Office of the NYS Comptroller Thomas P. DiNapoli’s Post

CANADIAN TOURISM BEATS PRE-PANDEMIC LEVELS EARLIER THAN EXPECTED AND SEES HUGE POTENTIAL AHEAD Destination Canada’s report Tourism Outlook: Unlocking Opportunities for the Sector, indicates total tourism revenue is set to exceed 2019 levels, generating $109.5 billion by the end of 2023. This represents the recovery of the tourism sector from the COVID-19 pandemic, one year earlier than projected. Despite tourism coming to a standstill in 2020, the industry, post recovery, is expected to grow faster than the general economy at 5.8%, reflecting its resilience and importance to the economic vitality of the country, said the organization. Full story: https://lnkd.in/eZU8NUJG #business #news #tourism #travel #Canada #economy Destination Canada Marsha Walden Meaghan Ferrigno

Tourism is back in full swing! According to a recent article by Hotels Magazine, international tourist arrivals and the travel and tourism sector's contribution to global GDP are expected to return to pre-pandemic levels this year. This recovery is driven by the lifting of travel restrictions and strong pent-up demand. However, sustainability practices, labor shortages, and geopolitical risks pose challenges to this rebound. For a deeper dive into the state of global tourism and future trends, check out the full article here: https://lnkd.in/db5FRmkT #HorwathHTL #TourismRecovery #TravelIndustry #Sustainability #GlobalTrends

#Tourism is back to pre-pandemic levels, but challenges remain International #tourist arrivals and the travel and tourism sector’s contribution to global GDP are expected to return to pre-pandemic levels this year, driven by the lifting of #COVID-19-related travel restrictions and strong pent-up demand, as per the new World Economic Forum #travel and tourism study, released today. Topping the 2024 list of #economies are the United States, #Spain, #Japan, #France and #Australia. The Middle East had the highest recovery rates in international tourist arrivals (20% above the 2019 level), while #Europe, #Africa and the #Americas all showed a strong recovery of around 90% in 2023. These are some of the top findings of the Travel & Tourism Development Index 2024 (TTDI), a biennial report published in collaboration with the University of Surrey, which analyses the travel and tourism sectors of 119 countries around a range of factors and policies. Read the full story here: https://lnkd.in/diVGwsEv

Do we enjoy going out on vacation? Yes, we do 😉👌. I am wondering where the FED officials were in vacation this year just before the September meeting. Down below some very interesting figures from 2 organizations related to the bouncing back toursim figures. More relaxed, more exposed to other cultures therefore more innovative and relaxed. According to estimates from the World Tourism Organization (UNWTO) for 2023, international tourist arrivals could reach 80 to 95 percent of prepandemic levels depending on the extent of the economic slowdown, travel recovery in Asia–Pacific, and geopolitical tensions, among other factors.3 Similarly, the World Travel & Tourism Council (WTTC) forecasts that by the end of 2023, nearly half of the 185 countries in which the organization conducts research will have either recovered to prepandemic levels or be within 95 percent of full recovery.

🌍 Global Tourism's Slow Recovery From the Pandemic ✈ According to the latest report by the UN World Tourism Organization, there was a combined loss of 2.6 billion international tourist arrivals from 2019 through 2022. This was largely due to global lockdowns, widespread travel restrictions, and a slump in visitor demand. In 2020, only 407 million international tourist arrivals were recorded, marking a 72% decline from the 1.5 billion of 2019. Two years later, the figure had climbed to 963 million, just 34% below pre-pandemic levels. The Middle East saw the strongest rebound worldwide, hitting only 10% below 2019 levels, followed by Europe with only -20% of pre-pandemic levels and the Americas with -29%. 📉Economically speaking, the amount lost through tourism direct GDP was $4.2 trillion over the four years, which equates to roughly the value of Germany’s economy in 2021. 💼The COVID-19 pandemic caused the most significant loss in tourism revenues and economic output in recorded history, impacting millions of jobs, small businesses, and livelihoods all over the world. An estimated 100 million direct tourism jobs were at risk, if not lost, during the pandemic years. Source:🔗 https://lnkd.in/ghTNvrGP #Tourism #Pandemic #Recovery #TravelIndustry #UNWTO

Uncover the economic renaissance set in motion by Canada's $108 million Tourism Growth Program, as outlined in Budget 2023. Explore the strategic initiatives shaping a vibrant future for Canadian tourism and global engagement. #TourismRenaissance #Budget2023 #EconomicDevelopment #GlobalEngagement #CanadianTourism #StrategicInitiatives #SustainableFuture #TravelInnovation #ExploreCanada #TourismEconomy #TIAO #hozpitality https://lnkd.in/dPhMjuF4

International tourism expenditure rebounds beyond pre-pandemic levels in Queensland   📊 New data released by Tourism Research Australia reveals the state hosted 27m visitors who spent $34.1bn – an average $93.2m a day – in the year ending March 2024   🌏Queensland’s international overnight visitor expenditure (OVE) hit a new high of $6.1bn – a 100.9% recovery when compared to 2019 🛬 New Zealand and USA visitors generated record OVE, whilst UK and Japan visitors spent more than they did in 2019 🏖 Queensland felt the impact of Australia's contracting domestic holiday market, as competition increases with overseas destinations   Recorded as part of TRA's International Visitor Survey (IVS) and National Visitor Survey (NVS), the reports provide a snapshot of domestic and overseas tourist activity in Queensland 🐨   Read the full media release here, that includes insights from Patricia O'Callaghan and MP Michael Healy ➡ https://lnkd.in/gAdz-Wxc   Looking for more detail? Executive summaries of our domestic and international snapshots are available for download here ➡ https://lnkd.in/dEXxAtTa

Fiji's tourism industry is seeing a strong comeback in 2024 after covid 19 pandemic hit the country in 2020. Fiji earned a total of $2.3billion from tourism in 2023, an increase of 57.9 per cent from 2022, according to the latest data from the Fiji Bureau of Statistics. Early signs are encouraging. Provisional data as reported by The Fiji Times shows a steady increase in visitor numbers during the first quarter, peaking in February with a record 69,335 arrivals. This translates to a significant 14.5% jump compared to the same period in 2023. Specific revenue figures are not available yet. But the substantial increase in visitor number suggests a corresponding increase in tourism income. This is critical for Fiji, where tourism typically contributes around 40% of the GDP. Tourism Fiji CEO Brent Hill has a cautious outlook. “Heading into the peak season, we’ve got big numbers in terms of what we expect but also when we see that year-on-year number – we expect that to be quiet as big as what it has been. Because the numbers were so strong last year and also because we are restricted a little bit in terms of our capacity” Hill says. Hill anticipates strong visitor numbers during peak season, but warns that year-on-year comparisons might be skewed due to high figures in 2023. Fiji's current hotel infrastructure might struggle to accommodate the influx of tourists. Hill emphasizes the need for a "sustainable supply of accommodation." New developments, like the expansion of the Crown Plaza and the upcoming completion of the Westin project by year-end, offer some short-term relief. However, long-term solutions are needed to ensure the industry's continued success. "We are really excited about the Crown Plaza which is continuing to expand and Westin Development which should be finished by the end of this year, and we’ve got a few more to come in the next couple of years but the major thing to say is while we are waiting for those new resorts and new rooms to be built the good thing is that we are still seeing really good numbers.” Hill adds. #fiji #fijitourism #exepreneurfiji

A surge in tourism activities has provided a boost to consumption-related sectors as the nation recorded impressive growth in traveler numbers and consumption revenues during the eight-day combined Mid-Autumn Festival and National Day holiday, indicating strong resilience and recovery momentum in the world's second-largest economy.

The #WTTC states that the travel and tourism industry expects to contribute over 11 trillion dollars to the global GDP in 2024. The figure represents a 7.5% increase compared to the peak levels of 2019. Currently, the global tourism sector generates almost 348 million jobs worldwide. #JuliaSimpson #ABCMundial #Travel and #tourism #news https://lnkd.in/dwHuvwjQ