Prior to the COVID-19 pandemic,the growth rate of the global Travel & Tourism sector outpaced the growth of the global economy for nine conse autive years. After a devastating 50.4% fall in the contribution of the sector to the global economy, Travel & Tourism recovered by 21.7% in 202l-shown in Figure 1.In comparison, the global economy bounced back by 6.7%.Travel & Tourism’s pace of recovery was slowed down by the spread ofthe Omicron varlant in the second half of 2021 which forced governments to reinstate restrictions on intemational travel.
Figure 2 shows that the global Travel&Tourism’s recovery wassupported more by the rise in the spending by domestic visitors than revenues from international visitors. Travel & Tourism dornestic spending recovered strongly-by 31.4% globally-whereas spending by international visitors recovered by only 3.8% as travel restrictions for foreign visitors remained in place acr ass many countries. As a result, domestic spending’s share of total Travel& Tourism spending increased from 72% in 2019 to 85% in 2021. Travel&Tourism business spending and leisure spending grew at 309% and 251% respectively.