Italy’s Travel and Tourism sector is expected to contribute 100,000 more jobs to reach nearly three million in 2024.
By 2034, the sector is projected to boost Italy’s economy with €270 billion.
With the introduction of Digital Nomad Visas, the country is aiming to attract longer stays and further increase international spending.
Italy’s Travel and Tourism sector showed a positive result last year after contributing €215 billion to the country’s economy.
The same result is expected to continue this year, according to the latest report of the World Travel and Tourism Council (WTTC), which also revealed that the Travel and Tourism sector is foreseen to contribute over €223 billion to the wealth of the nation in 2024, VisaGuide.World reports.
The same source explains that the sector will also support 100,000 more jobs to reach almost 3.1 million. A new record for this year is predicted to be marked by expenses from international travelers, which are expected to reach €56.7 billion. On the other hand, domestic ones are expected to reach €119 billion.
Based on this report, during 2023, the sector also broke all records by creating nearly 185,000 new jobs, bringing the total to 2.97 million nationwide. As for overseas spending, they saw a 19 percent year-on-year increase to reach €51.4 billion.
Italy’s Digital Nomad Visa Program Aims to Attract Longer Stays & Increasing International Spending
With the latest move by the Italian government to introduce the Digital Nomad Visa, the country is aiming to attract longer stays and will further increase international spending. Such a decision was announced last month, making Italy the last European country to introduce this program. The new policy allows foreigners to work remotely from this country for companies abroad.
People wishing to benefit from this scheme must earn at least €28,000 (£23,992.50) per year and have health insurance and arranged accommodation for their stay in Italy.
By 2034, the sector is expected to significantly boost Italy’s economy, contributing an all-time high of €270BN to the economy. This growing sector is also projected to continue being a major source of job creation, expected to employ 3.56MN people nationwide, representing one in every seven workers.The World Travel and Tourism Council (WTTC)
EU Travel & Tourism Sector Saw a Slight Growth in 2023 Compared to 2019 Levels
WTTC report further pointed out that during the last year, there was also growth in the Travel and Tourism sector of the EU by more than eight percent, reaching 1.65TN. At the same time, jobs reached more than 23.5 million, which is a slight increase compared to 2019 figures.
There was also an 11.5 percent increase in international expenses, reaching €471.5 billion. Meanwhile, domestic visitor spending saw a smaller increase of almost five percent to reach €963 billion, surpassing the pre-pandemic level.
The WTTC forecast also shows that Travel and Tourism across the region will continue to grow next year, with GDP contribution reaching almost 1.75 TN. As a result, jobs are expected to exceed €24.5 billion, international visitor spending €517 billion, and domestic visitor spending €982 billion.
In Brief – Italy’s 2024 Forecast
On the heels of 2023’s record-breaking year for the Italian tourism industry, 2024 is also poised to be a powerhouse for the sector.
The industry is expected to contribute $239 billion (223 billion euros) to the country’s economy this year, which would be nearly 11 percent of Italy’s total economy.
Job growth will also continue to be robust, supporting an anticipated 100,000 new jobs this year. Before 2024 comes to a close, the industry’s employment levels may reach nearly 3.1 million across Italy. If that comes to pass, it would be another record-setting figure.
Spending by international visitors will also break records in 2024, reaching $60 billion (56.7 billion euros).
The recent introduction of the nomad visa by the Italian government has helped drive a great deal of this booming growth, says the WTTC. The visa has driven longer stays by visitors and boosted further spending.
“Italy is one of the world’s most iconic destinations,” Julia Simpson, WTTC president and CEO, said in a statement. “The travel and tourism sector is a strong anchor in the Italian economy, expected to contribute more than 3 million jobs and over 223 billion (euros) to the wealth of the nation this year.”
