This year, spending on travel is expected to reach a new level as every $1 in $10 spent worldwide is spent on things like hotel/overnight stays, airfare, and cruises.

As a result, the World Travel and Tourism Council, a nonprofit organisation, predicts that the tourism sector will contribute a record amount to the global gross domestic product.

10% of the world economy, or US$11.1 trillion, will come from travel in 2024, up 7.5% from the previous high established in 2019 and increasing by 12.1% yearly.

The increase in travel spending in the US, China, and Germany is expected to propel the sector globally, supporting 348 million jobs—13.6 million more than in 2019.

Julia Simpson, chief executive of the World Travel and Tourism Council, said, "We are looking at travel and tourism being a real economic powerhouse globally."

"Despite some worries last year about us entering a global recession and high inflation," this is the case.

Wizz Air and Ryanair announced record passenger numbers for August on Tuesday, joining the airlines as one of the industries to benefit from a recovery in demand following the epidemic.

(Sources: investing.com, proactiveinvestors.co.uk)