‘Retail tourism is a thriving market segment’ WTTC President Julia Simpson said at the recent Virtuoso Travel Week.
According to the report, in 2019 retail tourism was worth US$178.2 billion, equivalent to 6% of the tourism sector, and can represent more than 15% in some destinations.
Historically, retail tourism has been overlooked by researchers; resulting in limited data for analysis.
The latest report by WTTC seeks to correct that, providing insights into shopping habits when traveling.
The latest data named the US as the largest contributor of retail tourism to GDP in 2019 (US$34.7 billion).
Despite the challenges posed by the pandemic, the US retained its leading position in 2020 with US$17.5 billion and grew in 2021.
That year it contributed US$23.9 billion to the country’s economy.
“Our latest findings on the US reinforce its allure as a shopping mecca, highlighting the vital role that retail tourism plays,” Simpson added
Simpson say incentives like tax-free shopping have seen retail tourism revenues boom.
Countries like the UK that scrapped tax-free shopping have seen visitors move to other countries like France or Italy.
The upcoming WTTC report, published next month, seeks to provide a comprehensive overview of retail tourism, highlighting emerging trends, the challenges and opportunities.
The report was created by WTTC and the Hospitality and Tourism Research Centre of The Hong Kong Polytechnic University, in collaboration with The Bicester Collection.
Tags: US, Julia Simpson,WTTC
