The travel and tourism sector is at a crucial crossroads. Expected to add $16 trillion to the global GDP by 2034 — representing over 11% of the world’s economy — the industry is experiencing significant expansion while confronting multifaceted challenges such as environmental concerns, workforce deficits, and friction between tourists and local communities.
This detailed report, created by the World Economic Forum in partnership with Kearney, explores major growth factors, including shifting traveler demographics, new niches like wellness and eco-tourism, and advancements in technology. It also delves into pressing issues such as climate impact, skill shortages, labor constraints, and the need to preserve cultural heritage.
The report outlines 10 core principles aimed at transforming the sector, ranging from modifying offerings to embrace regenerative practices, all underpinned by a comprehensive framework promoting collaborative efforts. These principles offer practical strategies for governments, businesses, and communities to maximize tourism’s benefits while addressing sustainability needs, ensuring that the sector contributes to global resilience, cultural understanding, and inclusive economic growth.
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Principles for Transformative Growth in T&T
The travel and tourism sector stands at a critical juncture. Projected to contribute $16 trillion to global GDP by 2034 – more than 11% of the world’s economy – the industry faces unprecedented growth alongside complex challenges including environmental pressures, workforce shortages and tensions between visitors and residents. n nThis comprehensive report, developed by the World Economic Forum in collaboration with Kearney, examines key growth drivers such as evolving traveller profiles, emerging segments like wellness and ecotourism, and technological innovation. It also addresses critical tension points including climate impact, skills gaps and labour shortages, and cultural preservation challenges. n nThe report presents 10 guiding principles for sector transformation, from adapting offerings to regenerative practices, supported by an overarching framework for holistic collaboration. These principles provide actionable pathways for governments, businesses and communities to harness tourism’s potential while addressing sustainability imperatives, ensuring the sector becomes a catalyst for global resilience, cultural understanding and inclusive prosperity.