WTTC targets one million tourism SMEs as research reveals $63 billion opportunity

The World Travel & Tourism Council (WTTC) has announced plans to support one million small and medium-sized enterprises (SMEs) through its Together in Travel initiative, as new research reveals that a 10% increase in SME productivity could generate an additional $63 billion in direct travel and tourism GDP across eight major economies.

Announced during the WTTC Global Summit in Malta, the initiative aims to address barriers to growth by expanding access to free research, industry knowledge, practical guidance, and global networking opportunities.

The research also found that even a 5% improvement in SME productivity could add $31 billion, highlighting the economic potential of smaller businesses operating across the tourism sector.

SMEs account for more than 85% of travel and tourism businesses globally, playing a significant role in supporting local economies, creating employment opportunities, and shaping visitor experiences.

Gloria Guevara, President and CEO of WTTC, emphasized the importance of strengthening support for smaller businesses.

“Small and medium-sized businesses are central to Travel & Tourism. They create distinctive experiences, sustain communities, and help spread the benefits of tourism,” she said.

Guevara added that the research would guide WTTC’s engagement with governments and international institutions, particularly on policies addressing skills development, access to finance, digitalization, and market opportunities.

The announcement was accompanied by discussions at the summit on how tourism SMEs can navigate technological, environmental, and economic changes.

Industry leaders, including 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), explored ways to improve access to technology, financing, and business partnerships.

The discussions also highlighted the importance of collaboration between governments and the private sector to help smaller businesses adapt to industry transformations and achieve sustainable growth.

As part of its broader research programme, WTTC is examining the challenges facing tourism SMEs through a study conducted by GSIQ involving more than 800 business leaders across seven markets. The findings will help identify priorities for business support and policy development.

To advance its goal of reaching one million businesses, Together in Travel is developing a free platform offering industry insights, best practices, educational resources, and opportunities to connect with peers and experts.

The initiative will also be supported by new partnerships, including an agreement signed between WTTC and the ICC in Paris on October 2. The collaboration will focus on research, knowledge sharing, business engagement, and policy advocacy to help tourism SMEs overcome growth challenges.