Ungated Post | 20 Dec 2019
City Travel & Tourism Impact 2019
WTTC’s annual City Travel & Tourism Economic Impact Report quantifies the economic contribution of Travel & Tourism in 73 cities around the world. This year’s edition also highlights successful initiatives, strategies and policies that have been implemented by cities. Over half (55%) of the world’s population lives in urban areas. Cities have become global economic hubs, driving growth and innovation, while attracting more and more people who come to live, do business and discover them. Not surprisingly, therefore, nearly half of global international travel takes place in cities.
Key highlights include:
- Travel & Tourism in these 73 cities directly accounted for 4.4% of city GDP (US$ 691 billion) and 17 million jobs, or 5.7% of total employment in these cities in 2018. – International visitor spending is more important to cities than it usually is to countries as a whole. International visitors accounted for 45% of tourism spending across the 73 cities in our study, compared to just 29% for economies worldwide.
- Revenues from international visitors will in many cases pay for infrastructure projects, the provision of public workers and services that improve the quality of life for residents.
- Cities which are over-reliant on domestic or international demand are more exposed to economic and geo-political risks.
- A few cities demonstrate a more balanced split between domestic and international demand, including Cancún, Munich, Cairo, Tokyo, Mecca, San Francisco and New York.
- Direct Travel & Tourism GDP across 73 cities grew by 3.6% in 2018, above the overall city economy growth of 3.0%.
- Six of the top ten largest cities in terms of the size of Travel & Tourism sector (as measured by direct Travel & Tourism GDP) are in Asia-Pacific. As of 2018, Shanghai, Paris and Beijing have the largest Travel & Tourism economies of the cities in the study.
- Achieving sustainable growth for Travel & Tourism in cities requires a focus that extends far beyond the sector itself and one that is integrated into the broader urban agenda.
Read the full report
Our consulting team at Tourism Economics are the world’s leading analysts of the global tourism and travel sector. They combine their expert insight with our state-of-the-art economic models and tools to answer the crucial questions facing our clients. Lead consultants on the project were:
Oxford Economics’ team is expert at applying advanced economic tools that provide valuable insights into today’s most pressing business, financial, and policy issues.
To find out more about our capabilities, contact:
+44 (0)1865 268 928
+1 610 995 9600
+1 (610) 995 9401
Generating ROI with AI: Six capabilities that drive world-class results
Generative AI has taken the business world by storm, with large language models (LLMs)—including OpenAI’s ChatGPT—splashed across the news. And executives aren’t immune to the hype. AI is becoming an ever-larger component of IT budgets, with worldwide spending on AI-centric systems expected to hit $154 billion this year—up 27% over 2022. But will enterprises spend these resources wisely? Our research says yes—if organizations take a disciplined approach.Find Out More
A global research study that details the current state of play on environmental sustainability actions and how data, technology and collaboration will drive the next phase of sustainability in business.Find Out More
Leveraging Technology to Promote Financial Inclusion
Oxford Economics and Red Hat surveyed executives at financial institutions internationally to discover how they are using technology to expand financial inclusion while gaining business benefits.Find Out More