The World Travel & Tourism Council (WTTC) has announced its goal to support one million small and medium-sized enterprises (SMEs) in the tourism sector through its Together in Travel Community. This initiative, unveiled at the WTTC Global Summit in Malta, aims to provide SMEs with free research, practical guidance, and a global community to enhance their growth and resilience.
SMEs, which make up over 85% of Travel & Tourism businesses globally, are crucial to the sector's economy. New research presented at the summit indicates that a 10% increase in SME productivity could unlock $63 billion in direct Travel & Tourism GDP across eight major economies. Even a 5% increase could generate an additional $31 billion, highlighting the economic potential of these businesses.
Gloria Guevara, President and CEO of WTTC, emphasised the importance of SMEs, stating, “Small and medium-sized businesses are central to Travel & Tourism. They create distinctive experiences, sustain communities and help spread the benefits of tourism.” She encouraged independent businesses to join the Together in Travel initiative, which is free and designed to foster growth.
The summit also featured a panel discussion titled "Unlocking the Power of Travel & Tourism SMEs," where industry leaders explored ways to support SMEs in accessing new opportunities, adopting technology, and contributing to sustainable growth. Matthew Upchurch, Chairman of Together in Travel, noted, “Large and small businesses in Travel & Tourism depend on each other. Every journey brings them together.”
The WTTC's initiative aims to connect, support, and champion SMEs by developing a free platform with resources and opportunities for collaboration. The programme will also leverage new partnerships, such as with the International Chamber of Commerce, to overcome barriers to growth.
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