- WTTC set out its ambition for onem tourism SMEs to benefit from Together in Travel
- The announcement was made at the WTTC Global Summit in Malta
- A 10pc productivity uplift among SMEs could unlock $63bn in direct Travel and Tourism GDP
- SMEs account for more than 85pc of Travel and Tourism businesses globally
- WTTC signed a Memorandum of Understanding with the International Chamber of Commerce
The World Travel and Tourism Council has set out its ambition for 1m tourism SMEs to benefit from its Together in Travel Community. The announcement was made at the WTTC Global Summit in Malta, attended by more than 1,000 delegates. The initiative provides independent and growing businesses with free research, practical guidance, a global community and stronger advocacy.
New Together in Travel research shows that a 10pc productivity uplift among SMEs could unlock $63bn in direct Travel and Tourism GDP across eight major economies. SMEs account for more than 85pc of Travel and Tourism businesses globally. The research covers eight markets including the United States, United Kingdom, Germany, France, Spain, Mexico, Thailand and the United Arab Emirates.
The economic analysis forms part of a wider Together in Travel research programme. Research by GSIQ with more than 800 business leaders across seven markets explores what SMEs state they need to grow, including access to finance, digital tools, skills and markets. WTTC signed a Memorandum of Understanding with the International Chamber of Commerce in Paris on 2 October.
Gloria Guevara shared “Small and medium-sized businesses are central to Travel & Tourism. They create distinctive experiences, sustain communities and help spread the benefits of tourism. This research shows the substantial economic value that greater SME productivity could unlock. The findings will inform WTTC’s advocacy with governments and international institutions, ensuring the needs of smaller businesses are reflected alongside those of the wider industry in policy discussions on skills, finance, digitalisation and market access.”
