Travel and tourism sector undergoes joint transformation initiative, led by WTTC and Deloitte
Deloitte and WTTC Collaborate to Shape the Future of Work in Travel & Tourism
Deloitte, a global professional services network, has partnered with the World Travel & Tourism Council (WTTC) to release a groundbreaking report titled "The Future of Work in Travel & Tourism." The report, set to be unveiled at the WTTC Global Summit in San Juan, Puerto Rico in April 2020, aims to guide businesses in the travel and tourism sector through the challenges and opportunities that lie ahead.
Deloitte's services encompass audit, consulting, tax, and advisory services, with a mission to reinforce public trust in capital markets and inspire clients to transform and thrive. With a network of member firms serving four out of five Fortune Global 500® companies and over 5,000 private and middle market companies, Deloitte's impact is felt across various industry sectors driving the marketplace.
The travel and tourism sector is experiencing significant growth, anticipated to create 14 million new jobs by 2025 and reach a sector value of $16.5 trillion by 2035. The sector currently sustains about 10.3% of global GDP and is expected to grow at an annual rate of approximately 3.5%.
Key findings of the report highlight strong demand for international, regional, and domestic travel, shifts in traveler behavior, such as the rise of "bravecations" (adventure travel combined with personal growth) and heritage holidays, and growth driven by evolving customer expectations and the need for businesses in travel to innovate continually to remain competitive.
Recommendations from the report emphasize the importance of staying attuned to evolving consumer trends and preferences, embracing innovation and new travel trends, prioritizing workforce development and skills evolution, and fostering sustainability and indigenous tourism as emerging segments with significant economic impact.
Gloria Guevara, WTTC President & CEO, stated that it is vital for the sector to understand roles, technology influence, and government policy for future growth. Evolution in the travel and tourism space and shifts in the global workforce will drive the need for businesses to focus on talent models. The report aims to help Travel & Tourism businesses navigate future of work challenges over the next decade and beyond.
With the collaboration between WTTC and Deloitte, the travel and tourism sector can expect actionable insights and recommendations to support the sustainability of growth and strategic adaptation to trends, workforce upskilling, and harnessing new travel market segments.
[1] Source: WTTC and Deloitte's "The Future of Work in Travel & Tourism" report [3] Source: WTTC and Deloitte's press release, "WTTC and Deloitte Announce Collaboration to Support Travel & Tourism Sector"
- To remain competitive in the evolving travel and tourism sector, it's crucial for businesses to prioritize innovation and new travel trends, embrace technology, and continuously adapt to changing consumer preferences.
- Understanding the roles of technology, government policy, and workforce evolution is vital for the future growth of the travel and tourism industry, according to Gloria Guevara, WTTC President & CEO, and the findings of the Deloitte and WTTC report, "The Future of Work in Travel & Tourism."
