Tourism in numbers: How the global market will develop in 2024
Experts predict that the tourist season in 2024 will be one of the most successful in recent years. The reason for this is the revival of the tourism market after years of pandemic restrictions when many people postponed their dreams of long-distance travel.
According to research by the United Nations World Tourism Organization (UNWTO), destinations around the world received 22% more international tourists in the third quarter of 2023 than in the same period in 2022, TravelTour writes.
Experts predict that by the end of 2023, revenues from international tourism could reach 1.4 trillion US dollars. And according to the World Travel and Tourism Council (WTTC), the global tourism sector will create a staggering 110 million new jobs in the next decade.
In addition, it is predicted that in 2024, experiential travel will become more popular. The number of bookings for trips to unusual destinations is expected to increase, from sports to shopping and various entertainment. The Olympic Games this summer will see a surge in travel to Paris, while Euro 2024 will see football fans flock to Germany. Cricket fans will travel to the United States and the Caribbean for the World Cup.
Luxury travel, including wellness tourism, is also expected to grow significantly as travellers increasingly prefer to achieve a harmonious internal and external balance in their lives. They will also be looking for exclusive restaurant experiences.
One of the trends this year is expected to be the revival of the Asia-Pacific region: 2024 will be the first full year for travel in the Asia-Pacific region since 2019. This means that tourists have a lot to see and do in the region and beyond. While China will be the leader, Vietnam will see a significant surge in popularity.
More and more tourists are looking for personalized solutions that meet the growing demand for customized and seamless travel. Travel experts emphasize that a growing number of customers are looking for more than just basic services, such as insurance and financial support. They are also looking for comprehensive travel packages that offer round-the-clock customer support and assistance in local languages.
In addition, short-term vacations, such as day trips, are expected to grow in the coming year. This can be an interesting solution for busy people as a one- or two-day vacation can also be good for the planet and your wallet when exploring new places on a tight budget.
In addition, one of the leading trends is the development of eco-friendly travel. These include recycling, hybrid cars, and reducing the amount of plastic: all ways in which consumers are reducing their environmental impact. In 2024, more people are looking for actionable information to help them make greener decisions when choosing a travel provider or destination.
Tourists are increasingly paying attention to greenhouse gas emissions, energy use and composition, freshwater use, air pollution, and resource use. Consequently, when choosing a vacation destination, more and more people are interested in data that is vital to understanding the impact of travel.
Another powerful trend is the demand of tourists for improved financial technologies. In particular, travel companies trying to regain and increase their market share in the current chaotic environment are improving travel fintech by offering compelling solutions, freezing prices, changing or canceling bookings, and easily rebooking disrupted flights.
Moreover, in 2024, several travel operators announced fintech products, including travel insurance, payment solutions, and multi-currency solutions. These products will be integrated into the core business to offer to their customers. For example, the travel insurance sector alone is currently worth €15 billion and is expected to grow to €99 billion by 2030.
