Published Date: September 25, 2024
Author: HANetf
According to McKinsey and Company, international travel might feel more glamorous, but tourism players should not forget that domestic travel still represents the bulk of the market, accounting for 75% of global travel spending. Domestic travel recovered from the pandemic faster than international travel, the report reads, as is typical coming out of downturns.
The global travel and tourism industry is set to play an increasingly vital role in job creation and economic growth this year, according to the latest report from the World Travel and Tourism Council. The report projects that the sector will support nearly 348 million jobs worldwide, as explained by TravelandTourWorld.com, which is a significant increase of 13.6 million jobs compared to 2019.
Ports have been packed with cruise ships over the last few years, reports NBC News, as vacationers flock to ever larger vessels and operators race to accommodate a surge in post-pandemic bookings. The industry expects even more through the end of 2024 – many from first time passengers. In fact, some 27% of cruise passengers over the past two years have been first-timers, up 12% from the prior two-year period.
As outlined in an annual report by the World Travel and Tourism Council, a record $1 out of every $10 spent globally in 2024 will be on travel, as people briskly book hotels, cruises and flights, reports Reuters. The WTTC projects that the industry’s contribution to global GDP will grow by 12.1% year-over-year in 2024, reaching $11.1 trillion and accounting for 10% of global GDP. This marks a rise of approximately 7.5% compared to the previous peak achieved in 2019.
A new report released in July of this year by the Global Business Travel Association (GBTA), predicts that global business travel spending will reach $1.48 trillion by the end of the year, an increase from pre-pandemic 2019 spending. According to the GBTA, relative stability in the global economy has continued to drive growth which, along with lingering pent-up demand, has provided reassurance for CEOs and CFOs to get their people back on the road for business meetings.
Sources available upon request. Please remember that when you invest in ETFs, your capital is at risk.
Travel ETF Performance As of 31/08/2024
TRYP (Fund)1M-3.63%3M1.94%6M-1.14%YTD-0.83%12M3.61%3Y-Since Inception (04/06/2021)26.18%
Please note that all performance figures are showing net data. Source: Bloomberg / HANetf. Data as of 31/07/2024
Please note that all performance figures are showing net data. Source: Bloomberg / HANetf. Data as of 31/08/2024
Performance before inception is based on back-tested data. Back testing is the process of evaluating an investment strategy by applying it to historical data to simulate what the performance of such a strategy would have been. Back-tested data does not represent actual performance and should not be interpreted as an indication of actual or future performance. Past performance for the index is in USD. Past performance is not an indicator for future results and should not be the sole factor of consideration when selecting a product. Investors should read the prospectus of the Issuer (“Prospectus”) before investing and should refer to the section of the Prospectus entitled ‘Risk Factors’ for further details of risks associated with an investment in this product. When you invest in ETFs and ETCs, your capital is at risk.
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