Global travel and tourism is one of the largest segments of the world economy, accounting for 10.2% of global GDP (also known as Gross World Product), and supporting 292 million jobs. U.S. travel and tourism alone accounted for $1.5 trillion in 2016, out of the $7.6 trillion spent globally, or less than 20% of the total world market.
While many sectors of the global economy have been soft or have even contracted, global travel still remains a vibrant and growing sector in 2017. According to David Scowsill, President of the World Travel & Tourism Council (WTTC) wrote, “This is the sixth year in a row that Travel & Tourism has outpaced the global economy, showing the sector’s resilience, and the eagerness of people to continue to travel and discover new places, despite economic and political challenges across the world.”
While many segments of travel, tourism and hospitality can cater exclusively to domestic markets, more strategic players in the industry require a global perspective, as well as local insights and cultural expertise in multiple markets. In fact, according to the WTTC, up to 28% of global spending in travel and tourism comes from foreign visitors. Thus, any business that only caters to domestic markets is missing a vital stream of potential revenue.