Time: 2024-08-08
The global travel and tourism industry has been significantly impacted by the COVID-19 pandemic . According to the IMF , the sector accounted for around 10 % of global GDP and supported 320 million jobs worldwide before the outbreak . However , with the emergence of COVID-19 , international travel restrictions and lockdowns led to substantial losses in the hospitality and tourism sector.
Recovery Phase of The Industry
In 2023 , international tourism closed at approximately 88 % of pre - pandemic levels , with an estimated 1.3 billion international arrivals . The Middle East region showed the most significant recovery , surpassing pre - pandemic levels by 22 % . Europe also saw improvement , reaching 94 % of 2019 levels , driven by intra - regional demand and travel from the US . Experts predict a strong recovery for the travel and tourism sector , with pre - pandemic numbers expected to return by the end of 2024.
The World Travel & Tourism Council anticipates a record - breaking year for the travel and tourism sector in 2024 , with a global economic contribution reaching 1.1 trillion . By 2034 , travel and tourism are projected to contribute approximately 6 trillion to the global economy , representing around 11.4 % of the total economic landscape . The industry is expected to experience disruption , with shifts in source markets , destinations , and increased demand for luxury travel.
Hilton Worldwide Holdings Inc. ( NYSE : HLT)
Hilton Worldwide Holdings Inc. is a key player in the hospitality industry , focusing on managing , franchising , owning , and leasing hotels and resorts . The company has implemented various digital initiatives , expansion efforts , and strategic partnerships to enhance its business . Hilton leverages technology to provide personalized guest experiences and has opened over 100 hotels , totaling approximately 17,000 rooms in 1Q 2024.
Hilton expects system - wide growth in Revenue per Available Room ( RevPAR ) in the range of 2 % - 4 % for the rest of 2024 , supported by strong performance in international markets . Despite concerns about the company 's valuation trading at a premium , Hilton plans to return billion to shareholders through buybacks and dividends , boosting investor confidence in its financial health.
In conclusion , the travel and tourism industry is poised for recovery and growth , with key players like Hilton Worldwide Holdings Inc. adapting to the changing landscape and embracing innovation to meet the evolving demands of travelers . As the sector continues to rebound from the impacts of the pandemic , opportunities for investment and expansion are on the horizon.
Business
