WTTC Economic Trends Report Reveals COVID-19�s Dramatic Impact On Travel & Tourism Around The World

Press Release 5 July 2021 London, UK: According to the World Travel & Tourism Council's (WTTC) new Economic Trends Report, Asia Pacific was the most affected region by the COVID-19 pandemic. Advertisements This report shows the dramatic effects of COVID-19 travel restrictions on the global economy, in individual regions, as well as the job losses. Asia-Pacific had the worst performance, with its contribution to GDP falling by 53.7% compared to the global drop of 49.1%. Asia Pacific was especially hard hit by the drop in international visitor spending. It fell by 74.4% because many countries closed their borders to foreign tourists. Domestic spending saw a 48.1% decline, which was less severe but still very troubling. The region saw a decrease in tourism employment by 18.4%. This equates to a staggering 34.1 million jobs. Despite this decline, Asia-Pacific remained a major region for employment in the sector in 2020. It accounted for 55% (151,000,000) of all global Travel & Tourism jobs. Virginia Messina is Senior Vice President WTTC. She stated: WTTC data has revealed the devastating effects of the pandemic on Travel & Tourism around world. It left economies battered and millions without jobs, with many others fearing for the future. The annual Economic Trends Report reveals how each region has been affected by the severe travel restrictions imposed to stop the spread of COVID-19. WTTC believes that governments all over the globe should benefit from their vaccine rollouts. This could greatly ease travel restrictions and accelerate the global economic recovery. According to the report, the European Travel & Tourism industry suffered the second largest economic collapse in the last year with a drop of 51.4% (987 BN). This was partly due to the fact that the virus spreads through the body. The report revealed that domestic spending in Europe fell by 48.4%. However, some intra-regional travel was offset by lower spending. However, international spending declined at an even more rapid rate of 63.8%. However, Europe remains the most visited region in the world for international visitor spending. However, Travel & Tourism employment fell 9.3% across the continent, resulting in a dramatic loss to 3.6 million jobs. In 2020, Africa's travel and tourism GDP fell 49.2%, which is in line with the global average. Domestic spending fell by 42.8% while international spending experienced a more severe contraction of 66.8%. Africa lost 29.3% of its employment, which is a shocking 7.2 million jobs. The Middle East's share of GDP from travel and tourism fell by 51.1% in 2020. Domestic spending fell by 42.8% while international spending dropped 70.3%. This was partly due to severe restrictions. This region was heavily dependent on international tourism in 2019. In 2019, international spending dropped from 62% to 46% of total Travel & Tourism spending in 2019 to just 46% by 2020. Domestic spending increased in share from 38% to 54% of the total in 2019, to 54% by 2020. Despite a 42.4% decrease in Travel & Tourism GDP for 2020, the Americas were the least affected major regions globally. It accounted for 35% of the global direct Travel & Tourism GDP. Domestic spending fell by 38.9% while international spending declined by 72.1%. This is due to strict travel restrictions for inbound visitors. As a region heavily dependent upon international visitors, the Caribbean was the most affected sub-region. The country's Travel & Tourism GDP dropped 58% from 14.1% in 2019 to 6.4% in 2020. WTTC Economic Trends report shows how the Travel & Tourism industry enables socioeconomic development, job creation and significant social impact. It also provides unique opportunities for women, minorities and youth. This suggests that the sector will pivot, adapt and ultimately return stronger after COVID-19. It identifies trends that are gaining traction and explores the shifts required to sustain Travel & Tourism into the future. COVID-19 has shifted traveller's inclinations and behaviors towards the familiar, predictable and trusted, and toward perceived low-risk destinations. The report predicts that short-term, there will be more regional holidays with thorough planning and research, as well as the great outdoors. COVID-19 has also been a catalyst for the Travel & Tourism sector's quest for innovation and integration of new technologies like biometrics. This would allow for a seamless traveller experience. Global Travel & Tourism is beginning to see the light at the end. It is crucial that the sector rebuilds traveler trust. The demand for travel is high, but consumers are less confident to book. WTTC has been a leader in the efforts of the private sector to rebuild consumer confidence worldwide. WTTC advocates for an internationally coordinated, consistent and transparent approach that allows safe travel. Clear and well-organized health and hygiene protocols will help the sector rebuild traveler confidence and allow international travel to resume quickly. Click here to read the entire WTTC Economic Trends Report. Get the press release.

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