The World Travel & Tourism Council (WTTC) has highlighted the economic potential of small and medium-sized enterprises (SMEs), with new research indicating that a 10% productivity improvement could generate an additional US$63 billion in direct Travel & Tourism GDP across eight major economies. The findings were presented at the WTTC Global Summit in Malta, attended by more than 1,000 delegates, including over 200 industry CEOs and government leaders.
The research estimates that even a 5% productivity increase among SMEs could contribute an additional USD 31 billion in direct Travel & Tourism GDP. The analysis covers the United States, United Kingdom, Germany, France, Spain, Mexico, Thailand and the United Arab Emirates, using 2024 data. WTTC clarified that these figures represent illustrative scenarios rather than forecasts and should not be extrapolated into a global estimate.
SMEs account for more than 85% of Travel & Tourism businesses worldwide and play a significant role in shaping destinations, supporting local communities and delivering visitor experiences. WTTC said improving their access to knowledge, finance, skills, digital tools and markets could help businesses become more productive and strengthen the wider tourism economy.
Gloria Guevara, President and CEO of WTTC, said SMEs are central to the sector and help distribute tourism’s economic benefits across communities. She added that the findings would inform the council’s engagement with governments and international institutions on policies related to skills development, financing, digitalisation and market access. WTTC is encouraging independent Travel & Tourism businesses to join its Together in Travel initiative, which offers free support to help them grow.
The importance of SME development was also discussed during a panel titled “Unlocking the Power of Travel & Tourism SMEs” at the summit. Participants included Matthew Upchurch, Chairman and CEO of Virtuoso and Chairman of Together in Travel; Andrea Grisdale, CEO and Founder of IC Bellagio; and Julian Kassum, Deputy Secretary General of the International Chamber of Commerce (ICC). Discussions focused on helping smaller businesses access technology, strengthen resilience and participate in sustainable industry growth.
Together in Travel is developing a free platform offering trusted resources, best practices, networking opportunities and access to industry expertise, with an ambition to connect, support and champion one million businesses. The initiative is also expanding its research programme, including a study by GSIQ involving more than 800 business leaders across seven markets. A memorandum of understanding signed between WTTC and ICC in Paris on October 2 will support further collaboration on research, knowledge sharing, business engagement and policy advocacy.