Latest news with #TravelAndTourism
Trade Arabia
26-05-2025
- Business
- Trade Arabia
WTTC, Greenview launch ESG policy tracker for travel & tourism
The World Travel & Tourism Council (WTTC) and Greenview have launched a Global ESG Policy Tracker that enables Travel & Tourism businesses to stay ahead of rapidly evolving ESG-related regulation and policy around the world. Developed in collaboration with Greenview, a global leader in sustainability and ESG (Environmental, Social, and Governance) data solutions for the hospitality and Travel & Tourism industries, the WTTC-Greenview Global ESG Policy Tracker offers an online interactive dashboard, alongside comprehensive coverage of regional, national-level and state-level ESG policies. Users also benefit from clear regional and thematic policy summaries, quarterly updates to ensure the latest information is always at hand, and access to a dedicated advisory group to shape future developments of the Policy Tracker. The tracker is designed to support travel and tourism businesses to navigate complex regulatory landscapes and integrate sustainability considerations into core business decisions. Julia Simpson, WTTC President & CEO, said: "ESG requirements are becoming more complex and more urgent by the day, and this partnership provides an essential tool to help companies not only comply with policy, but also lead the way in responsible, future-focused Travel & Tourism. "The ESG Tracker offers timely, clear and actionable insights – helping them benchmark progress, anticipate change, and deliver on their commitments." Eric Ricaurte, Founder & CEO of Greenview, added: "We are proud to partner with WTTC on this important initiative. Our expertise in ESG policy research and content management allows us to bring high-value, practical intelligence to hospitality leaders across the globe. 'Together, we're building a resource that will drive meaningful change and support long-term resilience across the sector."
Travel Daily News
16-05-2025
- Business
- Travel Daily News
WTTC urges Travel & Tourism to join forces to scale up sustainable fuel
The WTTC and ICF urge Travel & Tourism to scale Sustainable Aviation Fuel production, essential for decarbonization and economic growth. LONDON, UK – The World Travel & Tourism Council (WTTC), in collaboration with global consultancy ICF, has launched a bold new framework urging the entire Travel & Tourism sector to unite in tackling one of its toughest challenges: scaling up the production and use of Sustainable Aviation Fuel (SAF) and other renewable fuels. The report, Scaling Up Sustainable Fuel, sets out a practical roadmap for how every business in the sector, no matter its size or role, can help address transport-related emissions and accelerate the shift to cleaner fuels. Julia Simpson, WTTC President & CEO, said 'Sustainable fuel is the single biggest game-changer for Travel & Tourism, but right now, supply falls dangerously short of demand. If we don't act together, we risk rising costs, limited availability, and stalled climate progress. 'Every hotel, tour operator, travel agency, cruise line and airline has a role to play. This framework gives them the blueprint. Sustainable fuel is not just an environmental necessity; it's a business imperative and governments must incentivise the production of SAF, not just set targets for the sector.' Today, SAF accounts for just 0.3% of global jet fuel use. To meet net-zero targets by 2050, production must increase more than 400-fold – from 1.25BN litres today to over 450BN litres. That will require as many as 6,500 new renewable fuel plants worldwide. Sustainable Marine Fuel (SMF) faces similar supply and infrastructure constraints. Unlike other decarbonisation options, SAF is a 'drop-in' solution. It works with existing engines and aircraft. But high production costs, limited infrastructure, and feedstock competition have kept volumes low and prices high – up to 10 times that of conventional fuel. The new WTTC-ICF framework offers clear, tiered actions for Travel & Tourism stakeholders to engage, whether as Collaborators, Promoters, Adopters, or Investors. From joining campaigns and supplying waste products, to funding production facilities or purchasing sustainable fuel certificates, the report makes it clear: every business can contribute. Daniel Galpin, ICF Managing Director, stated 'Decarbonising transport is a crucial step towards achieving a sustainable tourism sector. While transport industries, particularly aviation with its focus on Sustainable Aviation Fuels (SAF), have recognised the importance of sustainable fuels and are couragesouly working towards a new era, there remains a significant journey ahead. It is essential for the broader tourism ecosystem to take action and provide support to meet the targets set, as well as to implement both operational and strategic changes required. 'ICF is proud to have collaborated closely with WTTC to identify the roles that tourism stakeholders can adopt and the actions they can take to facilitate the decarbonisation of the sector, thereby contributing to a more sustainable future.' Real-world case studies show how action is already underway. The Erawan Group is turning hotel waste oil into SAF, in Asia, whilst Jet2 has invested in a UK-based SAF plant using recyclable household waste. Crucially, the report warns that unless the sector acts collectively, SAF mandates introduced by governments, requiring a 5% to 10% blend by 2030, could increase travel costs and limit consumer choice. With Travel & Tourism forecast to generate $16.5TN and support over 460MN jobs by 2035, scaling up sustainable fuel isn't just an environmental challenge. It's an economic imperative.
Travel Daily News
15-05-2025
- Business
- Travel Daily News
US economy set to lose $12.5b. in international traveler spend
WTTC warns the U.S. risks losing $12.5bn in international visitor spending in 2025, threatening jobs, economy, and global tourism leadership. LONDON, UK – The World Travel & Tourism Council (WTTC), the global body representing the Travel & Tourism private sector, announced its latest Economic Impact Research which found that the US is on track to lose a staggering $12.5bn. in international visitor spending this year. Notably, international visitor spending to the U.S. is projected to fall to just under $169bn. this year, down from $181BN in 2024. This significant shortfall represents a 22.5% decline compared to the previous peak. The loss won't be felt by Travel & Tourism alone, with WTTC saying it represents a direct blow to the U.S. economy overall, impacting communities, jobs, and businesses from coast to coast. According to the study, the U.S, the largest Travel & Tourism sector in the world, is the only country among 184 economies analysed by WTTC and Oxford Economics, forecast to see international visitor spending decline in 2025. A Global Leader in Reverse Julia Simpson, WTTC President & CEO, said: 'This is a wake-up call for the U.S. government. The world's biggest Travel & Tourism economy is heading in the wrong direction, not because of a lack of demand, but because of a failure to act. While other nations are rolling out the welcome mat, the U.S. government is putting up the 'closed' sign.' Simpson continues, 'Without urgent action to restore international traveller confidence, it could take several years for the U.S. just to return to pre-pandemic levels of international visitor spend, not even the peak from 10 years ago. This is about growth in the U.S. economy – it is doable, but it needs leadership from DC.' In 2024, nearly 90% of all tourism spending came from domestic travel, with Americans holidaying at home in record numbers. But this heavy reliance on homegrown tourism is masking a serious vulnerability; the international market is where the real growth lies, and the U.S. is losing its crown. According to the U.S. Department of Commerce, new international arrivals data for March 2025 reveal a sharp and widespread drop in inbound travel from many of the country's key source markets: UK arrivals, one of the U.S.'s most important source markets, down nearly 15% year over year Germany, another significant source market, plunged more than 28% South Korea – down almost 15% Other key markets, such as Spain, Colombia, Ireland, Ecuador, and the Dominican Republic, saw double-digit drops between 24% and 33% As widely expected, the Canadian market is drying up, with early summer bookings down over 20% compared to last year. This is more than a dip. It's a wake-up call. While other countries are powering forward, the U.S. is slipping backward. Relying on domestic travellers might have kept the lights on during the pandemic, but without a bold international recovery plan, the world's biggest Travel & Tourism economy risks falling further behind. A Missed Economic Opportunity The economic cost of inaction is clear. Travel & Tourism contributed $2.6tn. to the economy last year and supported more than 20mn jobs. It also contributed more than $585bn. in tax revenue annually, accounting for almost 7% of all government income. It could be even higher with a strong international visitor base. The sector has long been a reliable driver of federal, state, and local tax receipts. At the same time, outbound travel is surging. Americans are travelling abroad in large numbers, yet inbound recovery from key markets has stalled. The U.S. is welcoming fewer visitors from its neighbours and countries further afield, which is a clear indicator that the global appeal of the U.S. is slipping. WTTC warns that this imbalance not only affects local economies and employment but also undermines America's position as a top global destination for trade, culture, and business. In 2019, international visitors generated $217.4bn. in revenue and supported almost 18MN jobs across America. Today, that legacy is under threat. WTTC is calling for immediate action to address travel access, rebuild international marketing efforts, and restore global traveller confidence in the U.S.
The Sun
15-05-2025
- Business
- The Sun
‘Red flag' alert as 45,000 businesses across UK on brink of COLLAPSE, shows worrying report after tariff & tax hikes
TENS of thousands of businesses across the UK are on the brink of collapse a worrying report reveals. Shocking new findings reveal how businesses are struggling as the economy heads toward major tariff and tax hikes. 1 The 'Red Flag Alert' report from Begbies Traynor has provided a snapshot of British corporate health for nearly two decades. As of 31 March this year, 45,416 businesses were found to be in "critical" financial distress. This is a 13.1 per cent rise versus Q1 2024, despite a 3.1 per cent fall during the first quarter of 2025. In the context of business finances, "critical distress" represents a severely negative financial situation where insolvency is highly likely in the near future. Red Flag Alert monitors 22 sectors, nearly two-thirds of which experienced a double-digit percentage increase of companies in 'critical' financial distress in the last 12 months. The high street is bearing the brunt of the crisis as the picture is most concerning in the UK's consumer-facing economy. The number of businesses in distress skyrocketed across Bars and Restaurants, with an increase of 31.2 per cent, and Travel and Tourism which saw a 25.5 per cent increase. The General Retailers sector also saw a rise of 12.4% per cent. But more importantly, the Real Estate & Property Services, Construction, and General Retailers sectors, which comprise the three bellwether sectors in the UK, represented more than a third of companies in 'critical' financial distress. This represents over 16,000 companies, highlighting the perilous situation for the UK economy. The levels of "significant" distress also rose by 4.5 per cent in the last twelve months despite a 11.5 per cent decrease during the first quarter of this year. The Hotels and Accommodation, Real Estate and Property Services and Leisure and Cultural Activities sectors saw the highest increase in "significant" distress since the first quarter of 2024. But it's the Support Services, Construction, and Real Estate and Property Services sectors where this "significant" distress is most pronounced affecting over 241,000 companies. Ric Traynor, Executive Chairman of Begbies Traynor, said: "After a year characterised by weakening consumer confidence and the spectre of a higher tax burden, 2025 looks like will offer more challenges." Which retailers went bust in 2024? DURING 2024, 27 retailers of all sizes went bust, affecting 886 shops and 17,939 employees, according to the Centre for Retail Research. The number of casualties is more than half the previous year's rate of retail collapses, when 61 chains failed and 971 shops were impacted. Here, we explain some of the biggest retailers that got into trouble in 2024... Sook Sook was one of the first retail casualties of 2024 and was particularly depressing as it was meant to be the answer to empty high street stores. The business operated 12 pop-up shops across the country in London, Birmingham, Southampton, Liverpool, Newcastle and Leeds and made high street space available for online brands like TikTok. Tile Choice Tile Choice, a Midlands-based flooring retailer with 18 shops, went into administration in January 2024. Nine stores were snapped up by rival Tile Giant but the rest were not saved. The business had 116 staff and £16million turnover in the last financial year, but had struggled with a slowdown in spending. LloydsPharmacy LloydsPharmacy, once the UK's second biggest community pharmacy chain, went into liquidation in late January with debts of £293million. The previous year it had closed all of its pharmacies inside Sainsbury's and divided its 1,000 pharmacy estate into packages of hundreds of stores that it then sold to rivals in smaller deals. There are no more LloydsPharmacy-branded sites on the high street, but it continues to operate online. The Body Shop The Body Shop filed for shock administration in February, just four months after being taken over by restructuring firm Aurelius. Administrators immediately closed 75 of its 198 UK stores and made cuts to its head office while its international divisions were also declared bankrupt. It took seven months for a rescue to be sealed with British cosmetics tycoon Mike Jatania in a deal that has kept 113 shops trading. Matches Fashion Matches Fashion, the designer clothing online retailer, was put into administration in March, less than three months after it was bought by Mike Ashley's Frasers Group. Frasers Group bought the business for £52million but said it was too heavily loss-making to turn around and closed it down. The firm was founded 30 years ago by husband and wife team Tom and Ruth Chapman, who made £400million when selling the business to private equity firm Apax in 2017. Ted Baker Designer clothing and accessories brand Ted Baker initially filed for administration in April after the company that ran the brand in the UK also went bust. At the time, Ted Baker had 46 shops in the UK employing around 975 people. The business had been taken private by US firm Authentic Brands Group in a £211million deal. The last stores shut in August after failing to secure a full rescue. It was relaunched as an online brand in the UK and Europe after a partnership with United Legwear & Apparel Co. Muji Japanese brand Muji, which had six stores in the UK including five in London's busiest shopping streets, went into administration at the end of March. The retailer had been popular with shoppers who liked its minimalistic stationery and homewares. It was saved after a rescue deal with its parent company. Carpetright Flooring retailer Carpetright filed for administration in July after efforts to turnaround the struggling firm were derailed by a cyber attack. The business had 1,800 staff and 273 shops across the country before going bust. Around 54 stores were snapped up by its arch-rival Tapi Carpets & Floors, which also bought its brand name and continues to run the brand online. The Floor Room The Floor Room was owned by the same parent company behind Carpetright, Nestware Holdings. The business traded out of 34 John Lewis concessions and employed 201 people. The firm also relied on Carpetright for a number of its essential customer support services and could not survive on its own. Homebase DIY chain Homebase collapsed in November after years of struggles. The business had around 130 shops across the UK and had been owned by restructuring firm Hilco, which bought the business for a single £1 in 2018. Australia's Wesfarmers had briefly owned Homebase in a disastrous attempt to break into the UK market. Westfarmers bought Homebase in 2016 after Sainsbury's £1 billion purchase of Argos triggered a break-up of Home Retail Group. The brand and some stores have been partially rescued by billionaire Chris Dawson, the owner of The Range and Wilko. While the number of businesses in critical distress did fall in the first quarter of this year, Traynor said this could be the "calm before the storm" ahead of the uncertainty around US tariffs. He added: "Additionally, the recent increases to both employers' national insurance contributions and the national minimum wage is likely to result in increased distress levels later in the year as many marginal businesses struggle to absorb further cost inflation. "Ultimately, if the current pressures on businesses do not ease over the next 12 months, Red Flag Alert's data points to a large number of these critically distressed businesses progressing towards formal insolvency." Partner at Begbies Traynor, Julie Palmer, admitted that "optimism remains in short supply for UK businesses". Palmer acknowledged the consumer-facing sectors of the economy were "clearly continuing to struggle" as they operate on notoriously tight margins. However, she added there is a "small window of opportunity for business leaders who stand at the crossroads and must decide which path to take". She said: "Restructuring, refinancing, selling or closing will be options many will have to decide between, so navigating towards the right outcome will be the target for 2025. "Sadly, I fear there will be many potholes that cannot be avoided later this year which will prove too much for some."
