Mastercard Economics Institute anticipates this momentum will continue as consumers prioritise meaningful experiences and allocate more of their budgets to travel
With a series of major sports tournaments lined up in the weeks ahead, the global travel industry can look towards sustained growth, on the back of a 12-month boom, says a report released by Mastercard Economics Institute, part of the payments firm, Mastercard.
According to a press statement, the report, which is Mastercard Economics Institute’s fifth annual travel report, Travel Trends 2024: Breaking Boundaries, says that through March 2024, consumer spending on travel has remained strong, and passenger traffic has soared, adding that Mastercard Economics Institute anticipates this momentum will continue as consumers prioritise meaningful experiences and allocate more of their budgets to travel.
The report adds that more than ever, consumers are empowered by a strong labour market to embrace experiences with travel at the top of the list and one of the biggest noticeable trend is longer travel durations.
“We found that travellers are extending their trips by an extra day over the 12 months ending March 2024 compared to the same period in 2019, highlighting a growing desire for more immersive and meaningful travel experiences. In addition to air travel, vacationing by cruise has experienced extraordinary growth, surpassing 2019 records.
Despite challenges like fluctuating exchange rates, climate concerns and varying levels of affordability, the desire to travel remains strong,’’ adds the statement.
People are becoming more strategic about how, when, and where they travel, with 2024 seeing significant shifts in travel patterns, says the report, adding that globally, nine out of the last 10 all-time record spending days in both cruise and airlines have happened in 2024 as the year has kicked off with strong growth in the travel industry, in terms of spending but also the number of people travelling.
It says that in terms of number of passengers travelling, an all-time high of about 15.9 million Americans travelled internationally in Q1 2024, while Japan welcomed over 3 million passenger arrivals in March 2024. Amongst the countries to have registered the fastest growth in tourist arrivals in the last 12 months, Japan tops the list, followed by Ireland and Romania, which has gained due to its recent inclusion in the Schengen visa area.
Another notable trend is that memorable events are driving travel trends, whether it is for concerts or sporting events, as there is a big rush of travellers to Munich for the opening game of Euro2024, the European football championship being held in Germany in June and July.
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