In 2024, the travel sector has been breaking boundaries. Through March 2024, consumer spending on travel remains strong, and passenger traffic has soared. Mastercard Economics Institute anticipates this momentum will continue as consumers prioritise meaningful experiences and allocate more of their budgets to travel. More than ever, consumers are empowered by a strong labor market to embrace experiences with travel at the top of the list.
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. People are becoming more strategic about how, when, and where they travel, with 2024 seeing significant shifts in travel patterns.
In the Mastercard Economics Institute's fifth annual travel report, "Travel Trends 2024: Breaking Boundaries," we explore these evolving trends and the state of travel in 2024 and beyond.
In 2024, the travel sector has been breaking boundaries. Through March 2024, consumer spending on travel remains strong, and passenger traffic has soared. Mastercard Economics Institute anticipates this momentum will continue as consumers prioritise meaningful experiences and allocate more of their budgets to travel. More than ever, consumers are empowered by a strong labor market to embrace experiences with travel at the top of the list.
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. People are becoming more strategic about how, when, and where they travel, with 2024 seeing significant shifts in travel patterns.
In the Mastercard Economics Institute's fifth annual travel report, "Travel Trends 2024: Breaking Boundaries," we explore these evolving trends and the state of travel in 2024 and beyond.
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