Tourism & travel market
2. Travel and Tourism industry: the structure and the three technology “revolutions”
2.1 Travel & Tourism industry in numbers and the main players:
Travel & tourism industry is one of the largest and fastest growing industries in the world; globally, in 2012, it generated $2 trillion in direct GDP1, which corresponded to 2.9% of the world GDP. Also in terms of employment, its importance is highly pronounced, with a total contribution2 of 8.7% of world employment, the travel & tourism industry is one of the leading job creators in the world, specifically, the industry sustained 261 million jobs in 2012 (World Travel & Tourism Council, 2013).
Figure 2.1: Direct contribution of travel & tourism to world 2012 GDP (2013 projected).
Source: World Travel & Tourism Council, The Economic Impact of Travel & Tourism: World, 2013
Figure 2.2: Total contribution of Travel & Tourism to world 2012 employment (2013 projected).
Source: World Travel & Tourism Council, The Economic Impact of Travel & Tourism: World, 2013
Moreover, the travel & tourism direct industry GDP is expected to grow at an average of 4.2% per year over the next decade, greater than the 3.6% average annual growth expected for the total global economy and expectations are for employment to grow 1.9% per annum over the next decade (World Travel & Tourism Council, 2013).
The travel & tourism industry is also a key sector of the European economy. In 2012, the direct contribution3 of the travel & tourism industry to the European GDP was $613 billion (3% of the GDP) and the total contribution4 to employment was 8% of the total employment, corresponding to 30 million jobs (World Travel & Tourism Council, 2013).
Figure 2.3: Direct contribution of travel & tourism to European 2012 GDP (2013 projected).
Source: World Travel & Tourism Council, The Economic Impact of Travel & Tourism: World, 2013
Figure 2.4: Total contribution of Travel & Tourism to European 2012 employment (2013
2.1 Travel & Tourism industry in numbers and the main players:
Travel & tourism industry is one of the largest and fastest growing industries in the world; globally, in 2012, it generated $2 trillion in direct GDP1, which corresponded to 2.9% of the world GDP. Also in terms of employment, its importance is highly pronounced, with a total contribution2 of 8.7% of world employment, the travel & tourism industry is one of the leading job creators in the world, specifically, the industry sustained 261 million jobs in 2012 (World Travel & Tourism Council, 2013).
Figure 2.1: Direct contribution of travel & tourism to world 2012 GDP (2013 projected).
Source: World Travel & Tourism Council, The Economic Impact of Travel & Tourism: World, 2013
Figure 2.2: Total contribution of Travel & Tourism to world 2012 employment (2013 projected).
Source: World Travel & Tourism Council, The Economic Impact of Travel & Tourism: World, 2013
Moreover, the travel & tourism direct industry GDP is expected to grow at an average of 4.2% per year over the next decade, greater than the 3.6% average annual growth expected for the total global economy and expectations are for employment to grow 1.9% per annum over the next decade (World Travel & Tourism Council, 2013).
The travel & tourism industry is also a key sector of the European economy. In 2012, the direct contribution3 of the travel & tourism industry to the European GDP was $613 billion (3% of the GDP) and the total contribution4 to employment was 8% of the total employment, corresponding to 30 million jobs (World Travel & Tourism Council, 2013).
Figure 2.3: Direct contribution of travel & tourism to European 2012 GDP (2013 projected).
Source: World Travel & Tourism Council, The Economic Impact of Travel & Tourism: World, 2013
Figure 2.4: Total contribution of Travel & Tourism to European 2012 employment (2013