The World Travel & Tourism Council (WTTC) launched its 2024 Economic Impact Trends Report, which has revealed the U.S. as the world’s most powerful Travel & Tourism market, contributing a record-breaking $2.36 TN to the nation’s economy last year.

Despite the slow return of spending from international travelers, the U.S. keeps pole position, with almost double the economic contribution of its nearest rival.

Following a record-breaking year for Travel & Tourism, the sector continues to be the backbone to many country economies, while supporting millions of jobs globally.

The latest report from the global tourism body reveals China as the world’s second most powerful market with a GDP contribution of US$1.3 TN in 2023, underscoring its impressive rebound, despite the late reopening of its borders.

Germany secured the third spot with a US$487.6 BN economic contribution, while Japan, which in 2022 was in 5th place, jumped up to 4th position, contributing US$297 BN.

The United Kingdom completes the top five, contributing US$295.2 BN.

France, the world’s most popular destination retained its sixth position with a contribution of US$264.7 BN, followed closely by Mexico at US$261.6 BN, showcasing its continued appeal as a major tourist destination.

India came in eighth, rising from a previous 10th position, with US$231.6 BN, marking a notable improvement and highlighting its growing influence in the sector. Italy and Spain complete the top 10, contributing US$231.3 BN and US$227.9 BN, respectively.

However, over the next decade, WTTC predicts China will become the biggest Travel & Tourism market with India moving up to 4th position.

These shifts illustrate the dynamic nature of the global Travel & Tourism sector, with emerging markets gaining ground and traditional powerhouses maintaining their strongholds.