Benchmarking Travel & Tourism
Expanding on successful research that has been assessing the role of Travel & Tourism in the world economy, the 2015 Benchmarking, undertaken by Oxford Economics and sponsored by American Express, looks at the relative significance of the industry in comparison to a range of other sectors at the global level and for each world region, along with in-depth analysis of 26 individual countries.
Trade Summary Benchmarking Reports 2015May 2015
Expanding on previous benchmarking research, the 2015 report, sponsored by American Express, again looks at the relative significance of the sector against eight other sectors at the global level and for each world region. This summary gives an overview and general analysis of the results.
Global Benchmarking Report 2015May 2015
The latest WTTC Benchmarking, sponsored by American Express, compares the economic contribution of Travel and Tourism to that of eight other industries. It shows that the sector is a key employer with a high multiplier impact.
The 2015 results show that:
• Travel & Tourism directly contributes more to GDP than both the automotive and chemicals manufacturing industries in every region of the world. In the case of the automotive industry, Travel & Tourism contributes three times more than in GDP in the Americas and over twice as much in Europe.
• With 105 million people directly employed in 2014, Travel & Tourism directly employs more people than many other sectors. Notably, Travel & Tourism directly employs 7 times more than automotive manufacturing and 5 times more than the global chemicals industry.
• In every region of the world, Travel & Tourism directly sustains more jobs than the financial services, banking, mining and education sectors.
• For every one dollar spent on Travel & Tourism, 3.2 dollars are generated in GDP across the entire economy.
• Travel & Tourism generates an average of 37 jobs generated per US$1 million in sales across the countries we analysed.
The analysis examines the economic value of industries on three levels: direct, indirect, and induced.
- Direct: this includes only those employees and the related value added for the relevant sector. In the case of Travel & Tourism, we only count the value added of the accommodation, recreation, transportation, and other related sectors.
- Indirect: this measures the supply chain impact (also called inter-industry linkages) for each sector.
- Induced: this measures the impacts of incomes earned directly and indirectly as they are spent in the local economy.
The sum of direct, indirect, and induced impacts equals the total economic impact of a sector.