Travel to hit 30 billion trips worth US$16 trillion by 2034

Travel and tourism will contribute US$16 trillion to global GDP by 2034, up from US$11 billion in 2024, and account for 30 billion trips.

 

That’s according to a new report – Travel and Tourism at a Turning Point: Principles for Transformative Growth – from the World Economic Forum (WEF) in collaboration with consultancy Kearney.

 

This global growth identified by the WEF report will be driven by three factors:

1. Evolving traveller profiles By 2030, India and China will account for a quarter of international outbound travel, with Indian travellers tripling and Chinese doubling in that time. Digital native Millennials and Gen Z will make up the majority of travellers and demand experiences and events.
   
   
2. Growing segments as drivers Segments showing strong growth will include live events, ecotourism, MICE and wellness. Sports tourism was valued US$609 billion in 2023 and is expected to reach US$1.7 trillion by 2032, driven by social media.
   
   
3. Technology development as an enabler Worth US$10 billion in 2024, the travel tech market is expected to double, enabling greater flexibility and transparency, but also risks, including a geographical digital divide and cybersecurity, with 70% of companies saying they have been attacked.

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WEF says an overarching principle of collaboration is required to align stakeholders, and has identified five crucial enablers – infrastructure, finance, technology and innovation, people and skills and regulation and public-private collaborations – in order to maximise the growth opportunities.

 

If successful, WEF says travel and tourism can not only be a source of inclusive economic prosperity but also drive resilience, cultural understanding, and environmental regeneration.

 

Saudi Arabia is second-fastest growing tourism destination

Contributing to this growth, the report further identifies Saudi Arabia as one of the key emerging tourism destinations, alongside Sri Lanka, Indonesia and Azerbaijan, that is expected to show significant growth, due to investment in the sector boosting international arrivals and global visibility.

 

The report describes the Kingdom as the second-fastest growing tourism destination globally, highlighting its “central role in shaping the future of travel and tourism” through innovation, investment and sustainability.

 

And the World Travel & Tourism Council (WTTC) had previously said Saudi was "ahead of the curve" when it comes to global growth, outperforming traditional markets, and with plans to inject US$800 billion into the sector by 2030 is "setting new benchmarks".