THE VALUE OF TOURISM
The direct global market of travel and tourism refers to the economic value generated directly by the travel and tourism industry. It includes various sectors such as accommodation, transportation, attractions, and travel-related services. Here are some insights regarding the direct global market:
In 2023, the total contribution of travel and tourism to the global gross domestic product (GDP) was approximately 9.9 trillion U.S. dollars.
Before the impact of the COVID-19 pandemic, travel and tourism accounted for around 10 percent of global GDP and more than 320 million jobs worldwide.
The direct economic impact of travel and tourism is expected to reach 10.8 percent of global GDP by the end of 2026.
The United States and China are the leading travel markets based on the total contribution of travel and tourism to GDP.
The Indirect Global Market of Travel and Tourism
The indirect global market of travel and tourism encompasses the economic value generated indirectly by the industry. It includes sectors that support and benefit from travel and tourism, such as manufacturing, agriculture, and other service industries. Here are some insights regarding the indirect global market:
The indirect impact of travel and tourism is significant, as it stimulates economic activity in various sectors and creates employment opportunities. The World Travel and Tourism Council forecasts that the travel and tourism sector GDP will grow at nearly double the rate of the broader global economy in the 10 years leading up to 2033, adding more than 100 million new jobs.
Challenges in the Travel and Tourism Industry and Tratok’s Solutions
The travel and tourism industry faces several challenges, including the following:
High transaction fees and intermediaries: Online reservations often involve significant transaction fees and the involvement of intermediaries, which can increase costs for both service providers and consumers.
Lack of transparency: The current business model in the industry may lack transparency, leading to hidden charges and inefficiencies.
Climate change and sustainability: The travel and tourism sector contributes to climate change, with around 8% of global anthropogenic greenhouse gas emissions stemming from tourism activities.
Disruptions and crises: The industry is susceptible to disruptions such as natural disasters, political instability, and global health crises, as seen with the impact of the COVID-19 pandemic.
Tratok, a blockchain-enabled global hospitality ecosystem was designed to address these challenges. It leverages unique and patent pending AI and blockchain technology to enhance the hospitality industry. Tratok offers lower costs, faster refunds and a suite of awards that are revolutionary in the industry.
Unlock the doors to life-changing travel experiences and be rewarded beyond your wildest dreams, all while slashing costs and embracing a world of endless possibilities – sign up for Tratok today and embark on a journey that will redefine the way you explore the globe!