IMPACT CITY 45% TRAVEL & TOURISM EXECUTIVE SUMMARY. Cover: Vancouver, Canada THE IMPORTANCE OF CITIES EXECUTIVE SUMMARY

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1 TRAVEL & TOURISM CITY TRAVEL & TOURISM IMPACT 2018

2 IMPACT TRAVEL & TOURISM EXECUTIVE SUMMARY EXECUTIVE SUMMARY W ith 54% of the world s population living in urban areas, cities have become global economic hubs. These urban centres are drivers of, innovation and job creation, which will continue to attract more people who will come to live, do business and discover them. In fact, by 2050, 68% of the global population is expected to live in cities. This is translated in the rise of city tourism - a trend which is forecasted to last. CITY CITIES REPRESENT 45% OF GLOBAL INTERNATIONAL TRAVEL With over half a billion trips taken to cities annually, metropoles have become catalysts of global travel, driving significant increases in Travel & Tourism within city boundaries and for wider country destinations. In effect, in the past decade, travel to city destinations has grown more rapidly than total international travel demand. This directly generated $625 billion or 6.7% total GDP across the 72 cities in this study, while the industry generated 3.2% of global GDP. EMERGING AND DEVELOPING MARKETS CONTINUE TO RISE In the past decade, there has been a clear shift from North to South and West to East. This is particularly visible in the rankings of top global city destinations by GDP, with ten of the top 20 largest cities by market size and seven of the top 20 by GDP contribution located in the Asia-Pacific region. This is even more apparent when looking at the fastest growing cities in terms of direct Travel & Tourism GDP over the past decade, where all top ten cities are in emerging and developing countries, including Chongqing, Shanghai, Lagos, Tehran and Mumbai among others. While the majority of these cities are expected to remain top performers in the coming decade, with China leading the way, a slowdown in is expected. THE IMPORTANCE OF CITIES 45% of global international travel is represented by cities 72 global cities analysed in the latest research from the World Travel & Tourism Council. DOMESTIC AND LEISURE TRAVEL LEAD THE WAY Despite the buzz around international travel, domestic travel represents the vast majority of global Travel & Tourism expenditure, amounting to 73% of the total vs. 27% for international travel. Domestic contributions can run as high as 85% or 90%. In Shanghai and Beijing for instance, the domestic share of Travel & Tourism GDP exceeds 87%. Conversely, cities such Macau and Dublin rely primarily on international demand, with the international share of tourism accounting for 97% of tourism GDP. Looking ahead, the proportion of international travel is expected to rise with the rapid of emerging markets. Similarly, leisure travel significantly outweighs business travel in terms of expenditure, accounting for 78% of total global expenditure. Travel and Tourism s contribution to city GDP is significantly higher in leisure driven cities, in turn leading to increased reliance on the sector. In effect, the eight highest ranked city destinations in terms of Travel & Tourism share of total GDP are all leisure destinations, with Cancún leading the way at nearly 50% of its GDP. Larger cities, and capital cities tend to host other important sectors, including financial and business services, which make much larger contributions to GDP. As such, these cities may have large and thriving Travel & Tourism sectors, but as a share of GDP the sector has a smaller impact. THE SECTOR DRIVES JOB CREATION IN CITIES Overall, Travel & Tourism directly generates more than 10% of total city employment in 13 cities in this study, with Cancún (37.7%) and Macau (27.6%) as leaders. The top ten cities in terms of employment cross all continents, with Abu Dhabi (10.4%), Tehran (6.8%) and Chongqing (6.0%) as leaders over the period. For more information, please contact: ROCHELLE TURNER Research Director Cover: Vancouver, Canada CITY TRAVEL & TOURISM IMPACT 2018

3 1.1 THE IMPORTANCE OF TRAVEL & TOURISM 1.1 THE IMPORTANCE OF TRAVEL & TOURISM TRAVEL & TOURISM IS A DRIVER OF GROWTH & JOB CREATION Tourism is one of the world s largest economic sectors, accounting for 10.4% of GDP (3.2% is directly generated by the sector) and supporting nearly 1 in 10 jobs on the planet. FIGURE 1: TOTAL TRAVEL & TOURISM GDP BY REGION APAC, US$ 2,675 bn, 36% 2. Americas, US$ 2,200 bn, 30% 3. Europe, US$ 2,109 bn, 29% 4. Middle East, US$ 224 bn, 3% 5. Africa, US$ 178 bn, 2% 1 LARGEST CITY DESTINATIONS The Travel & Tourism sector contributes 10.4% to global GDP, and supports nearly 1 in 10 jobs With US$2.7 trillion, the Asia-Pacific region generates the largest proportion of Travel & Tourism GDP globally, accounting for 36% of the sector. Europe and the Americas come 2nd and 3rd, jointly amounting to 59% of global Travel & Tourism GDP, and individually contributing over US$2 trillion to the global Travel & Tourism GDP. Rapid in middle class income households in emerging markets has been an important driver of global Travel & Tourism activity, notably in the AsiaPacific region Leisure travel significantly outweighs business travel in terms of expenditure, accounting for 78% of total global tourism expenditure. This figure is consistent across all regions, with leisure travel accounting for between 69% and 80% of total tourism expenditure. Asia-Pacific is not only the fastest growing region, with 7.5% Travel & Tourism per annum over the last decade, but is also the largest region with 80% of total expenditure attributable to leisure. In 2017, domestic travel represented the vast majority of global Travel & Tourism expenditure, amounting to 73% of the total. While international travel accounts for a smaller proportion at 27%, this figure is expected to increase. In effect, the rapid of middle-class income in emerging markets, particularly in India and China, is expected to enable increased affordability of international travel. 1. The difference between the sum of the regions, and global total T&T GDP (US$8.3 trillion in 2017), is exported goods related to Travel & Tourism activity. This is removed from country and regional estimates to ensure we comply with TSA: RMF 2008 guidelines, but is added back at the global level to ensure that the sector is fully quantified. CITY TRAVEL & TOURISM IMPACT

4 1.2 THE IMPORTANCE OF CITIES AS TOURISM DESTINATIONS 1.2 THE IMPORTANCE OF CITIES AS TOURISM DESTINATIONS This report focuses on 72 major tourism cities and provides estimates of the GDP and employment directly generated by the Travel & Tourism sector. This does not include the further GDP and employment impacts generated by tourism across supply chains and through the spending of revenues gained through the tourism sector so-called indirect and induced employment and income impacts. The calculations are consistent with the WTTC Economic Impact Research (EIR) which quantifies the contribution of the Travel & Tourism sector by country and relies on inputs from the Global Cities Travel (GCT) databases from Oxford Economics. 72 CITIES GENERATED $625 BILLION THROUGH TRAVEL & TOURISM Cities are not only popular destinations but often gateways to other regions of countries given their proximity to international airports. While Travel & Tourism directly accounted for 3.2% of global GDP in 2017, this proportion tended to be higher in cities. In this study, 50 of the 72 cities boasted larger contribution to GDP from Travel & Tourism than the global average. When combined, an estimated US$ 625 billion was directly generated by the sector across the 72 cities, amounting to 6.7% of their total GDP. Ten of the top 20 largest cities by market size and seven of the top 20 cities by GDP contribution are in the Asia-Pacific region. Only eight out of the 72 cities rank both in the top 20 by size and in the top 20 as a share of total city GDP: Shanghai, Beijing, Orlando, Bangkok, Mexico City, Las Vegas, Macau SAR and Miami. Travel & Tourism directly generated US$ 625 billion across the 72 cities in this study in 2017: 6.7% of total GDP in these cities FIGURE 3: TOP GLOBAL CITY DESTINATIONS, 2017* Tourism Market Size (Tourism GDP, ) Share of City (City tourism GDP % of total city GDP) Share of Country (City tourism GDP % of country tourism GDP) 1 Shanghai Cancún Macau SAR * Beijing Marrakech Hong Kong SAR * Paris Macau SAR* Singapore Orlando Orlando Budapest New York Antalya Dublin Tokyo Dubrovnik Dubai Bangkok Las Vegas Lima Mexico City Venice Buenos Aires Las Vegas Dubai Prague Shenzhen Bangkok Santiago 52.0 FIGURE 2: TOURISM MARKET SIZE & GDP CONTRIBUTION, 2017* City tourism GDP % total city GDP 11 Guangzhou Miami Brussels London Cape Town Bangkok Hong Kong SAR* Beijing Kuala Lumpur Macau SAR* Ho Chi Minh City Warsaw Miami Mexico City Auckland Buenos Aires Mecca Stockholm Singapore Shanghai Jakarta Los Angeles Auckland Istanbul Chongqing Honolulu Amsterdam Munich Kuala Lumpur Lisbon 31.8 City tourism GDP, *Hong Kong SAR and Macau SAR are treated as separate entities despite being part of greater China. 6 WORLD TRAVEL & TOURISM COUNCIL CITY TRAVEL & TOURISM IMPACT

5 1.3 LARGE & CAPITAL CITIES 1.4 LEISURE CITIES 1.3 LARGE & CAPITAL CITIES For this study, the 72 cities have been grouped into the following categories: Capital Cities, Largest Cities, Port Cities, Secondary Cities and Leisure Cities. Annex 2 provides a brief description and a full list of cities in each category. FIGURE 5: LARGEST CITIES: DIRECT T&T GDP CONTRIBUTION & SHARE OF COUNTRY, 2017* City tourism GDP % country tourism GDP Capital Cities: includes 33 cities, which are the capital of their respective country. Largest Cities: includes 38 cities, which are defined as the largest city within their respective country, according to population. This group includes many, but not all, of the capital cities. Port Cities: includes 32 cities, which are defined as those with a large sea port within its boundaries. Secondary Cities: includes ten sub-national cities that hold important economic and functional roles within their respective country. Leisure Cities: includes ten cities, where leisure travel is the dominant segment. Selection criteria is somewhat subjective, but this includes cities where over 80% of travel spending is from leisure visitors the city is an important leisure destination within the country. FIGURE 4: CITY CLASSIFICATION - TRAVEL & TOURISM GDP SHARE OF TOTAL CITY GDP, 2017* Capitals Largest Cities City tourism GDP % total city GDP Port cities 32 Secondary Cities A similar pattern is evident for port and secondary cities, due in part to some overlap on the city classification (i.e. Jakarta and Shanghai) but also a similar high concentration of other high-value added sectors. 1.4 LEISURE CITIES Leisure Cities Tourism GDP % total GDP This segmentation results in considerable overlap as several cities fit in multiple criteria. For instance, as the capital and largest city of the UK, London is included in both categories. Overall, 45 of the 72 cities were either the largest city in the country or its capital although, there was a lot of overlap between the two classifications. THE SECTOR ACCOUNTS FOR LESS THAN 10% OF GDP FOR CAPITALS & LARGE CITIES Cities that fall within the capitals and largest cities categories tend to have less than 10% of their GDP directly attributable to the Travel & Tourism sector; often being major centres of high value-added economic activities. For instance, Shanghai, Beijing, Paris and New York rank among the five largest cities by volume of Travel & Tourism GDP generated, but the sector generates less than 8% of total city GDP. While the scale of the financial & business services sector in these cities combined with a substantial public sector presence attracts significant business travellers, the Travel & Tourism GDP generated by these visitors is lower than the other output generated by these sectors. Within the largest city classification, both Dubai (9th) and Bangkok (10th) have unusually high direct Travel & Tourism GDP contribution relative to other activity, at 10.1% and 10.0% total city GDP respectively. Still, this share is lower than in some of the cities with more of a reliance on leisure travellers. Travel & Tourism s contribution to city GDP is significantly higher in leisure driven cities, accounting directly for 15.3% of total city GDP in the ten cities included in this category. For instance, Cancún, Orlando and Antalya each contributed 49.6%, 18.7% and 17.6% to their respective total city GDP. While Orlando and New York are often compared as US destinations with similar levels of visitor volumes and spending, the relative importance of the sector to the wider economy differs. Whereas Travel & Tourism is one of the largest sectors for Orlando (18.7% of GDP), it only accounts for 3.5% of New York s GDP. Cancún is the largest leisure city with almost half (49.6%) of GDP directly generated by the sector. Although the city also has a significant amount of activity in business services, the bulk of it is directly supporting Travel & Tourism. The city s high reliance on the sector exposes it to shifts in demand from its main source markets, the USA and Canada. Similarly, Marrakech and Antalya have a high reliance on Travel & Tourism. While, Marrakech has a relatively small absolute tourism market size at US$ 0.7 billion, it represents more than 30% of the city s economic activity. With more than one third of the city s international demand coming from France, the city is making efforts to diversify its tourist base. Antalya, although larger than Marrakech with US$1.9 billion direct Travel & Tourism GDP, is also heavily reliant on two source markets, Germany and Russia, which account for over 40% of international visitors. Cities focused on leisure activities tend to have a higher share of Travel & Tourism GDP 8 WORLD TRAVEL & TOURISM COUNCIL *Source: Tourism Economics *Source: Tourism Economics CITY TRAVEL & TOURISM IMPACT

6 1.4 LEISURE CITIES FIGURE 6: LEISURE CITIES: TOURISM MARKET SIZE & GDP CONTRIBUTION, 2017* City tourism GDP % total city GDP While on the whole, leisure cities are more likely to be reliant on Travel & Tourism than other cities, Dubrovnik is an exception. Dubrovnik is a large leisure destination but only one of one of several large tourism destinations within Cro-atia where Travel & Tourism plays a significant role in the economy of the coun-try. FIGURE 8: CITIES WITH LOW RELATIVE TOURISM INTENSITY, 2017* City Tourism GDP Country Tourism GDP Tourism GDP % total GDP by city and country Manila Cairo Madrid Abu Dhabi London Riyadh Lisbon Los Angeles Brasilia Seville City tourism GDP, CITIES COMPARED TO COUNTRIES The importance of a city as a tourism destination can be showcased by comparing the direct contribution of Travel & Tourism to GDP of that city with that of the wider country. The graph below ranks cities by the percentage point difference between the city and country GDP contribution. All but two (Dubai and Cape Town) ranked in the top ten of city tourism intensity are leisure cities. Of the 72 cities in the study, 50 make a larger direct contribution to total GDP from Travel & Tourism, compared to their national average. The highest relative contributions are in Cancún and Orlando in 2017, with direct Travel & Tourism contributions to the wider economy more than seven times higher than their respective country contribution. In contrast, city destinations with a low intensity of Travel & Tourism activity are largely business travel destinations with a high dependence on activity from other sectors. London, Madrid, Los Angeles, Abu Dhabi and Lisbon are all examples of such cities. Low Travel & Tourism intensity relative to the country also emerges in countries which have other larger tourism destinations. For example, Madrid, Seville and Lisbon are affected by the high concentration of leisure tourism in the Algarve and Costa Brava while Manila is affected by destinations such as Boracay. Lagos has the greatest reliance on business tourism spending (71%), followed by Stockholm, Riyadh and Cape Town. In Europe, both Amsterdam and Brussels also have relatively high shares. FIGURE 7: CITIES WITH HIGH RELATIVE TOURISM INTENSITY, 2017* City Tourism GDP Country Tourism GDP Tourism GDP % total GDP by city and country Cancún Marrakech Orlando 18.7 Las Vegas 16.7 Antalya 17.6 Dubrovnik 17.4 Miami 8.8 Venice 11.4 Dubai 10.1 Cape Town FIGURE 9: RELIANCE ON BUSINESS TOURISM SPENDING, 2017* Lagos 71.1% Stockholm 68.9% Riyadh 52.8% Cape Town 52.7% Toronto 49.4% Jakarta 46.6% Amsterdam 45.5% Kuala Lumpur 44.3% Singapore 43.2% Vancouver 42.6% Brussels 40.7% Buenos Aires 39.4% Warsaw 38.1% Durban 36.7% Beijing 35.8% Business spend % of total 10 WORLD TRAVEL & TOURISM COUNCIL *Source: Tourism Economics *Source: Tourism Economics CITY TRAVEL & TOURISM IMPACT

7 1.5 INTERNATIONAL & DOMESTIC DEMAND Shanghai, the largest city in the study in volume terms, has 88% of its Travel & Tourism GDP from the domestic market Tourism GDP split by international & domestic, Shanghai Beijing Paris Orlando New York Tokyo Bangkok Mexico City Las Vegas Shenzhen Macau SAR is heavily reliant on demand from China and Hong Kong; it is vulnerable to disruptions in these markets 1.5 INTERNATIONAL & DOMESTIC DEMAND Demand for larger city destinations is not limited to international travellers. In effect, larger cities include a significant contribution from domestic demand which can run as high as 85% or 90% in some instances. The variation between domestic and international spending, is apparent in the case of the three largest mainland Chinese cities in this study, namely, Shanghai, Beijing and Shenzhen. In the case of Shanghai and Beijing, the largest cities in this study in terms of spending and GDP generated, the domestic share of tourism GDP exceeds 87%. By contrast, Shenzhen is the largest Chinese destination in terms of international demand with a much lower domestic component (70%). This is influenced by the proximity of Shenzhen to Hong Kong SAR which provides 27% of international travel to the city. FIGURE 10: LARGEST TOURISM DESTINATION CITIES BY GDP, 2017* International Contribution Domestic Contribution Orlando and New York, the largest city destinations in the USA, take 4th and 5th place, despite their very different mix of source market demand. While Orlando s and demand continues to be driven domestically (86%); almost half (47%) of New York s Travel & Tourism spending and 56% of spending over the past ten years was internationally driven. SEVERAL CITIES HAVE A LARGE RELIANCE ON INTERNATIONAL DEMAND A higher reliance on international demand in cities does not necessarily translate to higher GDP contributions, as international arrivals data might suggest. Examining total expenditure enables cities to establish the length of stay, costs and spending patterns of its visitors, domestic or international. For instance, while Bangkok received considerably more international visitors, it has smaller direct Travel & Tourism GDP contribution than Paris. Bangkok s direct Travel & Tourism GDP is US$ 21.3 billion, compared to US$ 28.0 billion in Paris. This is due to differences in international visitor behaviour and spending patterns, as well as the relative importance of domestic demand. 31% of Travel & Tourism spending in Paris is from domestic travel, compared with just 13% in Bangkok. Paris is also a more expensive city to visit with higher spending generated by each visitor FIGURE 11: INTERNATIONAL VISITOR ARRIVALS, TOP 15 CITIES, 2017* Hong Kong SAR 27.9 Bangkok 22.7 Macau SAR 17.3 Dubai 15.8 London 14.6 Singapore 13.8 New York 13.1 Shenzhen 11.5 Tokyo 10.8 Istanbul 10.7 Kuala Lumpur 10.6 Paris 10.3 Antalya 9.5 Rome 9.4 Barcelona 8.9 FIGURE 12: RELIANCE ON INTERNATIONAL TOURISM SPEND, 2017* Macau SAR 97.3% Dublin 96.7% Dubrovnik 92.0% Istanbul 91.4% Dubai 89.1% Budapest 88.7% Prague 87.4% London 86.4% Bangkok 85.7% Venice 85.0% Brussels 84.4% Riyadh 83.2% Barcelona 82.3% Amsterdam 81.8% Hong Kong SAR 78.2% Visitors arrivals, millions International tourism spend % of total Macau SAR ranked first in reliance on inbound spending, with about 97% of tourism revenue from 'international spending; the majority coming from Mainland China (69%) and Hong Kong (15%). 12 WORLD TRAVEL & TOURISM COUNCIL *Source: Tourism Economics *Source: Tourism Economics CITY TRAVEL & TOURISM IMPACT

8 1.5 INTERNATIONAL & DOMESTIC DEMAND FIGURE 13: INTERNATIONAL VISITOR ARRIVALS VS DIRECT GDP CONTRIBUTION, 2017* GDP contributions, RELIANCE ON DOMESTIC DEMAND RAISES DIFFERENT RISKS At the other extreme, certain cities have an over-reliance on domestic demand, with domestic travel accounting for over 90% of total demand- namely: Lagos, Chongqing, Brasilia, Rio de Janeiro and Guangzhou. FIGURE 15: RELIANCE ON DOMESTIC TOURISM SPEND, 2017* Domestic tourism spend % of total This reliance exposes Macau to swings of policy by Beijing. For instance, in 2014 and 2015, Macau suffered declines in direct Travel & Tourism GDP, following the implementation of China s anti-corruption campaign during which gift-giving (which included paid trips to Macau casinos) was curtailed. Diversification of the current tourism offer is now reportedly underway. Still, Macau remains a leader in overall international visitor spend in 2017, ranking 2nd (US$35.6 billion) after Hong Kong SAR (US$39.2 billion). Of the top ten cities in international visitor spend, five were in the Asia-Pacific region. Dubai, which ranked 3rd globally (US$ 23.6 billion), attracted a more diverse mix of countries, with its top three source markets being India, Saudi Arabia and the UK. London, ranked 10th globally, is the highest placed city in the EU, accumulating US$ 16.1 billion in visitor exports in FIGURE 14: INTERNATIONAL VISITOR SPEND 2017, TOP 10 CITIES (US$ BILLIONS)* Hong Kong SAR* 39.2 Macau SAR* 35.6 Dubai 23.6 New York 20.9 Bangkok 19.9 Singapore 19.1 Shenzhen 18.3 Istanbul 16.3 Miami 16.2 London 16.1 International arrivals, mns International visitor spend, US$ billions Lagos 95.1% Chongqing 95.0% Brasilia 94.8% Rio De Janeiro 91.7% Guangzhou, Guangdong 90.0% Chicago 89.0% Buenos Aires 88.8% Mexico City 88.6% Shanghai 87.6% Beijing 87.4% Las Vegas 86.7% Orlando 86.2% Chengdu 83.3% Moscow 75.1% Washington DC 72.9% These cities are more exposed to risks of the domestic economy and may not benefit from a level of dynamism that international tourism brings. While these have large internal markets, international demand could be improved in some cases by better connectivity including smarter visa policy. Lagos is the most heavily reliant city on domestic travel, accounting for 95% of all its tourism expenditure in This reliance exposes the city to internal risks such as low oil prices, weak economic, faltering consumer confidence, and a turbulent political situation. Still, Lagos has achieved robust in direct Travel & Tourism GDP over the past decade (8.7% per annum). Similarly, all Chinese cities within the study indicated more reliance on domestic than on international demand, which is consistent with the national average. This is especially true for Chongqing and Guangzhou, which were among the fastest growing Chinese cities (18% and 7%) and relied on domestic travel for 95% and 90% of their Travel & Tourism activity respectively. Brasilia also attracts mainly domestic travellers, which account for 95% of the total. This includes a large contribution from government business-related travel, given the location of all three branches of Brazil s federal government. While, domestic travel demand has grown over the past decade (3.1% per annum), direct Travel & Tourism GDP remains small, at US$1.6 billion. Cities are an important driver of Travel & Tourism for the rest of their countries, as they are often the main entry point for international visitors *Hong Kong SAR and Macau SAR are treated as separate entities despite being part of greater China. 14 WORLD TRAVEL & TOURISM COUNCIL *Source: Tourism Economics *Source: Tourism Economics CITY TRAVEL & TOURISM IMPACT

9 1.6 CITIES AS GATEWAYS 1.6 CITIES AS GATEWAYS The importance of a city relative to its respective country varies considerably and is not necessarily a function of size. Changes in a city s share of national Travel & Tourism GDP is related to air and ground connectivity. In effect, cities tend to be important gateways for travel to other destinations in the country. Six of the ten largest cities by direct Travel & Tourism GDP size in this study account for less than 10% of the Travel & Tourism activity for the country as a whole. These include Shanghai, Beijing, Orlando, New York, Las Vegas and Shenzhen. These large cities are home to major international airports, ports or land borders; in turn becoming important gateways to other destinations. FIGURE 16: TOURISM MARKET SIZE & SHARE OF COUNTRY, 2017* City tourism GDP % country tourism GDP City tourism GDP % country tourism GDP Bangkok, for instance, generates around half of Thailand s direct Travel & Tourism GDP. This figure has decreased from 59.6% in 2007, as a result of infrastructure developments that have enabled more direct travel to other parts of the country from a variety of source markets. FIGURE 17: LARGEST CITIES: DIRECT TRAVEL & TOURISM GDP, 2017* Direct Travel & Tourism GDP Share of Travel & Tourism GDP country activity Shanghai Beijing Paris Orlando New York Tokyo Bangkok Mexico City Las Vegas Shenzhen () 16 WORLD TRAVEL & TOURISM COUNCIL (%) 2 *Source: Tourism Economics CITY GROWTH PERFORMANCE

10 2.1 CITIES ARE OF GROWING IMPORTANCE IN TRAVEL & TOURISM 2.2 TOP PERFORMERS 2.1 CITIES ARE OF GROWING IMPORTANCE IN TRAVEL & TOURISM CITIES NOW REPRESENT AROUND 45% OF GLOBAL INTERNATIONAL TRAVEL Cities are catalysts of global travel, driving significant increases in Travel & Tourism activity, both within city boundaries and for wider country destinations. According to the Oxford Economics Global City Travel (GCT), international trips to 300 of the largest city travel destinations accounts for over half a billion trips per year, which amount to 45% of global international travel. City destinations generate a large proportion of national Travel & Tourism activity 300 cities account for around 45% of arrivals FIGURE 19: FASTEST GROWING CITIES, DIRECT T&T GDP GROWTH, (2017 PRICES)* Cairo 34.4% Macau SAR 14.2% Istanbul 13.1% Dublin 11.5% Chongqing 11.3% Manila 11.0% Beijing 10.7% % In fact, travel to city destinations has grown more rapidly than total international travel demand over the past decade and account for a rising share of overall travel demand aided by growing connectivity and rich cultural assets. Shanghai 10.5% Guangzhou 10.3% Antalya 9.2% Tehran 9.0% FIGURE 18: CITY SHARE OF TOTAL GLOBAL INTERNATIONAL ARRIVALS* Jakarta 8.7% Dubrovnik 8.4% 47% Arrivals in 300 urban destinations as a share of total travel demand (%) Tokyo 8.3% Ho Chi Minh City 8.3% 46% 45% 44% 43% 42% While some cities have experienced sustained, the following cities strong was likely driven by one-off factors, namely: At 34.4%, Cairo grew faster than any other city. However, this is linked to a recovery from a prolonged period of decline which started during the Arab Spring and was then further set-back by terror attacks and the Russian Metrojet plane crash in In 2016, direct Travel & Tourism GDP in Cairo was barely half what it was in While tourism is on the rise, it remains well below its 2010 peak. Macau SAR enjoyed the second fastest in 2017, at 14.2%. This was due to a significant rise in international visitor expenditure, notably from China; a rebound from large declines in which was related to China s anti-corruption campaign. Istanbul and Antalya, also enjoyed rapid in 2017, driven by a rebound from a weak performance in 2016, when international expenditure was fell due to the diplomatic fallout with Russia. Tensions eased in 2017, driving up direct Travel & Tourism GDP. In contrast, some cities experienced a decline in direct Travel & Tourism GDP in 2017: 41% FIGURE 20: SLOWEST GROWING CITIES, DIRECT T&T GDP GROWTH, (2017 PRICES)* 40% TOP PERFORMERS Nine of the 15 fastest growing cities in terms of direct Travel & Tourism GDP in 2017 are cities in the Asia-Pacific region. The bulk of the for these cities came from domestic travel, with the clear exception of Tokyo, where was primarily driven by visitor exports and notable demand from China. Strong in Macau SAR has also been driven by Chinese demand. Dublin and Dubrovnik are the two European destinations which made it in the top 15, as a result of continued in international demand driven by destination popularity and increased exposure in the case of Dubrovnik. Nine of the 15 fastest growing cities in direct Travel & Tourism GDP in 2017 were in the Asia- Pacific region Brasilia -10.5% Seoul -9.2% Rio De Janeiro -7.5% Miami -6.3% Las Vegas -3.5% Durban -2.3% Cape Town -1.7% Hong Kong SAR -0.8% San Francisco -0.2% Bogotá 0.4% Chicago 0.6% Brussels 0.6% Paris 0.8% Berlin 1.0% New York 1.1% %, WORLD TRAVEL & TOURISM COUNCIL *Source: Tourism Economics *Source: Tourism Economics CITY TRAVEL & TOURISM IMPACT

11 2.3 TOP PERFORMERS, The decline in direct Travel & Tourism GDP in Brasilia and Rio de Janeiro reflects an overall decline across the country (6%). Visitor exports fell in 2017 in real terms, offsetting high levels seen during the Olympics in However, it was the decline in domestic travel demand that had the greatest impact on the sector s. This partly reflects the shift from domestic to international travel by Brazilians. The decline in Seoul s direct Travel & Tourism GDP (-9.2%) was largely driven by a decline in international expenditure in 2017, following the diplomatic fallout between South Korea and China, and the subsequent travel ban that was imposed. A number of large US cities feature in the bottom 15 ranking. Declines in Miami and Las Vegas reflect declines in domestic travel expenditure in 2017, offsetting more robust in the prior year. The Las Vegas decline was also exacerbated by the impact of the shooting incident in October FIGURE 22: DIRECT T&T GDP GROWTH, 1-YR VS 10-YR (ANNUALISED), 2017 PRICES* City direct T&T GDP 10-yr (annualised) FIGURE 21: CHANGE IN DIRECT T&T GDP, % GROWTH VS ACTUAL, (2017 PRICES)* % in direct T&T GDP City direct T&T GDP (%) FASTEST GROWTH IN DIRECT TRAVEL & TOURISM GDP, The majority of the fastest growing cities, in real terms, over the past decade are in Asia-Pacific; and four of the five fastest growing cities over the past ten years are Chinese. Other Asian cities such as Ho Chi Minh City and Mumbai, benefitted from rising prosperity in Asia, including (but not limited to) growing Chinese travel demand. In fact, while China s share of total international travel to Ho Chi Minh City increased over the past decade from 5% to 9%, its biggest source market in 2017 remained the United States. Volume change, FIGURE 23: FASTEST GROWING CITIES, DIRECT T&T GDP GROWTH, (2017 PRICES)* 2.3 TOP PERFORMERS, On the whole, the fastest growing city destinations in 2017 were also among the top performers over the period. For instance, the Chinese cities of Chengdu, Chongqing and Shanghai all featured in both rankings. This trend is likely to persist in light of the forecasted of the Chinese economy. Differences in the performance in 2017 relative to longer-run rates can be attributed to either a change in the underlying trend or the influence of a one-off impact. Cities where direct Travel & Tourism GDP fell significantly in 2017, such as Miami, Rio de Janeiro, Seoul and Brasilia, also experienced subdued average over the past ten years. Similarly, Buenos Aires and Mecca saw limited over 2017 but a net decline over the decade as a whole. Chongqing 18.0 Chengdu 10.0 Shanghai 9.0 Lagos 8.7 Guangzhou 7.0 Tehran 7.0 Abu Dhabi 6.6 Istnabul 6.5 Ho Chi Minh City 6.5 Mumbai 6.4 Average direct T&T GDP, % pa WORLD TRAVEL & TOURISM COUNCIL *Source: Tourism Economics *Source: Tourism Economics CITY TRAVEL & TOURISM IMPACT

12 2.3 TOP PERFORMERS, FORECAST GROWTH, A number of cities outside of the Asia-Pacific region made it to the fastest growing cities list including Lagos, which ranked 4th, Tehran, Abu Dhabi and Istanbul. While was varied, on average, across the different types of cities; port cities experienced the fastest overall in direct Travel & Tourism GDP over the past decade at 3.7% per annum. These destinations have likely received a boost from the growing cruise market over this period. The second fastest growing group of cities over the last ten years have been leisure cities, with of 3.0% per annum. Capital cities experienced the slowest on average at 2.2%, due to slow or contraction which were hampered by specific factors ranging from recessions to terrorism. THE CHINA FACTOR While the of Chinese outbound travel has enabled the in inbound spending of many cities, the correlation is weaker than expected. The reality is that the expansion of other source markets has played a more significant role in many cities combined with the in domestic travel. FIGURE 25: LARGEST INCREASES IN DIRECT T&T GDP, DOMESTIC & INTERNATIONAL, * Domestic International Chongqing Chengdu Shanghai Lagos Guangzhou Tehran Abu Dhabi Istanbul Ho Chi Minh City Mumbai Change in real spending , FIGURE 24: CHINA SHARE OF VISITORS VS GROWTH IN INBOUND SPENDING, * Percentage international spending , annualised Unlike Chinese cities, the other fastest growing cities in terms of direct Travel & Tourism GDP over the past decade were less reliant on domestic travel demand. Abu Dhabi and Istanbul, have seen much of their from the international travel market; while Tehran, Ho Chi Minh City and Mumbai have benefitted from a mix of domestic and international travel. 2.4 FORECAST GROWTH, Forecast results for the period through to 2027 are consistent with country level forecasts in the WTTC Economic Impact Research (EIR) and are based on Oxford Economics economic outlook. Research shows that there is a clear relationship between the estimated over the past ten years and expected in coming years; with the fastest growing cities in recent years expected to remain top performers. However, the majority of cities are expected to experience slower over the next decade compared to the last ten years. FIGURE 26: DIRECT T&T GDP GROWTH, ANNUALISED 10YRS, VS * Direct T&T GDP % pa, (2017 City direct T&T GDP (%) The of Chinese travel has had visible benefits for Chinese cities, for which domestic spending has been the largest source of. Unlike Chinese cities, the other fastest growing cities in terms of direct Travel & Tourism GDP over the past decade were less reliant on domestic travel demand. Abu Dhabi and Istanbul, have seen much of their from the international travel market; while Tehran, Ho Chi Minh City and Mumbai have benefitted from a mix of domestic and international travel. Port cities experienced the fastest over the past decade at 3.7% per annum, followed by leisure cities which grew 3.0% per annum Direct T&T GDP % pa, ( WORLD TRAVEL & TOURISM COUNCIL *Source: Tourism Economics *Source: Tourism Economics CITY TRAVEL & TOURISM IMPACT

13 2.4 FORECAST GROWTH, FORECAST GROWTH, This slowdown is related to expectations by country and wider trends. Key policy changes such as smart visa policy and infrastructural improvements are not expected to have as much of a positive impact in the baseline outlook for this forecast period. CHINESE CITIES WILL REMAIN AMONG THE FASTEST GROWING DESTINATIONS With the exception of Marrakech, the cities in the top ten ranking of fastest growing Travel & Tourism GDP over the coming decade are in the Asia-Pacific region, with an overwhelming majority in China. Chinese cities are expected to continue to grow strongly and dominate the rankings, with average Travel & Tourism GDP of 7.8% per annum over the period As the Chinese middle class continues to expand and the travel market matures, lower percentage rates will become a reality, but this will still represent larger incremental volume increases. Continued investment and increasing connectivity will aid city, but to a lesser extent than in prior years. New Delhi s is expected to be largely driven by an increase in domestic demand for business and leisure travel activity; supported by demographic expansion and an emergent middle class. Jakarta is also experiencing an upturn in demand related to growing national prosperity. In line with Vietnam s goal to grow visitor numbers, it is expected that Ho Chi Minh City s international share of total expenditure will continue to rise at 7.3% pa over the next decade. FIGURE 27: FASTEST GROWING CITIES, DIRECT T&T GDP GROWTH, (2017 PRICES)* Age direct T&T GDP, % pa Chongqing 9.2 Guangzhou 8.2 Shanghai 8.0 Beijing 7.4 Chengdu 6.8 Marrakech 6.7 Delhi 6.6 Ho Chi Minh City 6.4 Jakarta 6.2 Shenzhen 6.1 FIGURE 28: DIRECT T&T GDP, 2027, US$ BN (2017 PRICES)* Shanghai 75.3 Beijing 66.1 Paris 37.2 Guangzhou 37.0 Bangkok 35.5 Orlando 35.1 Shenzhen 34.3 New York 32.8 Mexico City 27.5 Tokyo 27.5 Chongqing 27.4 Las Vegas 25.0 Hong Kong SAR 21.7 London 20.7 Macau SAR 19.0 Many of the fastest growing Travel & Tourism city destinations are also among the fastest growing city economies. While cities such as Guangzhou and Shenzhen are expected to experience rapid economic and rise in the rankings of the largest Travel & Tourism destinations; other destinations, such as Bangkok, are expected to grow and gain prominence due to the expanding economies of nearby source markets. Notable changes in the expected ranking of the largest Travel & Tourism cities: Shanghai went from being the 8th largest city in terms of Travel & Tourism GDP in 2007 to become the largest city by volume in It is expected to continue leading the ranks until Beijing and Paris are forecasted to remain the second and third largest city destinations in However, with a direct Travel & Tourism GDP contribution of US$ 37.2 billion, Paris will be half the size of Shanghai. The rapid of Guangzhou will enable it to become the fourth largest Travel & Tourism city by volume over the next decade. Bangkok is expected to rank in fifth place for 2027, as it becomes more reliant on emerging source markets such as India. Chongqing is set to join the top 15 while Miami will drop off the list. Slower is expected for Chinese cities as they mature but continued in household wealth means they will remain among the fastest growing city destinations ASIA-PACIFIC WILL CONTINUE TO RISE Asian cities, and notably Chinese cities, are expected to continue gaining prominence in the rankings, with Chongqing forecasted to join other Chinese cities among the 15 largest destinations in terms of Travel & Tourism GDP by WORLD TRAVEL & TOURISM COUNCIL *Source: Tourism Economics *Source: Tourism Economics CITY TRAVEL & TOURISM IMPACT

14 3.1 PRODUCTIVITY AND EMPLOYMENT IMPACT 3.1 PRODUCTIVITY AND EMPLOYMENT IMPACT TRAVEL & TOURISM IS DRIVER OF JOB CREATION IN CITIES The share of city employment directly generated by Travel & Tourism tends to correlate with the sector s GDP contribution by city. Yet, direct Travel & Tourism employment as a share of the total city tends to be larger than the direct GDP share. As such, in tourism activity can have a disproportionately large impact on job creation. The concentration of other sectors in the city can mean that Travel & Tourism s share of employment by city can differ greatly from that for the country even if the share of GDP is similar. In many cities the employment share is greater than the GDP share, particularly in cities with a high concentration of high productivity sectors such as financial or business services. In these cases, average productivity (output per employee) is lower in the Travel & Tourism sector than in the rest of the economy. Lower average productivity translates into greater job creation per unit of output, and a higher share of city employment than the GDP share. However, for cities with a very high proportion of GDP accounted for by tourism (e.g. Cancún or Marrakech), the relationship is often the reverse with a higher share of GDP than employment. These cities tend to have less activity in other high-value added sectors such as financial & business services, and more activity in tourism related sectors, and in other supporting services. The average productivity in Travel & Tourism tends to be higher than the wider city economy in these cases resulting in the lower employment contribution. FIGURE 29: LARGEST TRAVEL & TOURISM CONTRIBUTION TO EMPLOYMENT, 2017* Direct Travel & Tourism employment Direct Travel & Tourism GDP Travel & Tourism total employment & GDP by City Cancún 37.7 Macau SAR Marrakech Las Vegas 20.2 Honolulu Orlando Dubrovnik Miami Venice 12.4 Mecca Overall, Travel & Tourism directly generates more than 10% of total city employment in 13 cities in this study while the sector only generates more than 10% GDP in seven of these same cities. However, there are 13 cities among the 72 which account for more than 10% of GDP. 3 EMPLOYMENT IMPACT Large leisure destinations have the highest reliance on Travel & Tourism for job creation. Cancún falls within this category but is a notable outlier with 37.7% employment directly generated by the sector (148,300 jobs) the highest proportion of all cities in the study. Other key leisure destinations, including Macau SAR, Marrakech, Las Vegas, Honolulu, Orlando, Dubrovnik and Venice also broadly fit into this category. On the other hand, cities within the largest city classification have very high numbers of jobs in Travel & Tourism, even if the percentage share of total city employment is unexceptional. For example, Jakarta s Travel & Tourism sector generates nearly 1.2 million jobs, representing a modest 8.3% of total city employment. Outside of the three city-states of Hong Kong SAR, Macau SAR and Singapore which are referenced both as cities and countries in the study, Travel & Tourism employment in the three cities of Budapest, Dubai and Dublin represents over half of all sector employment for the country as a whole. While nine cities contribute over half of Travel & Tourism GDP contribution for their respective countries, employment benefits are more dispersed. *Source: Tourism Economics CITY TRAVEL & TOURISM IMPACT

15 3.1 PRODUCTIVITY AND EMPLOYMENT IMPACT FIGURE 30: TRAVEL & TOURISM EMPLOYMENT IN TOP 20 GLOBAL CITIES, 2017* Tourism Employment Size (Employment 000s) Share of City Employment (City tourism employment % of total city employment) Share of Country (City tourism employment % of country tourism employment) LABOUR PRODUCTIVITY IN TRAVEL & TOURISM VARIES BY CITY AND COUNTRY The share of employment generated by the sector tends to be greater than the share of GDP. While this is consistent with estimates for countries as a whole, it is not universal, given the dependence on the structural mix and labour productivity patterns in city and national economies. 1 Jakarta 1,172 1 Cancún Hong Kong SAR * Beijing Macau SAR Singapore FIGURE 31: TRAVEL & TOURISM CONTRIBUTION TO GDP AND EMPLOYMENT, 2017* City Travel & Tourism employment share of total city employment 3 Mexico City Marrakech Macau SAR * Shanghai Las Vegas Budapest Bangkok Honolulu Dubai Chongqing Orlando Dublin Delhi Dubrovnik Brussels Mumbai Miami Lima Ho Chi Minh City Venice Buenos Aires Shenzhen Mecca Santiago 42.9 City Travel & Tourism GDP share of total city GDP 11 New York Chicago Prague Buenos Aires Beijing Auckland Orlando Cape Town Stockholm Las Vegas Auckland Kuala Lumpur Paris Shanghai Warsaw London Amsterdam Istanbul Guangzhou Antalya Bangkok Tokyo Mexico City Lisbon Kuala Lumpur Jakarta Jakarta Dubai Dubai Cape Town 23.4 *Hong Kong SAR and Macau SAR are treated as separate entities despite being part of greater China. In the chart above, the further the city gets from the line, the greater the mismatch between the share of employment and the share of GDP generated by Travel & Tourism activity. The cities below the line have a higher GDP share with the reverse being the case for those above the line. In most cities, direct Travel & Tourism employment has a higher share than Travel & Tourism GDP. Travel & Tourism activity is typically more labour intensive than the wider economy in developed market city destinations, which implies lower labour productivity than the remainder of that city s economy. This is evident in most cities in North America and Western Europe with a higher Travel & Tourism contribution to employment than to GDP. In some emerging market countries, productivity in Travel & Tourism is higher than for the wider economy due to a large proportion of output from very labour-intensive sectors such as largely non-mechanised agriculture. For instance, labour productivity in Travel & Tourism is higher than for other economic sectors in Antalya. There is a similar pattern for Istanbul and for Turkey as a whole. Travel & Tourism is also more productive than the rest of the economy in Cancún, although the same is not true in the more diversified economy of Mexico City. Large cities in emerging markets often involve a more diverse mix of activities than in the rest of the country. These cities follow the pattern of the developed world with lower Travel & Tourism productivity than for other economic activity. Travel & Tourism activity is typically more labour intensive than the wider economy in developed markets 28 WORLD TRAVEL & TOURISM COUNCIL *Source: Tourism Economics *Source: Tourism Economics CITY TRAVEL & TOURISM IMPACT

16 3.2 FASTEST GROWING TRAVEL & TOURISM EMPLOYMENT, FASTEST GROWING TRAVEL & TOURISM EMPLOYMENT, TRAVEL & TOURISM EMPLOYMENT GROWTH HAS SHOWN A DIFFERENT PATTERN TO GDP The top ten cities ranking for employment is significantly more diverse geographically than other rankings, with Abu Dhabi and Tehran taking the lead. FIGURE 32: FASTEST GROWING CITIES, DIRECT TRAVEL & TOURISM EMPLOYMENT GROWTH, * Average direct Travel & Tourism employment, % pa Abu Dhabi 10.4 Tehran 6.8 Chongqing 6.0 Lagos 6.0 Singapore 5.9 Dubai 5.3 Riyadh 5.3 Cape Town 4.5 Santiago 4.5 Budapest FORECAST TRAVEL & TOURISM EMPLOYMENT GROWTH, While, seven cities achieved average annualised of over 5% over the past decade, direct employment per year through to 2027 is expected to be more challenging, with only Marrakech, expected to reach that threshold. FIGURE 33: FASTEST GROWING CITIES, DIRECT TRAVEL & TOURISM EMPLOYMENT GROWTH, * Average direct Travel & Tourism employment, % pa Marrakech 5.3 Chongqing 4.4 Guangzhou 4.4 Dublin 4.0 Abu Dhabi 3.9 Lagos 3.8 Shenzhen 3.5 Bangkok 3.5 Kuala Lumpur 3.2 Buenos Aires 3.2 Significant employment productivity increases in some cities has meant that despite remarkable GDP over the years , employment actually declined. For instance, Guangzhou and Shenzhen are two cities where GDP has nearly doubled since 2007, but employment actually fell by 2.4% and 2.1% respectively. However, as markets mature over the next decade and structural labour market shifts become less common, a Travel & Tourism GDP (at 6.1% pa in Shenzhen and 8.2% pa in Guangzhou) is expected to generate an average annual increase in employment of 3.5% in Shenzhen and 4.4% in Guangzhou. 30 WORLD TRAVEL & TOURISM COUNCIL *Source: Tourism Economics ANNEX 1: METHODOLOGY OVERVIEW

17 ANNEX 1: METHODOLOGY REVIEW CITY AND METRO DEFINITIONS A wide geographic definition of cities has been used in this study to include metros or greater city areas rather than measuring just the urban core. The bulk of the reliable and consistent economic data across cities is available for this broader definition. Hence, to ensure consistent estimates of economic contribution this definition was adopted. Consistent definitions across cities have been used in all cases to ensure comparability. In the instances where travel data are only reported for a narrow city centre definition or for a wider geographic area, estimates are based on multipliers using all available sector or industry data. City travel data are collated in Oxford Economics GCT database using a narrow definition of the city in many cases, consistent with widespread reporting. GCT data used in this study have been adjusted accordingly. Further details are in the methodology appendix. GVA METHODOLOGY Calculation of economic impact reconciles two methodologies for cities consistent with the country level economic impacts estimated as part of the WTTC annual economic research. Results from the two methodologies are used as cross-checks to refine assumptions and derive a final combined estimate. Calculated impacts are for the direct contribution of Travel & Tourism to the wider economy. The wider indirect and induced impacts are not quantified in this study due to the additional complexity in estimating the supply chain impacts within a country. Supply-side: Sectoral output by city is the starting point for analysis. Tourism ratios consistent with country level estimates are imposed to understand the proportion of output generated by tourism activity. As an example, if a city has a high concentration of activity in the hotels and restaurants sector then it is fair to assume that a large proportion of this activity is generated by tourist spending. This city will therefore have a large economic contribution from tourism. Demand-side: Tourism spend for each city as a destination is calculated first according to GCT definitions of cities which quantifies arrivals, overnights average spending and total tourism revenue. Where necessary, this is grossed-up to the wider metro definition for consistency. A ratio of GVA to Gross Output is then applied, consistent with the WTTC annual economic research and the industrial structure for the country and the city. Spending and GVA impacts are all estimated in both nominal and real price terms in calculation. Real price is the key measure in this report for consistency with reporting by country in the annual Economic Impact Research (EIR). Deflators for the calculation are taken from the EIR for the relevant country. City specific deflators are not reported for the vast majority of the cities within this study. Using national deflators ensures consistency across cities and with EIR. EMPLOYMENT METHODOLOGY Tourism employment by city is derived from the Travel & Tourism GVA and labour productivity. As for GVA, only the direct impact of Travel & Tourism on employment has been quantified within this study. Labour productivity for tourism characteristic sectors is estimated for the cities and the countries. A productivity multiplier is derived for the city relative to the country according to this sectoral detail and is then applied to country labour productivity from WTTC s annual economic research. ANNEX 2: CITY CATEGORIES 32 WORLD TRAVEL & TOURISM COUNCIL

18 ANNEX 2: CITY CATEGORIES Capital Cities: includes 33 cities, which are the capital of their respective country. Largest Cities: includes 38 cities, which are defined as the largest city within their respective country, according to population. This group includes many, but not all, of the capital cities. Port Cities: includes 32 cities, which are defined as those with a large sea port within its boundaries. Secondary Cities: includes ten sub-national cities that hold important economic and functional roles within their respective country. Leisure Cities: includes ten cities, where leisure travel is the dominant segment. Selection criteria is somewhat subjective, but this includes cities where over 80% of travel spending is from leisure visitors the city is an important leisure destination within the country. Capital Cities (33 cities) Largest Cities (38 cities) Secondary Cities (10 cities) Leisure Cities (10 cities) Abu Dhabi Bangkok Beijing Berlin Bogotá Brasilia Amsterdam Auckland Bangkok Berlin Bogotá Brussels Auckland Bangkok Barcelona Brisbane Buenos Aires Cancún Barcelona Brisbane Chengdu Chicago Los Angeles Mecca Antalya Cancún Dubrovnik Honolulu Las Vegas Macau SAR Brussels Budapest Cape Town Munich Marrakech Budapest Buenos Aires Cairo Buenos Aires Cairo Cape Town Chongqing Dubai Dublin Osaka Seville Vancouver Miami Orlando Venice Delhi Dubai Durban Dublin Dublin Jakarta Kuala Lumpur Ho Chi Minh City Istanbul Guangzhou, Guangdong Ho Chi Minh City Hong Kong SAR Lima Jakarta Honolulu Lisbon London Kuala Lumpur Lagos Jakarta Lagos Madrid Lima Lisbon Manila Mexico City Moscow Paris Prague Riyadh Rome Lisbon London Madrid Mexico City Moscow Mumbai New York Los Angeles Manila Miami Mumbai New York Osaka Rio De Janeiro Santiago Paris San Francisco Seoul Singapore Stockholm Prague Rome Santiago Shanghai Shenzhen Singapore Tehran Seoul Tokyo Tokyo Warsaw Washington DC Shanghai Singapore Stockholm Sydney Tehran Tokyo Vancouver Venice Toronto Warsaw 34 Port Cities (32 cities) WORLD TRAVEL & TOURISM COUNCIL HIGHEST RANKING CITIES

19 HIGHEST RANKING CITIES T&T direct GDP T&T Direct Employment T&T direct GDP T&T Direct Employment Country Region US$ bn (real Inbound spending Average 10-year ( ) % 000s 000s 000s Average 10- year employment ( ) % Country Region US$ bn (real Inbound spending Average 10-year ( ) % 000s 000s 000s Average 10- year employment ( ) % Shanghai Asia Pacific London Europe % of city % of city % of country % of country Beijing Asia Pacific Hong Kong SAR * Asia Pacific % of city % of city % of country % of country Paris Europe Macau SAR * Asia Pacific % of city % of city % of country % of country New York North America Buenos Aires Latin America % of city % of city % of country % of country Orlando North America Miami North America % of city % of city % of country % of country Tokyo Asia Pacific Singapore Asia Pacific % of city % of city % of country % of country Bangkok Asia Pacific Los Angeles North America % of city % of city % of country % of country Mexico City North America Chongqing Asia Pacific % of city % of city % of country % of country Las Vegas North America Munich Europe % of city % of city % of country % of country Shenzhen Asia Pacific Dubai Middle East % of city % of city % of country % of country Guangzhou Asia Pacific Istanbul Europe % of city % of city % of country % of country WORLD TRAVEL & TOURISM COUNCIL CITY TRAVEL & TOURISM IMPACT

20 HIGHEST RANKING CITIES T&T direct GDP T&T Direct Employment T&T direct GDP T&T Direct Employment Country Region US$ bn (real Inbound spending Average 10-year ( ) % 000s 000s 000s Average 10- year employment ( ) % Country Region US$ bn (real Inbound spending Average 10-year ( ) % 000s 000s 000s Average 10- year employment ( ) % Sydney Asia Pacific Chengdu Asia Pacific % of city % of city % of country % of country Rome Europe Moscow Europe % of city % of city % of country % of country Chicago North America Stockholm Europe % of city % of city % of country % of country Barcelona Europe Cancún North America % of city % of city % of country % of country Osaka Asia Pacific Rio De Janeiro Latin America % of city % of city % of country % of country Jakarta Asia Pacific San Francisco North America % of city % of city % of country % of country Madrid Europe Toronto North America % of city % of city % of country % of country Berlin Europe Manila Asia Pacific % of city % of city % of country % of country Kuala Lumpur Asia Pacific Amsterdam Europe % of city % of city % of country % of country Seoul Asia Pacific Santiago Latin America % of city % of city % of country % of country Brussels Europe Lima Latin America % of city % of city % of country % of country WORLD TRAVEL & TOURISM COUNCIL CITY TRAVEL & TOURISM IMPACT

21 HIGHEST RANKING CITIES T&T direct GDP T&T Direct Employment T&T direct GDP T&T Direct Employment Country Region US$ bn (real Inbound spending Average 10-year ( ) % 000s 000s 000s Average 10- year employment ( ) % Country Region US$ bn (real Inbound spending Average 10-year ( ) % 000s 000s 000s Average 10- year employment ( ) % Lisbon Europe Ho Chi Minh City Asia Pacific % of city % of city % of country % of country Auckland Asia Pacific Mecca Middle East % of city % of city % of country % of country Delhi Asia Pacific Budapest Europe % of city % of city % of country % of country Washington DC North America Mumbai Asia Pacific % of city % of city % of country % of country Warsaw Europe Prague Europe % of city % of city % of country % of country Honolulu North America Tehran Middle East % of city % of city % of country % of country Brisbane Asia Pacific Cape Town Africa % of city % of city % of country % of country Abu Dhabi Middle East Bogotá Latin America % of city % of city % of country % of country Dublin Europe Vancouver North America % of city % of city % of country % of country Riyadh Middle East Antalya Europe % of city % of city % of country % of country Venice Europe Lagos Africa % of city % of city % of country % of country WORLD TRAVEL & TOURISM COUNCIL CITY TRAVEL & TOURISM IMPACT

22 HIGHEST RANKING CITIES WORLD TRAVEL & TOURISM COUNCIL, AND OXFORD ECONOMICS T&T direct GDP T&T Direct Employment Country Region US$ bn (real Inbound spending Average 10-year ( ) % 000s 000s 000s Average 10- year employment ( ) % The World Travel & Tourism Council is the global authority on the economic and social contribution of Travel & Tourism Sevilla Europe % of city % of country Brazilia Latin America % of city % of country Cairo Africa % of city % of country Durban Africa % of city % of country Marrakech Africa % of city % of country Dubrovnik Europe % of city % of country Marrakech Africa % of city % of country Dubrovnik Europe % of city % of country WTTC promotes sustainable for the Travel & Tourism sector, working with governments and international institutions to create jobs, to drive exports and to generate prosperity. Council Members are the Chairs, Presidents and Chief Executives of the world s leading private sector Travel & Tourism businesses. Together with Oxford Economics, WTTC produces annual research that shows Travel & Tourism to be one of the world s largest sectors, supporting over 292 million jobs and generating 10.2% of global GDP in Comprehensive reports quantify, compare and forecast the economic impact of Travel & Tourism on 185 economies around the world. In addition to the individual country reports, WTTC produces a world report highlighting the global economic impact and issues, and 24 further reports that focus on regions, sub-regions and economic and geographic groups. To download reports or data, please visit Assisting WTTC to Provide Tools for Analysis, Benchmarking, Forecasting and Planning. Founded in 1981 as a commercial venture with Oxford University s business college, Oxford Economics is one of the world s foremost independent global advisory firms, providing reports, forecasts and analytical tools on 200 countries, 100 industrial sectors and over 3,000 cities. Their best-of-class global economic and industry models and analytical tools give an unparalleled ability to forecast external market trends and assess their economic, social and business impact. Headquartered in Oxford, England, with regional centres in London, New York and Singapore, Oxford Economics has offices across the globe in Belfast, Chicago, Dubai, Miami, Milan, Paris, Philadelphia, San Francisco, and Washington DC. The company employs over 300 full-time staff, including more than 200 professional economists, industry experts and business editors one of the largest teams of macroeconomists and thought leadership specialists underpinning the inhouse expertise is a contributor network of over 500 economists, analysts and journalists around the world. For more information, please see or * Where T&T metrics are expressed as a share of the country, these markets are expressed as a share of the Special Autonomous Region 42 WORLD TRAVEL & TOURISM COUNCIL CITY TRAVEL & TOURISM IMPACT

23 THE AUTHORITY ON WORLD TRAVEL & TOURISM WORLD TRAVEL & TOURISM COUNCIL (WTTC), The Harlequin Building, 65 Southwark Street, London SE1 0HR, United Kingdom Tel: +44 (0) World Travel & Tourism Council: City Travel & Tourism Impact October All rights reserved. The copyright laws of the United Kingdom allow certain uses of this content without our (i.e. the copyright owner s) permission. You are permitted to use limited extracts of this content, provided such use is fair and when such use is for non-commercial research, private study, review or news reporting. The following acknowledgment must also be used, whenever our content is used relying on this fair dealing exception: Source: World Travel & Tourism Council: City Travel & Tourism Impact October All rights reserved. If your use of the content would not fall under the fair dealing exception described above, you are permitted to use this content in whole or in part for non-commercial or commercial use provided you comply with the Attribution, Non-Commercial 4.0 International Creative Commons Licence. In particular, the content is not amended and the following acknowledgment is used, whenever our content is used: Source: World Travel & Tourism Council: City Travel & Tourism Impact October All rights reserved. Licensed under the Attribution, Non-Commercial 4.0 International Creative Commons Licence. You may not apply legal terms or technological measures that legally restrict others from doing anything this license permits.

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