- Japan At the top of the trend list, we welcomed a record number of over 3 million international arrivals in March
- Outbound travel from mainland China continues to recover, now reaching 80% of 2019 levels, with more Indians traveling than at any time in history
- Travelers to Asia Pacific are taking longer vacations, prioritizing experiences over purchases
Singapore, May 16, 2024 /PRNewswire/ — The global travel sector will break through in 2024 as consumer spending on tourism remains strong and passenger numbers soar, according to a new report from the Mastercard Economic Institute (MEI). His MEI's fifth annual report, Travel Trends 2024: Breaking the Boundaries, released today, provides comprehensive insight into the evolving landscape of the travel industry across 74 markets, including 13 markets. Offers.[1] inside Asia Pacific Region (APAC).
Mastercard Economic Research Institute: Asia-Pacific now accounts for half of the world's top 10 trending destinations.
Despite fluctuations in exchange rates and changing affordability levels, travel is booming, with nine of the past 10 record spending days in the global cruise and airline industries occurring this year. doing.[2]. Looking ahead, MEI expects this momentum to continue as consumers around the world prioritize meaningful experiences and allocate more of their budgets to travel.
This report provides a deep dive into key tourism trends for 2024 and beyond, based on proprietary analysis of aggregated and anonymized Mastercard transaction data, including Mastercard SpendingPulse and third-party data sources. here, Asia Pacific Several themes stand out in this region:
APAC destinations are a big trend, accounting for half of the top 10 most popular destinations among travelers. It is measured and ranked by the change in the share of tourism trade over the past 12 months. March 2024.
- Japan Emerging as the number one trending destination in the world (Growth of 0.9% compared to Ireland's 0.4%). March 2024 – at record levels, even before peak travel season begins. Due to the weak yen (lowest price since 1990), Japanese With a favorable exchange rate, Japan is expected to remain a frontrunner in the tourism industry throughout 2024, benefiting Japanese businesses that serve tourists and the local economy as a whole.
- APAC passenger numbers are on a recovery trendg, especially for short, local trips. For example, popular destinations for travelers this summer are Singapore include Bangkok, kuala lumpurand perspective.
- Thailand Tourism is expected to fully recover in 2024According to MEI, total visitor numbers are currently only 7% below pre-pandemic levels in 2019.[3]. In particular, the traffic of arrival flights from south asia And the ASEAN region is just around the corner. 20% This is above the 2019 level.
“The world's consumers… Asia Pacific People in this region have a strong desire and drive to travel and are getting smarter and smarter to ensure they get the best value and unforgettable experiences from their trips. ” Said David MannChief Economist, Asia Pacific,master Card. “For tourism authorities, retailers, hospitality and the food and beverage industry, the bottom line is that cost matters. In today's economy, foreign exchange rates and purchasing power drive the value travelers value when planning. This suggests that companies targeting tourism revenue need to review their current strategies and change their strategies if necessary to remain attractive to travelers. Masu.”
Hidden spots for summer vacation (from June)August 2024[4])
meanwhile Japan Was the most popular destination in the past 12 months[5]looking ahead, munich Sponsored by UEFA, it is ranked number one as a summer destination (in terms of increasing share of air bookings). euro 2024 Football Championship in June. Tokyo Coming by a close margin Bali (#6) and Bangkok (#7) is also among the top 10 cities with growing demand in the next three months.
Domestic tourism in mainland China recovers, while overseas travel continues to recover
Travel dynamics in mainland China are changing as more Chinese tourists prioritize domestic travel over international travel.
- The domestic tourism situation in mainland China is positive, with air passenger numbers fully normalizing and exceeding 2019 levels, benefiting local businesses.
- Meanwhile, the number of international tourists departing from mainland China continues to recover, currently at 80.3% of 2019 levels.
- Further upward growth is expected in 2024, supported by visa waivers and increased international capacity in APAC and beyond, benefiting destinations such as: Singapore, Malaysia and Thailand.
More Indians are traveling than ever before
Strengthened by a growing middle class, additional route capacity, and a strong desire to travel, 2024 mark This is the year when more Indians travel abroad than at any other time in history.
- In the first three months of 2024, 97 million passengers flew through Indian airports. Just 10 years ago, it would have taken a full year to achieve the same numbers.
- To date, domestic passenger numbers have increased by 21% compared to 2019 levels, and international passenger numbers have increased by 4%. March 2024.
- Indian travelers to key markets will increase significantly in 2024 compared to 2019: visitor numbers will increase by 53% Japanan increase of 248% Vietnaman increase of 59% US (It is worth noting that total international arrivals to the US are still 7% below 2019 levels, largely due to the stronger US dollar).
longer leisure
- In APAC (excluding ANZ), tourists will extend their trips by an average of 1.2 days in 2024, for a total duration of 7.4 days, motivated by destination affordability, warm weather and favorable exchange rates. By comparison, in 2019 his average was 6.1 days per trip.
- in Australia and new zealand According to (ANZ), the average length of stay for international travelers was 5.4 days, an increase of 0.6 days compared to 2019.
- The APAC destinations with the longest growth in travel duration between 2019 and 2024 are: India (+2 days), Vietnam (+2 days), Indonesia (+1.9 days), and Japan (+1.4 days) This is primarily due to lower hotel price growth during this period compared to other markets.
- Longer stays generally mean more money is spent per trip, which benefits the local economy.
Thrill seekers want experiences and nightlife
Consumers around the world continue to prioritize experiences over physical goods. This has also affected the travel sector, with spending on experiences and nightlife accounting for 12% of tourism sales, the highest in at least five years. On the other hand, the pace of recovery in the retail industry is slowing.
- Australian tourists spend more than any other country in the world on experiences and nightlife.
- In 2024, Australians will 5 dollars Responses regarding these activities (19%) were significantly higher than the global average (12%).
- Tourists from mainland China are also increasingly seeking experiences, spending 10% in this category in 2024, up from 7% in 2023.
Casual outweighs luxury when it comes to fashion and dining
Today's tourists prefer laid-back atmospheres, with the exception of high-end retail stores and high-end restaurants that offer great value for money.
- Notably, sales of luxury fashion soared year-on-year. March 2024 in Japan (152%), Hong Kong Special Administrative Region (208%), even though casual fashion still leads in most regions.
- The rapid growth of the Hong Kong Special Administrative Region is partly due to the delayed reopening in 2023. Japanese The economic boom is due to the weak yen and strong inbound tourism.
- Australia, Indiaand Thailand Currently, the fine dining scene is booming, with premium dining outperforming compared to casual dining, which is still dominant in other regions.
“As the tourism landscape evolves and travel continues to surge through 2024, the Mastercard Economics Institute will provide potential scenarios and travel counseling, as well as the power of macroeconomics and data insights at the country, category, and company level. We help businesses and policy makers transform their on-demand impact into actionable strategies. Mr Mann added:.
Explore fully Travel 2024: Breaking boundaries Please report it here. Additional reports and insights from the Mastercard Economic Research Institute can be found here.
[1] Australia, mainland China, Hong Kong Special Administrative Region, India, Indonesia, Japan, Malaysia, New Zealand, Philippines, Singapore, South Korea, Taiwan, and Thailand. |
[2] MEI analysis of aggregated anonymized switch consumer trading volume (in non-FX-adjusted nominal USD) through March 2024. |
[3] MEI analyzed visitor arrival data from the Ministry of Tourism of Thailand until the end of February 2024. |
[4] MEI analysis of aggregated and anonymized Mastercard leisure flight booking data provided by third-party partners. |
[5] MEI analysis of aggregated and anonymized Mastercard leisure travel-related exchange transactions. |
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about Mastercard Economic Research Institute
The Mastercard Economic Research Institute was founded in 2020 to analyze macroeconomic trends from a consumer perspective. Our team of economists, analysts, and data scientists leverages Mastercard insights and third-party data, including Mastercard SpendingPulse, to provide regular reporting on economic issues to our key customers, partners, and policy makers. .
About Mastercard (NYSE:MA), www.mastercard.com
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