Tourism Economics’ latest Travel Industry Monitor (TIM), a quarterly survey among tourism professionals conducted in Q4 2023, identified strong expectations of growth in 2024 and beyond.
The latest Travel Industry Monitor (TIM) survey highlights continued optimism and strong performance expectations for 2024. This followed the inaugural TIM undertaken by Tourism Economics, an Oxford. Economics company, in September 2023 which identified a positive picture for global tourism with most tourism experts correctly expecting a strong finish to 2023. The survey gathered the views of 106 tourism professionals from across 20 countries in November and December 2023.
2024 expected to be a year of stronger growth
Highlighting an overall positive and bullish tone, well over half of respondents expect overall visitor numbers and hotel occupancy in their country to outperform 2023 levels. This implies that many in the industry are expecting tourism arrival growth to continue into 2024 and indeed at a higher rate than in 2023. This is particularly noteworthy as 2023 posted a full recovery from the pandemic with global travel arrivals, based on domestic and international overnight visits, above 2019.
The findings support our latest Global Travel Service (GTS) forecast as global travel in 2024 is poised to record a growth rate of nearly 8% compared with 2023.
In 2024, most respondents expect growth of around +1% to +5% for overall visitor numbers and hotel occupancy. The implied growth here is moderately below the expected global growth rate in GTS, but this partly reflects some skew towards European and North American respondents while some stronger growth is likely in Asia-Pacific. The net result, the percentage difference between respondents who expect an increase and those who expect a decrease compared with 2023, for overall visitor numbers and hotel occupancy in 2024 was +72% and +52%, respectively. These findings underline optimism in the industry over the next 12 months. The lower expectations of growth in hotel occupancy may be influenced by a range of diverse factors including high existing levels of hotel occupancy and shifts in travel behaviour as consumers opt for more non-traditional forms of accommodation in different destinations.
Expectations are for weaker growth at the start of the year. The net results for overall visitor numbers and hotel occupancy in Q1 2024 compared with Q1 2023 were +41% and +27%, respectively. While these results signal underlying positivity, they also illustrate that there are challenges to overcome, at least at the start of the year.
Tourism Economics’ latest Travel Industry Monitor (TIM), a quarterly survey among tourism professionals conducted in Q4 2023, identified strong expectations of growth in 2024 and beyond.
The latest Travel Industry Monitor (TIM) survey highlights continued optimism and strong performance expectations for 2024. This followed the inaugural TIM undertaken by Tourism Economics, an Oxford. Economics company, in September 2023 which identified a positive picture for global tourism with most tourism experts correctly expecting a strong finish to 2023. The survey gathered the views of 106 tourism professionals from across 20 countries in November and December 2023.
2024 expected to be a year of stronger growth
Highlighting an overall positive and bullish tone, well over half of respondents expect overall visitor numbers and hotel occupancy in their country to outperform 2023 levels. This implies that many in the industry are expecting tourism arrival growth to continue into 2024 and indeed at a higher rate than in 2023. This is particularly noteworthy as 2023 posted a full recovery from the pandemic with global travel arrivals, based on domestic and international overnight visits, above 2019.
The findings support our latest Global Travel Service (GTS) forecast as global travel in 2024 is poised to record a growth rate of nearly 8% compared with 2023.
In 2024, most respondents expect growth of around +1% to +5% for overall visitor numbers and hotel occupancy. The implied growth here is moderately below the expected global growth rate in GTS, but this partly reflects some skew towards European and North American respondents while some stronger growth is likely in Asia-Pacific. The net result, the percentage difference between respondents who expect an increase and those who expect a decrease compared with 2023, for overall visitor numbers and hotel occupancy in 2024 was +72% and +52%, respectively. These findings underline optimism in the industry over the next 12 months. The lower expectations of growth in hotel occupancy may be influenced by a range of diverse factors including high existing levels of hotel occupancy and shifts in travel behaviour as consumers opt for more non-traditional forms of accommodation in different destinations.
Expectations are for weaker growth at the start of the year. The net results for overall visitor numbers and hotel occupancy in Q1 2024 compared with Q1 2023 were +41% and +27%, respectively. While these results signal underlying positivity, they also illustrate that there are challenges to overcome, at least at the start of the year.
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