In its annual outlook for the travel industry, Skift Research has created 2023 global revenue forecasts for airlines, hotels, short-term rentals, cruise lines, and online travel agencies. Skift also built an estimate for international cross-border travel from 2023–2025. This outlook is meant as a companion piece to our recent State of Travel report that offers in-depth coverage of all travel segments.
Covid Related Travel Changes Reversing: New Skift Research
25.08.2023 - 13:14 / skift.com / Varsha Arora / Skift Research
Our newly released U.S. Travel Tracker: Q2 2023 Highlights report highlights a reversal of Covid-related changes in the travel landscape. Solo trips have decreased, and travel to urban centers has rebounded.
There has been a shift towards hybrid work models, indicating a partial return to office-based arrangements. The preference for blended business trips has declined, aligning with the intention to reduce personal travel expenditures. These insights reflect a changing travel environment as individuals adapt to evolving work scenarios and adjust their travel preferences.
The report also talks about the current state of the U.S. travel demand with data and insights on trip details, consumer sentiment, travel spending changes, booking trends, and how the “work from anywhere” trend impacts travel.
In Q2 2023, there was a slight dip in travel in the U.S., with 55% of Americans reporting that they traveled, down 4 percentage points compared to Q1 2023. However, there was significant improvement compared to Q2 2022 when 47% traveled.
Direct bookings showed a slight decline, following a similar pattern observed in Q1 2022 and Q2 2022, suggesting a potential seasonal trend in the travel market
An increasing number of Americans believe that the economic situation of the country will worsen in the next 12 months. Survey data also revealed that a cautious sentiment surrounding personal financial stability exists.
Inflationary pressures persist, with higher day-to-day purchase and travel prices reported by respondents. However, the travel sector is expected to remain resilient, as only a small percentage of respondents have cut their travel spending.
Travel landscape undergoes reversal as solo trips decline, blended travel dips, urban travel rebounds, and work shifts to hybrid models, reflecting changing preferences.
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