Global visitor spend set to soar to $2.1trn this year
International visitor spending will break all previous records this year, reaching an unprecedented $2.1 trillion - $164 billion more than the 2019 peak, says a World Travel & Tourism Council (WTTC) forecast.
The sector's total global economic contribution is set to reach $11.7 trillion this year, 10.3% of global GDP, while jobs supported by the sector are expected to rise by 14 million, reaching 371 million worldwide, more than the entire population of the US.
But while the sector is surging overall, momentum in some major economies is slowing. According to the research, the US, still the world's largest travel and tourism market, continues to lag, with international visitor spend trailing 2019 levels. In China, while international spending was above pre-pandemic levels last year, growth is expected to slow sharply in 2025.
Saudi Arabia Surges Ahead
Against this backdrop, Saudi Arabia is writing its own success story. WTTC's latest data shows travel and tourism is expected to inject SAR447.2 billion ($119.23 billion) into the economy this year - a new record and a bold statement of intent from one of the world's fastest-growing destinations.
Travel and tourism is set to contribute more than 10% of Saudi Arabia's GDP in 2025, with sector employment projected to reach an all-time high of 2.7 million.
This success is fuelled by impressive levels of international and domestic spending, with inbound visitor spending forecast to hit almost SAR200 billion this year, while domestic spending is also expected to soar to a record SAR162.5 billion, the WTTC report said.
Saudi Arabia is fast becoming a global tourism powerhouse.
Julia Simpson, WTTC President & CEO, said 'Thanks to the leadership of His Excellency Ahmed Al Khateeb, Saudi Arabia's Travel & Tourism sector is not just growing, it's thriving.
"The Kingdom is redefining what's possible, and will not only meet, but exceed the ambitions of Vision 2030.'
Middle East Growth
Across the wider region, the Middle East's travel and tourism is expected to contribute $367.3 billion to the regional economy, and support 7.7 million jobs this year.
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