Morocco, Maldives, Peru and Spain) leading private sector experts and representatives of the global investment community to reflect on key challenges and opportunities. In line with UNWTO's priorities for global tourism, the focus was firmly on the growing needs of investments along 'People (Education)...
Read MoreThe Travel & Tourism sector entered 2023 like a marathon runner hitting the last six miles of a race. It fought its way through almost two years of the COVID-19 pandemic — only to be overwhelmed, as the disease waned, by an unprecedented surge in travel by people tired of quarantines and lockdowns. With many in the sector still struggling to fill their workforces to handle this significant uptake of travel, big and small companies alike now face their next challenge — the accelerating transition from voluntary to mandatory sustainability reporting. Are they ready for it? In 2024, the first wave of tougher mandatory regulation on sustainability disclosure takes effect as new European Union sustainability rules start to compel the largest companies operating in the bloc to begin gath...
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