World Cup highlights Russia’s Travel & Tourism potential

Spending by international visitors to Russia is expected to grow by 7% this year, according to research by the World Travel & Tourism Council (WTTC).

Major research from WTTC highlights the economic impact of Travel & Tourism in Russia, including:

• Travel & Tourism supported 3.3 million jobs in 2017 (4.5% of total Russian employment)
• By 2028 over 3.8 million jobs in Russia are forecast to rely on Travel & Tourism
• The Travel & Tourism sector grew by 3.2% in 2017, compared to growth of 2.2% in the wider Russian economy
• Travel & Tourism generates 4.8% of Russia’s GDP, equivalent to US$76billion (RUB 4,435billon)
• Russia is the 16th largest travel economy in the world
• International tourism spend in Russia is expected to grow 7% in 2018

Data produced by WTTC, in conjunction with Oxford Economics, has shown Travel & Tourism revenues in Moscow are set to grow at an increasing pace of 6.6% per year in the years to 2026, with tourism spending purely by foreigners set to rise by 9.6% per year on average over the next decade.

With less than two weeks to go before the 21st FIFA World Cup championship match, Russia has played host to an estimated one million fans attending matches in eleven cities across the country. Over a period of 4th June to 15th July 2018, data produced by ForwardKeys has shown +50.5% Y-o-Y increase of forward bookings for international arrivals in Russia.

Gloria Guevara, President & CEO, WTTC, said “Travel & Tourism creates jobs, drives economic growth and helps build better societies. This is particularly the case in Russia, the 16th largest tourism economy in the world, with Moscow generating more than a quarter of Russia’s tourism revenue. Hosting this World Cup has given Russia the opportunity to showcase cities across the country and bring together millions of travellers, while contributing to the economic growth of the sector and creating jobs.”

“Worldwide, 2017 was one of the strongest years of Travel & Tourism GDP growth in a decade. Our sector now supports one in ten jobs on the planet and contributes 10% of global GDP. Over the past ten years, one in five of all jobs created across the world has been in the sector and, with the right support from Governments, nearly 100 million new jobs could be created over the decade ahead.”

Every year WTTC produces the definitive research into the economic impact of Travel & Tourism across 185 countries and 25 regions.

source: Travel Daily News