Recovery of Italy Travel: Positive Trends and Outlook
Amid a summer that’s been jam packed with tourists posting a steady stream of droolworthy Instagram images from Italy’s top locations, the country’s tourism industry is closing in on its pre-pandemic revenue and visitation peak.
New data from the World Travel & Tourism Council’s (WTTC) 2023 Economic Impact Research (EIR) reveals Italy’s travel and tourism sector is recovering strongly. According to the research, the sector is set to contribute €194 billion (about $217 billion) to the Italian economy this year, which brings the industry’s contribution to within 3 percent of its pre-pandemic figures.
Equally notably, the WTTC is also forecasting that Italy’s travel sector will create more than 65,000 jobs this year to reach almost 2.8 million people employed by the industry. If that takes place, it would mean Italy has recovered almost all of the jobs lost due to the global COVID-19 pandemic.
A Look Back at 2022
Last year was also a banner year for recovery in Italy. The travel industry’s GDP contribution grew by a stellar 33.4 percent to reach more than €194 ($217 billion). That figure represented 10.2 percent of the Italian economy, edging closer to the 2019 high of €200.5 billion ($225 billion).
What’s more, some 315,000 jobs were created by travel and tourism within Italy in 2022, bringing total industry-related employment up to 2.7 million jobs. That’s about one in nine jobs across Italy. The sector has now recovered 334,000 of the 477,000 jobs lost during the pandemic.
Equally importantly, last year also saw the return of international travelers heading to Italy and its many hot spots. And those travelers spent handsomely. All tolled, spending from overseas travelers grew 99.3 percent last year reach more than €42 billion ($47 billion). That’s just 11 percent shy of 2019 levels.
“The sector’s strong recovery is great news for jobs and prosperity across Italy as international visitors return. Over the next ten years we expect tourism to grow to represent 12 percent of the Italian GDP,” Julia Simpson, WTTC president and CEO, said in a statement.
The Decade Ahead
An eternally popular destination among travelers, Italy’s tourism industry is expected to continue it’s strong recovery trajectory for at least the next decade.
The WTTC forecast indicates that Italy’s travel industry will grow its GDP contribution nearly €237 billion by 2033, which would equate to about 12 percent of the Italian economy. There’s good news on the job front as will, with travel and tourism projected to employ more than 3.3 million people across the country 10 years from now. That level of employment would amount to one in seven Italians working in the travel and tourism industry.
Not everyone is happy about the rising levels of visitors. Several locations throughout Italy are imposing restrictions to help curb overtourism and protect the country’s natural and cultural heritage sites.