By Rosanna Caira
Travel has always held a fascination for most consumers but never has it been as popular as it has become post pandemic.
According to a Travel Trends 2024 report produced by Mastercard Economics Institute, the travel sector in 2024 across 74 markets is breaking boundaries. The report states that through March 2024, consumer spending on travel is robust with significant increases in passenger traffic.
Granted, fluctuating exchange rates and varying levels of affordability are impacting who’s travelling where, but the desire to travel remains stronger than ever. In 2024, the travel sector is flourishing, with nine out of the last 10 record-setting spending days in the global cruise and airline industry occurring this year. Additionally, travellers are also extending their trips by an extra day compared to pre-pandemic.
Here are a few findings from the report:
- Record travelling. An all-time high of 15.9 million Americans travelled internationally in Q1 2024, while Japan welcomed more than three million passenger arrivals in March 2024 alone.
- Leisure for longer. Tourists worldwide are spending an extra day on vacation on average — those from Europe and the Middle East and Africa are spending roughly two — with the trend driven by affordable destinations and warmer climates.
- Experience economy on the go. Consumers are prioritizing meaningful experiences over material goods, even when travelling. Spending on experiences now totals 12 per cent of tourism sales, according to SpendingPulse Destinations, which measures in-store and online retail sales across all forms of payment — the highest point in at least five years as of March 2024.
- Cruising full steam ahead. Cruises are making a remarkable comeback with the count of global cruise passenger transactions roughly 16 per cent higher than 2019 levels in Q1. Booming cruise demand is also seen at key ports. For many travellers, the widening price difference between cruises and hotels has made cruises a more budget-friendly option for a getaway.
- Top 10 trending destinations. While Japan has emerged as the global frontrunner for top destination in the last 12 months, Munich ranks as the top trending destination for this summer. Notably, Albania ranks third in the list of top trending destinations this summer ccording to the Mastercard Economics Institute, driven largely by savvy travellers seeking authentic Euro-vibes similar to neighbouring Italy and Croatia, but for less the cost.
If you’d like to read the full Travel Trends 2024: Breaking Boundaries, click here.
