4 months ago • 2 mins
What’s going on here?
New data suggests that the high-flying travel industry is set to go from strength to strength.
What does this mean?
You might be hoping that jam-packed tourist hotspots are just a fleeting feature of post-Covid travel. But according to the World Travel & Tourism Council, this isn’t just a phase: instead, we’re boarding a long-haul, one-way flight to a tourism-fueled future. The organization projects that the travel industry will balloon from its pre-pandemic value of $10 trillion to a staggering $15.5 trillion by 2033 – making up almost an eighth of the global economy. And with that kind of size, travel's poised to become a major job market player too, potentially fueling one in every nine jobs globally.
Why should I care?
The bigger picture: Flying solo.
The travel industry’s set to stand out too, with the sector expected to grow almost twice as fast as the wider global economy. And a lot of that impressive growth is set to come from China. See, Chinese tourists are in a lull right now, but by 2024, they’re predicted to return in full force. To put it in numbers: the US might be the current travel economy champ, but China’s on track to take that crown, edging past the US’s anticipated $3 trillion contribution to the sector with a whopping $4 trillion by 2033.
Zooming out: Boxed in.
There could be some turbulence on the cards for cargo bigwigs. See, while air cargo saw record demand when the pandemic hit and supply chains faltered, things are looking very different now. With commercial flights back in the skies, their cargo holds are back in business too, giving dedicated freighters a run for their money. Pair that with dwindling demand for goods and rising costs (like fuel), and air cargo giants might want to buckle up for a bumpy ride.
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