We’re not even five full months into this year, and there have already been nine of the last 10 days of record travel.
You don’t need a degree to extrapolate that travel spending is growing.
According to the latest global report from the Mastercard Economics Institute, which used data from 74 markets, fluctuating exchange rates have not been a problem and, in fact, travelers are extending their trips by a day compared to pre-pandemic levels.
“The travel sector’s resilience and adaptability, combined with persistent consumer demand, have translated into a strong recovery in tourism,” said Michelle Meyer, chief economist and director of the Mastercard Economics Institute. However, today’s travelers are discerning, choosing destinations that offer value and authenticity. They are experienced enough to stretch your funds and extend your stays, fully immersing yourself in the experiences and wonders of each location.
Nearly 16 million Americans took an international plane or cruise trip in the first quarter of 2024.
Travelers are enjoying more experiential adventures than goods and souvenirs. Spending on experiences now totals 12% of tourism sales, according to SpendingPulse Destinations, which measures in-store and online retail sales across all payment methods – the highest point in at least five years, as of March 2024.
More people are also falling into the water – at least by boat. Global cruise passenger transaction counts are about 16% above 2019 levels in the first quarter. The growing demand for cruises is also observed in major ports. Over the past 12 months, the Bahamas, for example, welcomed 2.9 million more passengers arriving by sea compared to 2019 levels.
Japan has emerged as the global leader for top destinations over the past 12 months. Munich is the most popular destination this summer.
Domestically, it appears that California is the best choice.
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