Australia Will Have Record Tourism Economic Impact in 2024
Skift Take
The World Travel & Tourism Council forecasts that Australia's travel and tourism sector will contribute a record $265.5 billion to the economy in 2024, with expectations to surpass $345 billion by 2034.
The World Travel & Tourism Council's 2024 Economic Impact Research forecasted Travel & Tourism will contribute more to Australia's economy in 2024 than any previous year on record. WTTC said the sector is poised to surpass the previous peak with a projected economic contribution of $265.5 billion, representing 10% of the Australian economy. They expect the sector to exceed $345 billion in contribution by 2034. Total spending by domestic visitors this year is expected to reach nearly $148 billion while spending by overseas visitors could be $35 billion this year.
Intercontinental Hotels & Resorts plans to continue to accelerate its expansion in the Chinese market because of a positive outlook on the business opportunities from inbound tourism and the development of the franchise model. IHG plans to drive the development of its Chinese projects with a dual approach of both management delegation and franchising. T
