The global travel industry is experiencing a remarkable resurgence, fueled by a combination of pent-up demand and evolving consumer preferences. According to Tourism Economics’ Travel Industry Monitor 2024 survey, international tourist arrivals are poised to surpass 1.5 billion in 2024, exceeding pre-pandemic levels.
A key driver of this growth is the increasing popularity of “bleisure travel,” a hybrid model that combines business and leisure. This trend is particularly pronounced among business travellers who are extending their trips to explore new destinations and enjoy local experiences. Remote work has further empowered this trend, allowing travellers to work remotely while on vacation.
While leisure travel remains the dominant segment, business travel is making a strong comeback. Despite the initial impact of the pandemic, business travel is projected to grow significantly in the coming years, driven by the enduring value of in-person meetings and events. In fact, business visits are expected to increase by approximately 50% between 2024 and 2030.
Interestingly, travellers are now opting for longer stays and more immersive experiences. The average length of stay for international travel has increased by 12% compared to 2019, as travellers seek out slower-paced, sustainable trips. This shift aligns with growing consumer interest in authentic and meaningful travel experiences.
Another notable trend is the increasing proportion of consumer spending allocated to travel. In 2024, travel spending as a percentage of total consumer spending reached 8.8%, surpassing pre-pandemic levels. This indicates that travel has become a higher priority for consumers, who are willing to invest more in their trips.
As the travel industry continues to evolve, it is clear that consumer preferences are shifting towards more personalised, sustainable, and experiential travel. By understanding these trends, industry stakeholders can adapt their offerings to meet the evolving needs of the modern traveller.
