WTM – Global Travel Report, 2024

According to the WTM Global Travel Report for 2024, global travel has shown a strong rebound despite economic pressures such as inflation, higher interest rates, and squeezed household budgets. The number of international trips in 2023 is projected to exceed 1.26 billion, which is 86% of the demand in 2019, surpassing historical demand volumes in all years except 2017-2019. Leisure travel has recovered more strongly compared to business or other types of travel and currently accounts for around 60% of all tourism trips. The number of leisure trips taken in 2023 is expected to be just 10% lower than the peak in 2019. The recovery is evident worldwide, except in the Asia-Pacific region. Although leisure travel to the Middle East stands out for its positive performance, with leisure arrivals anticipated to be 13% higher in 2023 compared to 2019, most global regions are expected to exceed pre-pandemic levels of travel spending by inbound visitors in 2023. This increase in spending per trip is due to higher prices but also provides significant economic benefits. Travel is being prioritized in consumer spending, with the share of consumer spend on travel regaining 2019 levels among advanced economies. Developing markets are also showing an upward trend in the travel share of spending compared to the pre-pandemic period. Increasing costs in the travel industry, driven by inflationary pressures and supply side factors, are a potential threat. However, there are currently no clear signs that these costs are deterring travel volumes, even among lower income households. A recent poll among US consumers highlighted high overall propensities to travel in the next six months, although only 40% of the lowest-income households were expected to travel.