WeTravel: A traveler's journey starts before they depart - What’s ahead for travel bookings and payments

03.04.2024 - 12:12 / traveldailynews.com / Vicky Karantzavelou

Travelers are putting more focus on add-ons and experiential travel, seeking escapism and immersion into local cultures.

WeTravel created an annual industry report with the purpose of using our network to support travel businesses in navigating evolving consumer expectations. Now in its second iteration, this year’s report brings together data from a WeTravel survey conducted throughout November 2023 of more than 600 global travel businesses to better understand what’s ahead for travel bookings and payments in 2024. They asked both non-WeTravel clients and WeTravel clients to answer questions on how travelers are booking travel, where they’re booking travel, what types of experience they’re booking – and how and when they’re paying for their bookings.

“In 2023, travel bookings and payments were indulgent and immersive, planned with preparation and precaution, and remained closer to home as travelers stepped back into the world. Last year, we urged travel businesses to think about customization and flexibility in the booking process; we found from the survey data that travelers were searching for customizable, small-group trips that focused on private transportation and accommodation–and relying on installments to shoulder some financial loss if there was a cancellation. With the growing demand for customization and intimate group settings, the multi-day travel world was optimistic about revenue growth as travelers were spending more to visit the world.” says WeTravel CEO, Ted Clements.

“Though the revenge spending that propelled most industries in 2023 has now tapered, with news headlines splashing caution like “spending down,” “inflation rising,” and “discounts abound”, is the same caution evident in the travel industry? This year, we want to know how, if at all, inflation and decreasing spending may impact travel bookings.”

“In the report, we uncover that, unlike other consumer industries, the travel industry is seeing spending continue to rise – with less reliance on discounts – as travelers continue to value experiences over things. Travelers are putting more focus on add-ons and experiential travel, seeking escapism and immersion into local cultures. While customization has remained a core expectation from travel consumers, the focus has shifted from the pandemic-driven mindset prioritizing small groups and private experiences to seeking add-on adventures and experiences, unveiling under-visited destinations and community-based experiences that stretch beyond an existing itinerary.”

Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism