Can you believe it? Tourism has evolved from sipping coconut water on the beach or taking photos in front of sites. It’s fast becoming one of the greatest forces in the global economy—and the industry is still warming up.
Currently, the industry provides approximately ⅒ th of Earth’s employment. According to Saudi Arabia’s tourism minister Ahmed Al Khatib, that figure is projected to rise to ⅛ th by 2035.
How about talking about money? The Gulf State forecasts that in 2024 alone, services to tourists will generate $11.7 trillion in economic activity, forming 10.3% of global GDP. Surreal, right?
Now, here’s the twist: despite the increase in GDP, tourism is hardly realized as an opportunity. With an estimated 7.5 billion people worldwide, only 1.4 billion engaged in traveling last year. This is not only underutilized potential, it’s an entirely blank canvas. And with the surge in flight availability, the simplification of travel configuration through AI, and the shift towards more reasonable hotels, the ease of getting out there has significantly increased.
There are many problems to think about, including complex issues such as climate change, wars, volatile economies, and a heightened demand for skilled personnel in the travel and hospitality sector. What is the solution, then?
And Saudi Arabia does think they have a rather bold solution: Tourise.
That’s right, Tourise is not just another travel forum. According to the ad, this is a platform which is supposed to steer entire industry of tourism for at least the next 50 years and for many more. A visionary team of experts from airlines, tour companies, hotels, entertainment, and travel tech is set to meet in Riyadh this coming November to prepare for the big launch of Tourise.
We mean all big players like Julia Simpson (CEO of WTTC), Luis Maroto (CEO of Amadeus), Stephane Lefebvre from Cirque du Soleil, and others.
Tourisme will not be just for panel discussions and friendly meetings. Starting this year, it will host the Tourisme Award, which honors destinations and companies exceling in such fields as sustainability, digital innovation, cultural preservation, inclusiveness, and workforce talent management. In essence, places that are doing tourism right, will get the limelight, and celebration.
Also important to mention, tourism as a whole now accounts for around 3% of global export revenue and is exceeding in comparison to other economies – even on a post-COVID recovery tourism sentiment scale. Ah, and there’s quite a bit of laughter coming from heavy pocketed investors boasting in tourism. Last year boasted average returns exceeding 20%.
So, if you thought travel was about going places, it’s time to think again. Travel is becoming one of the most critical foundations of the modern economy and, we are at the tip of the iceberg.
