The global travel industry is experiencing a powerful resurgence, with Phocuswright’s latest Global Travel Market Report 2024 revealing a 24% surge in 2023, reaching an impressive $1.5 trillion in gross bookings. While established powerhouses like North America, APAC, and Western Europe continue to lead, the report uncovers a dynamic landscape marked by shifting rankings within the top 15 markets, the emergence of new players, and a notable rebound in China.
The US retains its position as the world’s largest travel market, commanding $476 billion in bookings, more than three times the size of China, which holds the second spot. China’s travel market, however, demonstrated significant resilience, rebounding with a 72% growth in 2023. The report also spotlights Brazil’s entry into the top 15 markets, displacing Scandinavia. Further context on these findings will be covered at The Phocuswright Conference, which takes place from November 19-21 in Phoenix, Arizona.
“The travel industry’s current trajectory is not simply a recovery; it’s a testament to the industry’s adaptability and the enduring human desire to explore,” said Eugene Ko, Director of Marketing and Communications at Phocuswright. “The impressive growth in emerging markets like Brazil and the resurgence of China signal a shift in the global travel landscape. The industry is evolving, and those who embrace these new dynamics will thrive in the years to come.”
The report also delves into the complexities of individual markets within the top 15. The UAE, occupying seventh position, accounts for over half of the Middle East’s travel market. Russia’s growth has been tempered by geopolitical challenges, leading to a drop in its ranking. Meanwhile, the euro’s gain against the US dollar fueled significant growth in several European markets. Spain led with a 40% surge, followed by double-digit gains in Italy, Germany, the UK and France.
Key takeaways:
- Global travel market reached $1.5 trillion in 2023, a 24% increase
- North America, APAC, and Western Europe continue to lead
- The U.S. remains the largest market, with China showing significant growth
- Brazil enters the top 15 markets, displacing Scandinavia
- The euro’s strength boosted growth in several European markets, including Spain, Italy, Germany, the UK and France
- The industry is evolving, with shifting dynamics and new opportunities within the top 15 markets
These findings and more will take center stage at The Phocuswright Conference. Themed “The New Age(nts),” the conference will feature insightful keynotes, interactive panel discussions, and in-depth breakout sessions exploring the evolving roles and relationships within the travel ecosystem. With an expected attendance of over 1,300 senior-level executives, innovators, and thought leaders, this event provides an unparalleled opportunity to gain crucial insights for navigating the industry’s transformation.
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