The World Travel & Tourism Council (WTTC) and the U.S.-Mexico Foundation (USMF) have signed a milestone Memorandum of Understanding (MOU), an initiative that aims to enhance cooperation among North American tourism players, with a focus on sustainable growth and innovation for the entire region.
Our Analysis: Under This New Partnership, North America’s Tourism Rebound Will Continue Its Steady March
By leaning into their cooperative partnership, WTTC and USMF hope to leverage their combined influence to impact policy decisions and programs designed to boost tourism in Canada, the U.S. and Mexico. And since North American tourism has rebounded almost fully since the pandemic, travel advisors might expect such cooperation to bring continued growth in the market. This may mean more options and improved experiences for clients in their selected destinations as the tourism sector innovates and adds more jobs (the WTTC’s Economic Impact Research (EIR) report expects North American travel and tourism to support more than 28 million jobs by year’s end).
Fast Facts: Current Tourism Sector Numbers Are Good, As Are Forecasts for the Future
- In 2023, international visitor spending in North America was $258.7 billion (in U.S. dollars), still under the pre-pandemic figure of $280.1 billion, according to the WTTC’s EIR.
- By 2024, visitor spending is expected to increase to $395.9 billion.
- In 2023, the travel and tourism sector’s total GDP contribution in North America was $2.64 trillion (just slightly under the 2019 value of $2.75 trillion).
- Employment in the sector has also rebounded, with 27.06 million jobs in 2023 (topping 26.21 million jobs in the industry in 2019).
- By 2024, the total GDP contribution is expected to reach more than $2.9 trillion, with approximately 28 million jobs in the sector.
- Forecasts indicate that by 2034, the travel and tourism sector will contribute $3.64 trillion to North America's GDP and support 32.5 million jobs.
What They Are Saying: Together, Tourism Players Can Help the Industry Grow Sustainably
“We are thrilled to partner with the U.S.-Mexico Foundation to drive growth and sustainability in North America's travel and tourism sector,” said Julia Simpson, president and CEO of WTTC. “This MOU represents a significant step toward enhancing our cooperation and achieving our shared goals.”
“The economic relationship in North America has a profound impact on the lives of more than 500 million inhabitants in the three countries,” said Enrique Perret, foundation managing director of U.S.-Mexico Foundation. “Tourism and people connectivity are clear examples of what can be achieved. This agreement between our organizations will help bring out the potential of the region as an economic and tourism powerhouse.”
