China Hospitality Industry Job Growth

China Hospitality Industry Job Growth

Interpretation

According to the World Travel & Tourism Council (WTTC), China’s travel and tourism industry is predicted to add more than 30 million jobs over the next ten years, accounting for one-fourth of all new employment created internationally. By 2032, there will be more than 107 million people working in the industry, according to the latest Economic Impact Report (EIR) from WTTC.

According to the analysis, the Travel & Tourism sector’s economic contribution to China might also reach pre-pandemic levels in 2020, which is anticipated to increase by about 10% from 2019. By 2023, the industry might have contributed more than 13 trillion yen to the national economy, growing by more than 32 percent annually. In addition, by adding more than 766,000 jobs, employment in the industry might surpass pre-pandemic levels and surpass 83 million by the end of 2023.

WTTC cautions that this can only be accomplished if China keeps facilitating domestic and international travel. WTTC President & CEO Julia Simpson stated: “Over the coming ten years, the prognosis is tremendously optimistic. But for the time being, even if much of the rest of the globe and the area is now accessible to tourists, many foreigners are still unable to visit China. In addition, the Chinese economy has benefited from domestic travel. It will continue to do so, but international travel spending is meager and crucial to the health of the Chinese economy. So even while shortening the international traveler quarantine period is a step in the right direction, it won’t make a difference.

According to the WTTC, during the next ten years, China’s travel and tourism industry is predicted to generate more than 30 million new employment, or about one-fourth of all new jobs worldwide. Prior to the epidemic, China’s travel and tourism sector contributed 11.6 percent of the country’s GDP or more than $11.9 trillion in 2019. However, this figure dropped to just 4.3 percent (almost 4.5 trillion) in 2020, a startling 62.5 percent decline.

What the article means for the Tourism Industry

The global economy depends heavily on the tourism sector. Millions of people are employed by it, bringing in billions of dollars annually. In addition, the industry plays a significant role in developing many nations’ cultures. Unfortunately, the COVID-19 epidemic has significantly impacted the hospitality sector. Still, the most recent study from the WTTC indicates that the sector is anticipated to rebound nicely in the years to come.

According to the data published by the WTTC, China’s hospitality sector is predicted to increase significantly over the next ten years. A surge in both local and international travel will fuel this expansion. To achieve the increase predicted by the WTTC, the hotel sector must continue to support both kinds of travel. The sector will need to concentrate on reopening to foreign passengers while continuing to support local tourism shortly.

One of the most significant sectors of the global economy is the hotel sector. It gives travelers lodging, food, and beverages while away from home. The sector is also in charge of giving tourists entertainment and leisure time. The COVID-19 epidemic has had a severe impact on the hotel sector. The epidemic has reduced foreign travel, which has repercussions for the hotel sector. The drop in demand has forced some hotels, eateries, and cafés to close their doors. 

References

WTTC. (2022). China’s Travel & Tourism sector to create more than 30 million jobs over the next decade. Hospitality Net. https://www.hospitalitynet.org/news/4111412.html