Sep 13, 2024
By: Prerna Tyagi
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Let’s take a look at what’s shaping the future of travel, including how and where people are spending their travel budgets in 2024. All insights are based on data from Mastercard Economics Institute’s latest report on travel trends in 2024.
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The world is travelling more than ever! Record-breaking travel spending is back in 2024, fuelled by growing consumer demand and pent-up wanderlust.
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9 of the 10 highest-spending travel days ever recorded happened in 2024. People are splurging on flights, accommodations, and cruises like never before.
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Tourists are adding an extra day to their vacations compared to pre-pandemic travel patterns, with longer stays becoming the new norm.
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Major events like the European Championships and concerts like the ongoing Eras tour are drawing huge crowds, causing spikes in travel spending.
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Munich, Tokyo, and Tirana are emerging as hot travel destinations this year, with more people flocking to these cities than ever before.
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Inflation is hitting the travel sector hard, with flights and hotel prices climbing. Despite this, consumers are still eager to explore.
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Cruise trips have grown by 16% compared to pre-pandemic levels. A favourite for budget travellers, cruises are back in full swing.
Travellers in 2024 are prioritising experiences like dining and nightlife over retail shopping, marking a considerable shift in spending habits.
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Even with rising prices, a strong labour market is keeping the travel industry robust as consumers refuse to cut back on vacations.
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