State of Travel 2024: New Growth Phase, India's Rise
08.10.2024 - 14:59
/ skift.com
/ Saniya Zanpure
/ Skift Research
2024 marks a new era for the travel industry beyond the depths of Covid-19 and the volatility of the post-pandemic world. Skift Research’s State of Travel 2024 brings you 350+ insights into the current state of travel, consumer behavior, and sector-specific trends.
Here are 3 charts that highlight some of the travel trends we have observed this year.
Skift Research’s Travel Health Index has been monitoring the travel industry’s performance since the pandemic, looking at recovery compared to pre-pandemic levels. In 2024, the industry has finally emerged from the aftermath of the pandemic and is experiencing real growth.
To reflect this, beginning in 2024, we have moved past the 2019 benchmark to start looking at travel growth year-on-year. The chart below from the State of Travel report, updated to include the most recent Travel Health Index figures, shows that the global travel average grew 9% above the same time last year.
This shows that the travel industry’s double-digit growth surge, fueled by the pent-up demand post-pandemic, has now subsided. The industry has transitioned to a more moderate and sustainable year-over-year pace.
As India’s population grows and gets wealthier, the country is gaining prominence in the global travel market. Outbound travel has taken off, boosted by rising disposable incomes and Indians increasingly able to afford international travel.
India has a rapidly growing pool of first-time tourists. In the first half of 2024, 15 million Indians traveled to international destinations, which is a 14% year-on-year increase and a 12% increase compared to 2019. By 2027, India is projected to become the world’s 5th largest outbound travel market.
Several factors are driving this surge:
There is a strong appetite for tech investment in the travel sector in 2024. The pace of travel industry transformation is set to accelerate with an average 14% increase in technology investment planned for 2024. 91% of travel companies expect ‘moderate to aggressive’ increases in tech investment in 2024.
The chart below shows the double-digit growth expected by the different travel sectors in tech spending this year. This surge reflects a commitment to enhancing traveler experiences across the entire travel ecosystem. Airports are leading the way, followed by corporate travel managers and hotels.
Stay Ahead of the Trends with Skift’s State of Travel 2024 Report
These are just a few of the trends covered in Skift’s State of Travel 2024 report. Download the State of Travel 2024 report for free today.
Our State of Travel report is designed to be your reference handbook to navigating the complex world of travel in 2024. We have put together 350+ insights with the hope to have a chart for almost any