Soaring passenger traffic, longer stays: Mastercard Economics Institute on travel in 2024

22.05.2024 - 11:59 / traveldailynews.com / Vicky Karantzavelou

The 2024 “Travel Trends” report by the Mastercard Economics Institute reveals significant consumer spending and increases in travel activity, with extended stays and higher passenger traffic noted globally.

PURCHASE, N.Y. – The travel sector in 2024 is breaking boundaries. Through March 2024, consumer spending on travel is robust with significant increases in passenger traffic, according to the latest global report from the Mastercard Economics Institute. “Travel Trends 2024” provides comprehensive insights into the evolving landscape of the travel industry across 74 markets.

Despite fluctuating exchange rates and varying levels of affordability, the desire to travel remains stronger than ever. In 2024 the travel sector is flourishing, with nine out of the last 10 record-setting spending days in the global cruise and airline industry occurring this year¹. Further, travelers are also extending their trips by an extra day compared to pre-pandemic.

Drawing on a unique analysis of aggregated and anonymized transaction data, including Mastercard SpendingPulse, and third-party data sources, the report takes a deep dive into key travel trends globally for the year and beyond, including:

“The resilience and adaptability of the travel sector paired with persistent consumer demand has translated to a strong tourism rebound,” said Michelle Meyer, chief economist and head of the Mastercard Economics Institute. “Just like at home, travelers are prioritizing experiences over goods while abroad. Yet, today’s travelers are discerning, choosing destinations that offer both value and authenticity. They are savvy enough to stretch their funds and extend their stays, immersing themselves fully in the experiences and wonders of each locale.”

Mastercard is dedicated to helping the global tourism sector welcome travelers through a range of services, from market analysis and high-frequency data insights that help make sense of changing consumer trends to customer engagement strategies that personalize the travel experience and drive brand loyalty. And with comprehensive travel benefits and convenience, cardholders can enjoy their travel experiences and everyday purchases with peace of mind.

1 Mastercard Economics Institute analysis of aggregated & anonymized switched consumer volumes (nominal US dollars unadjusted for FX) through March 2024.
2 Mastercard Economics Institute analysis, US ITA, Japan National Tourism Organization.
3 Mastercard Economics Institute analysis of aggregated & anonymized Mastercard leisure travel related switched transactions.
4 Mastercard Economics Institute analysis of aggregated & anonymized Mastercard leisure flight booking data provided by third party partners.

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