If clients are looking to pack their suitcases as the temperatures rise, they won’t be alone.
In fact, the latest forecast from the World Travel & Tourism Council (WTTC) and Oxford Economics shows a bright and sunny forecast for 2022’s spring and summer travel season — and, if all goes well, the rebound could exceed tourism’s 2019 GDP contribution by 6.2%.
Booking Trends for Summer and Easter Travel
According to new research by Forward Keys (a data company that partners with WTTC), U.S. bookings over Easter have, so far, increased 212% year-over-year, while international inbound bookings to the U.S. have spiked 130% over the same time period. The summer travel season looks promising, as well, with a 58% increase in travel bookings so far in the U.S., and an 87% increase in international inbound U.S. bookings during the summer months.
How does 2022’s Travel Outlook Compare to 2019 and 2020?
Prior to the COVID-19 outbreak, travel spending generated 10.4% of the world’s GDP and accounted for 334 million jobs. The year after, in 2020, the travel and tourism industry was responsible for only 272 million jobs (and a 5.5% contribution to the global GDP).
What Needs to Happen for Travel to Recover Fully in 2022?
This best-case scenario depends on a few conditions, according to WTTC. Namely: The continued downturn of new COVID-19 infections; an effective and consistent vaccine and booster rollout; an ease in travel restrictions; and an uptick in traveler confidence.
Our latest forecast shows the recovery significantly picking up this year as infection rates subside and travelers continue benefitting from the protection offered by the vaccine and boosters.
WTTC also recommends that governments develop digital solutions (think: secure vaccine passports) that would allow countries to check a traveler’s immunization status quickly and seamlessly without them needing to provide a COVID-19 test result.
“Our latest forecast shows the recovery significantly picking up this year as infection rates subside and travelers continue benefitting from the protection offered by the vaccine and boosters,” said Julia Simpson, president and CEO of WTTC. “As travel restrictions ease and consumer confidence returns, we expect a welcome release of pent-up travel and tourism demand. That, together with what we hope will be a strong consumer-led economic recovery, creates a positive outlook for the sector.”
How Will Traveler Spending Stack Up in 2022?
WTTC’s forecast also predicts $1.1 trillion in domestic spending for 2022 (which would outperform pre-pandemic levels by 11.3%); a $113 billion increase in international spending compared to 2020; and 16.8 million new tourism and travel jobs this year (up nearly 200,000 jobs from pre-pandemic levels.).
“The good news is our outlook delivers a clear message: If the right conditions exist, the travel and tourism sector can rebound to deliver economic and employment benefits we have not seen since before the pandemic,” Simpson said. “We encourage global leaders to consider the economic and employment benefits of boosting consumer confidence by allowing fully vaccinated travelers to move freely.”
The Details
World Travel and Tourism Council
