According to a report by CNBC, “The World Travel & Tourism Council says the global travel and tourism sector won’t fully recover this year—but it will get close. The sector is forecast to reach $9.5 trillion in 2023, just 5% shy of its gross domestic product contribution in 2019.” CNBC cited WTTC’s 2023 Economic Impact Research, which noted that 2019 marked the high-water mark for the travel and tourism industry.
Other topline findings:
- The U.S. and the Dominican Republic are turbo-charging the travel industry.
- Europeans and Brazilians are especially interested in travel, which could benefit South Florida, a magnet for those travelers.
- Bleisure and workations are rising.
- Travelers are returning to big cities, so Miamians heading to New York could see price spikes.
- Instead of canceling plans, travelers are opting to tighten their travel budgets.
- International travel’s gain may be domestic travel’s loss.
Mykonos, Greece: Photo by Drew Limsky