UK’s Travel & Tourism Industry Expected to Surpass 2019 Levels by Year’s End

 Data provided by the WTTC indicates that in 2023, the travel and tourism sector in the UK is projected to create approximately 380,000 jobs, resulting in a total employment figure of around four million. This translates to over one in nine UK workers being employed in the sector. In addition, spending by international visitors to the UK is expected to reach £26.18 billion, a significant achievement, although it remains just below the 2019 peak of £38.6 billion by approximately six percent. According to this data, the UK's Travel and Tourism sector demonstrated substantial growth in the previous year. As a result, its contribution to the country's GDP increased by 65 percent, surpassing £237 billion and accounting for 9.5 percent of the nation's economy. This accomplishment brought the sector's contribution to the economy to its highest level since 2019, representing 9.9 percent of the economy. Regarding employment, the sector added 1.1 million new jobs compared to the previous year, reaching a total of 3.6 million jobs across the country. Simultaneously, the industry recovered 1.5 million of the 1.7 million jobs lost during the pandemic. International travel also experienced a remarkable revival, with spending by overseas visitors increasing by over 300 percent from 2021, reaching nearly £30 billion. Furthermore, domestic visitor spending fully rebounded in 2022, matching the pre-pandemic high of £165 billion. "The recovery and long-term growth of the sector are at risk with the self-axing of VAT-free shopping for international tourists. We will continue to see high-value tourists choosing France and Italy over the UK and taking economic value and jobs with them," noted Julia Simpson, President & CEO of WTTC.

Additionally, the Global Tourism Organization has predicted that by 2033, the UK's travel and tourism sector will significantly increase its GDP contribution to nearly £315 billion, representing nearly 11 percent of the UK economy.In the previous year, the European Travel and Tourism sector also made a substantial contribution of €1.9 trillion to the regional economy, trailing just seven percent below the peak recorded in 2019. Therefore, WTTC forecasts indicate that this year, the sector's GDP contribution in the region will surpass two trillion euros, coming very close to the highest point observed in 2019. As per WTTC data, the sector employed almost 35 million people across the region in 2022, marking an increase of 2.9 million from the previous year. However, this employment figure remained 3.2 million jobs below pre-pandemic levels.