As we all know, the travel industry was hit hard by economic downturn. Jobs were lost, airlines filed for bankruptcy, and families stopped going on vacations. All of these aspects have changed the travel industry for the time being. These startling numbers seems drastic at first, but when you consider the travel industry it is an expansive industry that also effects other industries. Here is a look at some if its current impacts:
Impact on the Job Industry and Tourism:
- Global travel and tourism economy GDP declined by 4.8% in 2009
- Almost 5 million jobs were lost in 2009
- Business travel decreased by 8.0% and travel & tourism investment declined by over 12%
- Tourism provide the US with $142.1 billion from international visitors and $29.7 billion is generated from travel trade surplus in the US
(Information courtesy of World Travel and Tourism Council)
Future Growth?
- Emerging economic countries are expected to be a new source of growth, increasing international travel; China alone set to provide almost 95 million visitors by 2020
- Innovation by the travel and tourism industry will create new products and markets increasing the appeal to travel
- Travel and tourism is forecast to grow 4% per year between 2010 and 2020
- This growth will support over 300 million jobs by 2020
(Information courtesy of World Travel and Tourism Council)
There is hope for the industry! This is good news for an industry that employs so many people and contributes to almost all aspects of the economy. According to the US Travel Association direct spending by resident and international travelers in the U.S averages $2.1 billion a day, $88 million an hour, and $1.5 million every second. The travel industry is huge, and we are ready to see it it prosper again!