The World Travel & Tourism Council (WTTC) has announced plans to support one million small and medium-sized enterprises (SMEs) through its Together in Travel Community, offering free research, practical guidance, industry connections and stronger advocacy to help independent businesses grow.
The announcement was made at the WTTC Global Summit in
Malta, attended by more than 1,000 delegates, including over 200 leading Travel
& Tourism chief executives and government officials.
New research presented at the summit highlighted the
economic contribution of SMEs and the potential benefits of improving their
productivity.
According to the research, a 10% productivity increase among
SMEs could generate $63 billion in additional direct Travel & Tourism gross
domestic product (GDP) across eight major economies.
Even a 5% improvement could deliver an additional $31
billion.
SMEs account for more than 85% of Travel & Tourism
businesses globally, playing a central role in destinations, local communities
and visitor experiences. WTTC said improving access to knowledge, technology,
finance and markets could help these businesses expand and strengthen the wider
tourism economy.
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.”
Industry leaders highlight SME growth opportunities
The initiative’s renewed focus on smaller businesses was
discussed during a panel titled "Unlocking the Power of Travel &
Tourism SMEs" at the Malta summit.
Participants included Matthew Upchurch, Chairman & CEO
of Virtuoso and Chairman of Together in Travel; Andrea Grisdale, CEO and Sole
Founder of IC Bellagio; and Julian Kassum, Deputy Secretary General of the
International Chamber of Commerce (ICC).
Discussions focused on helping SMEs access new markets,
adopt technology, develop resilience and contribute to sustainable tourism
growth.
Speakers also highlighted the importance of ensuring
independent businesses are not left behind as the industry responds to
technological, environmental and economic changes.
Improving access to skills, financing and digital tools,
alongside stronger collaboration between governments, destinations and private
companies, was identified as essential to creating an environment in which SMEs
can thrive.
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.”
Research and partnerships to expand support
The economic analysis forms part of a broader Together in
Travel research programme. Research conducted by GSIQ, involving more than 800
business leaders across seven markets, examines the support SMEs need to grow,
including financing, digital tools, skills development and market access.
A forthcoming full report will combine the economic analysis
with business insights to identify areas where targeted support and policy
changes could generate the greatest benefits.
To achieve its goal of connecting, supporting and
championing one million businesses, Together in Travel is developing a free
platform featuring trusted industry content, best practices, practical
resources and opportunities to connect with peers and experts.
WTTC is also expanding partnerships to strengthen research,
business engagement and policy advocacy.
On October 2, the council signed a Memorandum of
Understanding with the ICC in Paris, establishing a framework for cooperation
to help tourism businesses overcome barriers to growth.
Through the initiative, WTTC aims to ensure smaller
businesses benefit from the tourism sector’s growth by improving access to
information, connections and opportunities while raising their priorities in
discussions with governments and international institutions. -TradeArabia News Service