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US dominates global travel and tourism market Haber

US dominates global travel and tourism market

The 2024 Economic Impact Trends Report launched by the World Travel & Tourism Council (WTTC) reveals that the United States continues to be the world's most powerful travel and tourism market. The US holds the top position in terms of both overall travel and tourism contribution to GDP and international visitor spend. Last year, the US travel and tourism sector contributed nearly $2.36 trillion to the national economy, reinforcing its status as a global leader. The latest report from the global tourism body also reveals China as the world’s second most powerful market with a GDP contribution of $1.3 trillion in 2023, underscoring its impressive rebound, despite the late reopening of its borders. While Germany secured the third spot with a $487.6 billion economic contribution, while Japan, which in 2022 was in fifth place, jumped up to fourth position, contributing $297 billion. The United Kingdom completes the top five, contributing $295.2 billion. France, the world’s most popular destination retained its sixth position with a contribution of $264.7 billion, followed closely by Mexico at $261.6 billion, showcasing its continued appeal as a major tourist destination. India came in eighth, rising from a previous 10th position, with $231.6 billion, marking a notable improvement and highlighting its growing influence in the sector. Italy and Spain complete the top 10, contributing $231.3 billion and $227.9 billion, respectively. Julia Simpson, WTTC President & CEO, said, "As we look forward to a record-breaking 2024, it's clear that Travel & Tourism is not only back on track, but also set to achieve unprecedented growth. We will continue to prioritise sustainability and inclusivity, ensuring that this growth benefits everyone and protects our planet for future generations. The sector's resilience and potential for innovation continues to drive us forward.” Globally, international visitor spending is set to grow by nearly 16 per cent to reach $1.9 trillion, while domestic tourists are projected to spend more than ever before, reaching $5.4 trillion, an increase of 10.3 per cent over 2019 levels. Travel & Tourism investment grew 13 per cent in 2023 and is set to reach more than $1 trillion, with a return to pre-pandemic levels anticipated by 2025. The report also highlights the sector's commitment to sustainability, showcasing the decoupling of growth from greenhouse gas emissions and the increasing opportunities for women, young people, and marginalised communities. Technological advancements, particularly in AI, are expected to further enhance the travel experience and drive future growth. Source: BW Hotelier
UK and US passports are losing strength Haber

UK and US passports are losing strength

UK and US Passports Losing Strength According to the Passport Index, which is regularly published by Henley & Partners based on official data from the International Air Transport Association (IATA), some noteworthy insights have emerged regarding the world's most powerful passports. The index reveals that the Singaporean passport, allowing visa-free travel to 195 countries, has once again secured the top spot as the world's most powerful passport. In the previous index, France, Germany, Italy, Japan, and Spain shared the lead with Singapore, but now these five countries have fallen to second place, with their passports allowing visa-free travel to 192 countries. Unprecedentedly, Austria, Finland, Ireland, Luxembourg, the Netherlands, South Korea, and Sweden have jointly secured third place, offering visa-free travel to 191 countries. UK and US Passports Losing Strength Ten years ago, the United Kingdom and US passports were among the strongest in the world. However, they continue to decline in the rankings. According to the 2024 index, the number of countries that can be visited visa-free with a UK passport has dropped to 190. In the new index, the UK shares fourth place with Belgium, Denmark, New Zealand, Norway, and Switzerland. Meanwhile, the US passport, which allows visa-free travel to 186 countries, has fallen to eighth place, continuing its downward trend over the past decade. The Afghan passport, which permits visa-free travel to only 26 countries, remains at the bottom of the list. This marks the lowest score recorded in the 19-year history of the index. Henley & Partners Turkey Director Burak Demirel commented on the index, saying, "In 2006, the average number of countries that could be visited visa-free globally was 58. By 2024, this number has almost doubled to 111. However, the gap between the top and bottom of the list has never been wider. While the Singaporean passport at the top allows visa-free travel to 195 countries, the Afghan passport at the bottom allows travel to only 26 countries." Costs in Air Travel Decreasing According to IATA data, airports are expected to connect nearly 5 billion people through 22,000 routes and 39 million flights in 2024. Despite the aviation sector's revenue forecast of approximately $1 trillion this year, expenses are projected to reach a record $936 billion, resulting in a net profit of $30.5 billion. This equates to a net profit of just $6.14 per passenger, equivalent to the price of a single espresso in a typical hotel café. Nevertheless, the actual cost of air travel has decreased by 34% over the past decade. Risers, Fallers, and Election Impact in the Index The United Arab Emirates (UAE) passport has shown the most significant rise in the rankings, climbing 53 places from 62nd to 9th since the index was first published in 2006, now allowing visa-free travel to 185 destinations. Venezuela has experienced the steepest decline, falling from 25th to 42nd place over the past decade. The country is focused on the upcoming presidential elections on July 28, which could shape the fate of over 7 million Venezuelans who have been forced to leave their country. Additionally, the Henley Global Mobility 2024 Report highlights concerns in the US regarding the upcoming general elections, with fears that a potential new Trump administration might end the Temporary Protected Status program and initiate mass deportations. 30% of Schengen Visa Applications from Africa Rejected A new study within the published report indicates that passports from various African countries face the highest rejection rates for Schengen visa applications, with 30% of applications being denied. Globally, 10% of Schengen applications are rejected. Despite this, Africa has the lowest per capita rate of Schengen applications. The study also shows a direct correlation between the poverty level of the African country applying and the rejection rates. Turkish Passport Allows Visa-Free Travel to 118 Countries Turkey has climbed seven places in the index since January 2024, moving from 52nd to 45th place. This rise allows visa-free travel to 118 countries with a Turkish passport, marking Turkey's best performance in the index over the past decade.
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