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Tourism

WTTC 24th Global Summit in Perth: Travel & Tourism Industry to Break All Records, Contributing $11 Trillion to the Global Economy This Year

  • WTTC 24th Global Summit in Perth: Travel & Tourism Industry to Break All Records, Contributing $11 Trillion to the Global Economy This Year
    WTTC 24th Global Summit in Perth: Travel & Tourism Industry to Break All Records, Contributing $11 Trillion to the Global Economy This Year
Region:
World
Category:
Tourism
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By Karina Giorgenello @losviajesdekarina
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"This year our sector will break all records – adding $11 TN dollars to the global economy. Business Travel was only expected to recover in 2025. It’s back to 20% market share today." - WTTC President & CEO, Julia Simpson at the Opening Ceremony of Perth

Perth, Australia — The 24th Global Summit of the World Travel & Tourism Council (WTTC) commenced with an opening press conference that set the stage for discussions on economic growth, sustainability, and the future of the Travel & Tourism sector. The event featured key industry figures, including Virginia Messina, Senior Vice President of the World Travel & Tourism Council, Hon. Rita Saffioti, and WTTC President & CEO Julia Simpson, who shared insights on the sector's impressive growth and commitment to environmental responsibility.

The opening remarks were delivered by Virginia Messina, Senior Vice President of the WTTC, who welcomed attendees to Perth, highlighting the city’s role as a prime location for meaningful conversations about sustainable tourism. She emphasized that the global Travel & Tourism sector is not only recovering post-pandemic but is thriving with a projected economic contribution of AUS$265.5 billion to the Australian economy in 2024, supporting nearly 1.6 million jobs.

"Breaking All Records" — The Sector’s Unprecedented Economic Surge
WTTC President & CEO Julia Simpson announced at the summit's opening ceremony that the Travel & Tourism sector is set to break all records this year, adding a remarkable $11 trillion to the global economy. Simpson highlighted the unexpected resurgence of business travel, which has regained a 20% market share, ahead of predictions that anticipated recovery only by 2025. She emphasized, "This year our sector will break all records – adding $11 trillion dollars to the global economy. Business Travel was only expected to recover in 2025. It’s back to 20% market share today."

Resilience in Action: "Travel Always Recovers"
Greg O'Hara, WTTC Chairman, further emphasized the sector’s resilience during his address. He pointed out that no matter the challenges faced, whether they are pandemics, financial crises, or unexpected global events, the Travel & Tourism industry has an extraordinary ability to not just recover but to come back stronger. O'Hara stated, “Every time there is a pandemic, a financial crisis, an unexpected event - travel always recovers. And not just to where it was before.”

Sustainability: Reducing Emissions and Advancing Green Energy
Julia Simpson also underscored the industry's commitment to sustainability, revealing that in 2023, global greenhouse gas emissions from Travel & Tourism amounted to 3.5 billion tonnes of CO2, down 12% from pre-pandemic levels. She stressed the importance of reducing the sector's reliance on fossil fuels and accelerating the transition to low-carbon energy sources.

Simpson pointed out that while oil remains the primary energy source for Travel & Tourism at 60%, coal usage has decreased from 15% in 2019 to 13% in 2023. Encouragingly, the share of low-carbon energy sources has grown from 5.1% in 2019 to 5.9% in 2023. She called on governments worldwide to support renewable energy initiatives and develop sustainable fuels to drive the sector's green transition.

Hon. Rita Saffioti’s Address: Celebrating Western Australia’s Commitment
Hon. Rita Saffioti, Deputy Prime Minister of Western Australia, took the stage to acknowledge Western Australia's leadership in eco-friendly tourism practices. She praised the region’s efforts in integrating cultural heritage and sustainable tourism, aligning with global sustainability goals. Saffioti emphasized that Western Australia’s approach to tourism serves as a model for other regions worldwide, showcasing how economic growth and environmental stewardship can go hand-in-hand.

Engaging the Future: Investor’s Nest and Youth Involvement
One of the innovative highlights of this year's summit is the "Investor’s Nest" panel, where university students from around the globe will present their sustainable tourism ideas to industry investors. This initiative aims to foster the next generation of leaders in sustainable tourism, encouraging creativity and innovation in addressing the challenges facing the industry.