Travel Industry Maintains Momentum with Steady Growth
13.07.2024 - 05:03
/ skift.com
/ Saniya Zanpure
/ Skift Research
In May 2024, the travel industry reached 103, marking a 3% rise over last year, according the latest Skift Travel Health Index: May 2024 Highlights. This highlights a transition from the post-pandemic recovery phase to moderate and sustainable growth levels in 2024.
The hotel sector is showing robust growth, increasing 7% over May 2023, staying at the forefront of the accommodation sector this year. This surge contrasts with the performance of vacation rentals, which have fallen 4% behind their 2023 levels. While vacation rentals are thriving in most Asia Pacific countries, the sector’s overall performance is dampened by a decline in China.
The latest May 2024 Highlights dive into factors holding back vacation rental growth an shares insights on performance in the coming months.
Skift Research’s 2023 survey of over 1,000 Chinese travelers found that hotels are the most preferred accommodation choice in China. This trend aligns with the current decline in vacation rental performance in China, indicating a strong preference for hotels.
Read our latest report, Skift Travel Health Index: May 2024 Highlights and the Travel Health Index dashboard for further travel insights.
The Skift Travel Health Index reached 103 in May 2024, reflecting a 3% year-over-year increase. This aligns with Skift Research’s travel outlook for 2024, which predicts a transition from recovery to stable, moderate growth for the travel industry.
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