Many people are willing to loosen their purse strings when it comes to exploring new places and cultures.

A record $1 out of every $10 spent globally in 2024 will be on travel as people briskly book hotels, cruises and flights, according to an annual report by the World Travel and Tourism Council (WTTC), a non-profit membership organisation.

Reuters quoted the WTTC report as saying that the travel and tourism industry's contribution to global gross domestic product is expected to reach new heights as consumers increasingly see travel as an essential part of their budgets.

The WTTC estimates the industry's contribution to global GDP in 2024 will increase 12.1 per cent year-over-year to $11.1 trillion, making up 10 per cent of global GDP. This represents about a 7.5 per cent increase from the previous record set in 2019.

"Despite some concerns last year about us going into a global recession and high inflation, this year we are looking at travel and tourism being a real economic powerhouse globally," said Julia Simpson, CEO of the non-profit organisation.

Travel spending in the US, Chinese and German economies is expected to contribute the most to GDP.

The sector is expected to support nearly 348 million jobs in 2024, or 13.6 million jobs more than in 2019, the previous record prior to the pandemic. The industry is still hiring to fill jobs in the rapidly expanding field.

WAM