According to the latest annual Economic Impact Report of World Travel & Tourism Council [WTTC]. “In terms of spending the region relies heavily on domestic which will be critical to the region’s recovery with 81% attributed to domestic spending vs. 19 per cent international spending,” the Report says.
The report highlights that Travel & Tourism Sector key in economic recovery in the Americas as it accounts for 8.8 of the total economy in the region.
Travel & Tourism accounts for 8.8% of the total economy in the Americas and approximately 45 million jobs, or 9.8 per cent of their total workforce in 2019. The report also reveals international visitor spend totaled $324 billion, representing 7.3 per cent of all exports.
Gloria Guevara, WTTC President & CEO, said: “WTTC’s 2020 Economic Impact Report (EIR) shows how the economic recovery in the Americas depends greatly on Travel & Tourism. In 2019, Travel & Tourism was a total of 8.8% of the entire economy. Once this pandemic is at an end, producing new jobs and bringing business and leisure travelers back will encourage suppliers of all sizes to restore their efforts to meet the demand.”
According to the report, Americas had a higher percentage of leisure travel with 74 per cent compared to 26 per cent for business travel.
For two consecutive years, Travel & Tourism GDP growth outpaced the overall economy, growing at +2.2% in 2019, while the economy showed a +1.9% growth. “Over the coming months, it will be crucial to call upon governments all over the world to ensure the survival of Travel & Tourism – which currently has, up to 75 million jobs at immediate risk globally, with up to 5.9 million at risk in the USA alone. The WTTC’s ongoing partnerships with government organizations will be key as we look to pave the way to economic recovery”, added Guevara.