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Date: 8 October 2026
The World Travel & Tourism Council (WTTC) today set out its ambition for one million Tourism SMEs to benefit from its Together in Travel Community, strengthening support for independent and growing businesses across the sector through free research and knowledge, practical guidance, a global community, enhanced advocacy, and a greater focus on understanding their priorities, addressing barriers to growth, and meeting their needs.
The announcement was made at the WTTC Global Summit in Malta, attended by more than 1,000 delegates, including over 200 of the world’s leading Travel & Tourism CEOs and government leaders, where new Together in Travel research was presented highlighting the critical contribution SMEs make to Travel & Tourism economies around the world.
The research shows that a 10% productivity uplift among SMEs could unlock US$63 billion in direct Travel & Tourism GDP across eight major economies. Even a 5% productivity increase could generate an additional US$31 billion, underlining the significant economic contribution of small and medium-sized businesses operating throughout the sector.
SMEs account for more than 85% of Travel & Tourism businesses globally and are at the heart of destinations, communities and visitor experiences. The findings reinforce the importance of supporting these businesses with access to knowledge, insights, and opportunities that can help them grow and thrive.
Gloria Guevara, President & CEO, WTTC, said: “Small and medium-sized businesses are central to Travel & Tourism. They create distinctive experiences, sustain communities and help spread the benefits of tourism.
This research shows the substantial economic value that greater SME productivity could unlock. The findings will inform WTTC's advocacy with governments and international institutions, ensuring the needs of smaller businesses are reflected alongside those of the wider industry in policy discussions on skills, finance, digitalisation and market access.
I encourage every independent Travel & Tourism business to join Together in Travel – it's free, and it's designed to help them grow.”
Unlocking the Power of Travel & Tourism SMEs
The renewed focus on SMEs was highlighted during the panel discussion "Unlocking the Power of Travel & Tourism SMEs" at the WTTC Global Summit in Malta.
The session brought together Matthew Upchurch, Chairman & CEO, Virtuoso and Chairman of Together in Travel; Andrea Grisdale, CEO & Sole Founder, IC Bellagio; and Julian Kassum, Deputy Secretary General, International Chamber of Commerce (ICC) to explore how the sector can better support SMEs in accessing new opportunities, adopting technology, building resilience and contributing to sustainable growth.
Speakers discussed the importance of ensuring smaller businesses are not left behind as Travel & Tourism undergoes rapid technological, environmental and economic transformation. The conversation focused on improving access to skills, finance and digital tools, as well as strengthening collaboration between governments, destinations and the private sector to create a more enabling environment for SME growth.
Matthew Upchurch, Chairman & CEO, Virtuoso and Chairman of Together in Travel, said: “Large and small businesses in Travel & Tourism depend on each other. Every journey brings them together, and a stronger independent business community means a stronger sector for everyone. Our Founding Partners helped establish Together in Travel because they recognised that shared opportunity. Now we want the wider industry to help us realise it.”
Andrea Grisdale, CEO & Founder, IC Bellagio, and Vice Chair, SMEs, WTTC, said: “As a business owner, I know how much difference the right knowledge and connections can make. These findings show the scale of the opportunity. Our task is to understand what businesses need and turn that understanding into practical support that helps them grow.”
What comes next
The economic analysis forms part of a wider Together in Travel research programme. Research by GSIQ with more than 800 business leaders across seven markets explores what SMEs say they need to grow, including access to finance, digital tools, skills and markets.
The full report will bring together the economic findings and business insights to identify where practical support and policy action could unlock the greatest value.
To support its ambition to connect, support and champion one million businesses, Together in Travel is developing a free platform bringing together trusted content, best practice, resources and opportunities to connect with peers and industry experts.
The programme will also draw on new partnerships, including with the International Chamber of Commerce (ICC), with which WTTC signed a Memorandum of Understanding in Paris on 2 October. The agreement provides a framework for collaboration on research, business engagement, knowledge sharing and policy advocacy to help Travel & Tourism businesses overcome barriers to growth.
Notes to editors
The productivity uplift figures are illustrative scenarios, not forecasts. The model is static, showing the economy with the uplift in place; it does not specify a timeframe.
The figures cover direct Travel & Tourism GDP only, in 2024 terms, across eight markets: the United States, United Kingdom, Germany, France, Spain, Mexico, Thailand and the United Arab Emirates. They should not be extrapolated to a global figure.
The 10% scenario produces an estimated $62.9 billion in additional direct Travel & Tourism GDP, rounded to $63 billion in the headline and narrative.
These figures measure something different from WTTC’s annual Economic Impact Research, which reports the total direct, indirect and induced contribution of Travel & Tourism. The two sets of figures should not be compared directly.
SMEs are defined for this analysis as businesses with fewer than 250 employees.
The uplift is applied to SME output in accommodation and food, transport and storage, and arts and recreation. Employment and large-company output are held constant, and additional output is assumed to meet new demand. The scenarios therefore do not estimate additional jobs.
The analysis was conducted by Oxford Economics using its 2024 direct GDP and employment data, alongside Euromonitor International Firmographics data on company counts and turnover by business-size band.
Euromonitor does not publish the relevant Firmographics data for Thailand or the UAE. Japan and Saudi Arabia were used as proxies for the business-size split in those two markets only.
The worldwide “more than 85%” SME share is a separate sector context figure; the GDP shares and productivity scenarios relate to the eight-market analysis.
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About the World Travel & Tourism Council
The World Travel & Tourism Council (WTTC) is the global body representing the private sector of Travel & Tourism and the leading authority on the sector’s economic and social contribution worldwide. Its members include Chairmen, Presidents and CEOs of the world’s leading travel and tourism companies across hotels, airlines, airports, cruise lines, tour operators, technology platforms and destinations, spanning every major region globally.
WTTC works to advance sustainable growth across the Travel & Tourism sector by driving collaboration between industry leaders and governments, shaping global policy, and providing authoritative research on the sector’s economic impact worldwide.
About Together in Travel
Together in Travel is WTTC’s global initiative for small and medium-sized Travel & Tourism businesses. Working with industry associations, business organisations and strategic partners around the world, it connects smaller businesses with practical resources, industry insights, networking opportunities and a stronger collective voice, helping them participate fully in and benefit from the growth of the sector.
WTTC’s long-term ambition is for Together in Travel to build a global community of one million Travel & Tourism SMEs over five years. This is a WTTC target and does not form part of the joint commitments under the WTTC–ICC Memorandum of Understanding.