World Travel Market boosts British economy by £160m

Visitors arrive for WTM at ExCeL in London

Visitors arrive for WTM at ExCeL in London

Tourism experts are estimating that more than £2 billion in business will have been drummed up at this year’s World Travel Market, which took place in London earlier this month.

The trade show and exhibition, which took place at ExCeL in the capital, was expected to attract 50,000 visitors, boosting the London economy by £160 million.

By comparison, the British Fashion Council’s high profile London Fashion Week – which took place during four days in September 2013 – was thought to have generated approximately £100 million for the capital’s economy.

wtm-logoSimon Press, Reed Travel Exhibitions director, said: “World Travel Market plays a vital role for both the global travel and tourism industry facilitating more than £2 billion in industry deals.

“Furthermore, the event has a massive impact on the London economy with 50,000 senior executives staying in the capital and spending money on hotels and evening entertainment, totalling more than £160 million.”

Tourism is big business for the UK and Britain’s most iconic events, such as annual music festivals Glastonbury and the V Festival, are among the big earners. Last year 6.5 million music fans came to the UK from abroad to attend a festival or gig, with total sales of tickets, transport and accommodation generating £2.2 billion in revenue and 24,000 jobs.

The timeshare industry generates a significant number of year-round jobs, as timeshare owners tend to use their holiday entitlement all year round, creating demand throughout the year as well as making timeshare both an eco and economical holiday lifestyle.