RIYADH: The World Travel & Tourism Council’s (WTTC) is forecasting that international visitor spending will break all previous records this year, reaching an unprecedented $2.1TN – $164BN more than the 2019 peak.
The sector’s total global economic contribution is set to reach $11.7TN this year, 10.3% of global GDP, while jobs supported by the sector are expected to rise by 14MN, reaching 371MN worldwide, more than the entire population of the U.S.
But while the sector is surging overall, momentum in some major economies is slowing.
According to the research, the U.S., still the world’s largest Travel & 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.
Against this backdrop, Saudi Arabia is writing its own success story. WTTC’s latest data shows Travel & Tourism is expected to inject SAR 447.2BN into the economy this year – a new record and a bold statement of intent from one of the world’s fastest-growing destinations.
Travel & 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 2.7MN.
This success is fuelled by impressive levels of international and domestic spending, with inbound visitor spending forecast to hit almost SAR 200BN this year, whilst domestic spending is also expected to soar to a record SAR 162.5BN.
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.”
Across the wider region, the Middle East’s Travel & Tourism is expected to contribute $367.3BN to the regional economy, and support 7.7MN jobs this year.
International visitor spending is set to reach almost $194BN this year, 24% above 2019 levels, whilst spending from domestic travellers is expected to hit almost $113BN.
