WTM London reported a 7 per cent growth in exhibitor numbers this year, with over 4,000 global tourism boards, hoteliers, transport services, technology brands, associations and experiences in attendance
World Travel Market London, the most influential travel and tourism event in the world contributes approximately £200 million (approximately $250 million) to the London economy in just a week’s time. Held at Excel London in early November, over 40,000 travel professionals attended the 44th edition.
Hosting the most exhibitors the show ever seen, WTM London has reported a 7 per cent growth in exhibitor numbers this year, with over 4,000 global tourism boards, hoteliers, transport services, technology brands, associations and experiences in attendance. It’s estimated that in excess of £2.2 billion (approximately $2.75 billion) worth of business deals have been signed at the event this year.
TOURISM ARRIVALS SPIKE
Global travel growth will reach a significant milestone in 2024 as international tourism arrivals are expected to hit 1.5 billion, surpassing 2019 values.
Revealed at WTM Global Travel Report in conjunction with Tourism Economics, it is estimated that by 2030, overnight tourism arrivals (international visitors staying at least one night) are projected to have grown by over 30 per cent to two billion, aided by emerging outbound markets. Spend is also rising. Global leisure tourism expenditure in 2024 is now worth over $5.5 trillion, a level 24 per cent above 2019 values.
Most significantly, consumers appear to be prioritising travel with it accounting for a greater share of their spending in the major advanced economies than in the 10 years pre-pandemic.
Overall, according to Tourism Economics data, travel spending as a percentage of consumer spending reached 8.8 per cent in 2024, compared to an average 8.2 per cent between 2010 and 2019. Even in markets such as Asia Pacific where some destinations, notably China, have lagged the recovery, travel as a share of consumer spending is returning close to the heights of 2019.
Globally, the number of overnight stays in all paid accommodation is this year set to exceed 2023 levels by 7 per cent and 2019 levels by 16 per cent, according to Tourism Economics. The figures do not wholly reflect a similar growth in visits however as stays are getting longer.
BLENDED TRAVEL
Blended business and leisure travel is the top opportunity for tourism growth, says 2024 WTM Global Travel Report
Business travel has defied post-pandemic expectations, and when extended with leisure, now represents the top opportunity for tourism growth, according to new research.
More than half of experts responding to Tourism Economics’ Travel Industry Monitor 2024 survey for the WTM Global Travel Report cited blended leisure and business travel as a tourism growth opportunity, making it the top niche mentioned.
Annual growth in business visits of around 19 per cent in 2024 outstrips a growth of around 11 per cent for leisure visits according to Tourism Economics.
Though business travel’s growth is expected to slow somewhat to around 17 per cent in 2025, over the period 2024 to 2030 such visits are predicted to grow by around 50 per cent against a growth in leisure visits of a little under 30 per cent for the same period.
Significantly, business travellers are staying longer and spending more per trip. While the volume of international business visits currently remains 6 per cent below pre-pandemic levels, the number of overnights are 3 per cent above that 2019 benchmark. Such extended visits are partly thanks to the trend for ‘bleisure’ – the combining of business trips with extra days of leisure tourism.