The World Travel & Tourism Council (WTTC) has released the final economic model that predicts that the US Travel and Tourism sector could recover strongly this year.
In a press release issued on February 9, 2022, WTTC foresees that the sector will grow by 6.2 percent compared to pre-pandemic, thus contributing $ 2 trillion to the US GDP.
The President & CEO of the Council, Julia Simpson, said that since the virus is now less worrying, and in particular less risky for vaccinated travelers, the report predicts that the recovery of Travel and Tourism would be growing at a faster pace this year.
“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,” she also added in this regard.
The joint analyses by Oxford Economics and the WTTC show that if vaccination spread continues at a rapid pace and international travel restrictions continue to facilitate this year, the $2 trillion contributions to the US economy could exceed levels by more than six percent, which was marked in 2019.
According to the analysis, employment in this sector could reach nearly 16.8 million jobs, compared to the pre-pandemic levels, which is about 200,000 jobs. At the same time, passenger spending in the US could increase by $113 billion, or nearly $155 billion more, 14 percent below the levels of 2019.
Similarly, this analysis expects the US domestic spending on Travel and Tourism to reach more than $ 1.1 trillion per year, above pre-pandemic levels by 11.3 percent.
CEO Simpson also added that the Travel and Tourism sector could be built to provide economic benefits and employment, which, according to her, haven’t been seen since the outbreak of the pandemic.
“We encourage global leaders to consider the economic and employment benefits of boosting consumer confidence by allowing fully vaccinated travelers to move freely,” she stressed out.
Recent research from ForwardKeys, the leading travel data and knowledge partner of WTTC, has found that during the Easter periods, bookings entering the US increased by 212 percent compared to last year.
Based on these latest data, compared to 2021 levels, incoming international bookings to US destinations during the busy Easter period have increased by 130 percent.
During the summer, strong US travel bookings are predicted to continue, increasing by 58 percent year-on-year, while international incoming summer bookings will be just as strong, rising 87 percent year-on-year.
In 2019, Travel & Tourism had managed to generate 10.4 percent of global GDP while being responsible for 334 million jobs worldwide.
The WTTC has urged governments worldwide to continue distributing vaccines and boosters while also allowing passengers to move around without being tested.
In addition, in order to prove travelers’ status in a more straightforward, fast, and safer way, the global tourism body urges governments worldwide to replace restrictions on international travel with digital solutions.