TOURISTS ARE PROJECTED to maintain or increase their travel spending in 2024 compared to the previous year, according to American Express Travel’s “2024 Global Travel Trends Report”. Approximately 84 percent of respondents from countries including the U.S., Australia, Canada, India, Japan, Mexico, and the U.K. anticipate spending the same or more, with 77 percent prioritizing the quality of their travel experience over cost considerations.
“Travelers are focused on creating the right itineraries and building memories, whether that means booking a trip to see a favorite sports team compete or taking a once-in-a-lifetime expedition cruise,” said Audrey Hendley, American Express Travel’s president. “Our ‘Global Travel Trends Report’ sheds light on what is driving global travel bookings and provides inspiration for where to go next.”
About 65 percent of respondents express greater interest in embarking on a major trip in 2024 compared to previous years, the report said. Additionally, 72 percent prefer saving money for a major trip over spending it on social outings with friends. More than half of respondents intend to save for a major trip over a span of six months to two years.
Furthermore, 58 percent of Millennial and Gen Z respondents seek the assistance of a travel agent or trusted advisor in booking a major trip this year, while around 55 percent of respondents planning a major trip are open to visiting multiple countries within a region, American Express Travel said.
Sports travel interest
The report noted that 67 percent of Millennial and Gen Z respondents (compared to 58 percent of all respondents) express interest in traveling for sporting events in 2024. Of those traveling for sports, 58 percent are inclined towards soccer, basketball, or Formula 1 racing. New York, Miami, and Paris emerge as the top destinations respondents plan to visit for sporting events this summer.
Approximately 76 percent of Millennials and Gen Z respondents, in contrast to 69 percent of all respondents, indicate plans for a solo trip in 2024. Among them, 74 percent of males and 63 percent of females express intent for solo travel in the same year. Notably, 66 percent of those planning solo travel are envisioning trips customized for self-indulgence. Additionally, around 60 percent of respondents intending solo travel this year plan to embark on two or more such trips.
Roughly 78 percent of respondents express an inclination towards spontaneous trips. Among them, 77 percent of Millennials and Gen Z have previously booked last-minute trips, contrasting with 65 percent of Gen X and 52 percent of Baby Boomers.
Additionally, 68 percent of respondents endorse leaving unplanned time in their itinerary to immerse themselves in local culture or activities, while around 57 percent of respondents lean towards booking last-minute getaways to nearby destinations rather than distant ones, the report said.
In January, Deloitte's 2024 Travel Outlook noted changing consumer travel priorities, with expected fluctuations in demand for various products and amenities. The report highlighted the importance for hospitality providers to enhance experiences, emphasizing the advantage of utilizing technology for personalized and flexible services to thrive in 2024.
