Along with the increase in the tourism sector and a surge in passenger traffic in various modes of transportation, the Mastercard Economics Institute (MEI) noted that the global tourism sector will develop rapidly in 2024. This is certainly good news amidst news about money exchange rates in several countries which are still fluctuating. .
MEI expects this momentum to continue, as the majority of consumers around the world prioritize experience or an unforgettable experience, as well as allocating more budget for travel.
By using unique analysis of various Mastercard transaction data that has been grouped and anonymized, including from SpendingPulseTM Mastercard and third party data, MEI also prepared a report entitled “Travel Trends 2024: Breaking Boundaries.”
The report explores key tourism trends in 2024, and is expected to provide comprehensive insight into the development of the tourism industry landscape in 74 countries, including 13 countries in the Asia Pacific region.
MEI Chief Economist for Asia Pacific, David Mann, said that his party helps businesses and policymakers translate macroeconomic forces and data insights into strategies that can be executed at the country and company level.
1. Tourist destinations in Asia Pacific are increasingly popular
Portrait of Ulun Lake Beratan Temple in Bali (unsplash.com/mrqs_g)Various countries in the Asia Pacific region have increasingly shown their popularity in the last 12 months. In the report Travel Trends 2024: Breaking Boundaries, There are 10 countries in the world that are listed as Trending Tourism Destinations, namely Japan, Ireland, Romania, Italy, Spain, Malaysia, Australia, South Korea, United Arab Emirates and Indonesia. Six of the 10 countries are in the Asia Pacific region.
This is influenced by passenger traffic in the Asia Pacific region becoming increasingly capable, especially for shorter inter-regional trips. For example, traveling from Singapore to Bangkok, Kuala Lumpur, or Jakarta.
David Mann reveals the character of consumers or tourists in Asia Pacific. “Consumers in Asia Pacific have a strong desire to travel and are increasingly smarter in getting the best (accommodation) prices,” he said at the report launch event Travel Trends 2024: Breaking Boundaries virtually on Thursday (16/5/2024) via Zoom. “They want an unforgettable experience on every trip they make.”
2. Leisure for Longer is a trend in the Asia Pacific region
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Editor’s picks
Illustration of tourists relaxing (unsplash.com/bettenz)Leisure for longer or extending the trip is a trend that many tourists do. Across the world, tourists are extending their trips on average by around one day compared to normal times before the Covid-19 pandemic.
The Middle East and Africa (MEA) and Europe regions are the countries that benefit most from this trend, with around two additional days spent in the destination country. In contrast, the United States has benefited less from this new trend, seeing a smaller increase in travel length.
Meanwhile, tourists in the Asia Pacific region (excluding Australia and New Zealand) are extending their trips by an average of 1.2 days to a total duration of 7.4 days in 2024, longer than the 2019 average of 6.1 days per trip. In Indonesia, tourists extended their vacation time by 1.9 days.
Trends Leisure for Longer This is influenced by several factors, such as destination affordability, warm weather, and favorable exchange rates. The longer tourists spend in a place, the more money they will spend there. Of course this has a positive impact on the local economy.
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3. Experience-oriented activities are preferred
Illustration of tourists climbing a mountain (unsplash.com/toomastartes)Global consumers prioritize experiences over materials. This can be seen in the tourism sector with spending on experience or experience and nightlife or night entertainment reaches 12 percent of tourism sales. This figure is the highest in the last five years. Meanwhile, retail spending shows a slower trend.
In the report Travel Trends 2024: Breaking Boundaries, Australian tourists are said to be the group with the highest spending in the world on activities experience And nightlife. In 2024, Australians will spend 1 in every 5 dollars (19 percent) on experience And nightlife, much higher than the global average (12 percent).
So, those are some of the 2024 tourism trends that are increasingly popular with many people based on reports Travel Trends 2024: Breaking Boundaries from the Mastercard Economic Institute. Are you someone who follows the trend above?
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