Travel, Tourism & Hospitality
Asia-Pacific 'set to drive global tourism growth'
Over the next decade, the Asia-Pacific region is expected to drive global growth in travel and tourism. The sector is projected to grow to $5.8 trillion, with its contribution to GDP rising from 8.7% to 11.2%, said a senior official of WTTC.
Over the next decade, the Asia-Pacific region is expected to drive global growth in travel and tourism. The sector is projected to grow to $5.8 trillion, with its contribution to GDP rising from 8.7% to 11.2%.
Liz Ortiguera, Managing Director for Asia Pacific and Senior Advisor to the CEO of the World Travel & Tourism Council (WTTC), emphasised these optimistic forecasts during her keynote address at ITB Asia in SIngapore. Ortiguera shared insights from WTTC’s latest Economic Impact Report, which tracks the full value of the global travel industry. She noted that after years of anticipation, the recovery of the sector is now a reality, particularly in Asia Pacific. The region’s travel and tourism economic contribution has already reached $3.2 trillion—5.5% above 2019 levels—and accounts for 8.7% of the total GDP. Additionally, job creation has rebounded, with 191 million jobs in the sector, a 3.8% increase over 2019 figures. Based on these indicators, Asia Pacific has surpassed its pre-pandemic levels, with an even brighter future ahead. In terms of spending, Ortiguera highlighted that while domestic travel—which represents 77% of total spending—has surged by 12.3%, international visitor spending remains 10.2% below 2019 figures. WTTC forecasts suggest that as the sector continues to grow, this gap will narrow. However, Ortiguera underscored the importance of balancing this economic growth with environmental sustainability. She pointed to rising concerns of overtourism, with some destinations experiencing five- to tenfold increases in overcrowding complaints. According to WTTC data, 76% of travelers now prefer sustainable travel options, with some Asia-Pacific countries reporting figures as high as 90%. While spending patterns haven't yet fully aligned with sustainability preferences, Ortiguera expressed confidence that consumers will increasingly choose more responsible brands. Additionally, she noted the growing demand for holistic wellness and immersive, authentic experiences, encouraging travelers to "eat local, tour local, and spend local." - TradeArabia News Service