By IANSlife
May 16, 2023 (IANSlife) Travel Industry Trends 2023, which was just released, provides important insights into the current state of travel around the world, which is characterised by evolving economic landscapes, enduring consumer demands, and the reopening of mainland China. Recent findings from the Mastercard Economics Institute show that customers would prioritise leisure travel in 2023 and will open up new routes throughout the globe. They will also take use of a more traditional travel ecosystem.
The 2023 prognosis is shaped by post-pandemic preferences for experiences over things1 and a persistent demand for leisure travel in the face of a shifting economic situation. Business travel, which had initially lagged behind pleasure travel, began to gain ground in the second half of 2022, particularly in societies where returning to work was valued highly. According to predictions from the Mastercard Economics Institute, the reopening of mainland China will boost global growth with a focus on Asia Pacific, despite an uncertain economy causing some cross-market turmoil.
Key findings include:
“In 2023, travel came roaring back in Asia as China re-opened its borders and other markets eased the last of their pandemic-era travel restrictions,” said David Mann, Chief Economist for Asia at the Mastercard Economics Institute. “As people around the world prioritize experiences over things, the strong demand for travel is expected to last far beyond the initial ‘revenge travel’ bump. As we look ahead to the peak summer travel season, the big question is whether flight and accommodation supply can keep up with demand.”
Comprehensive Support to Travelers & Tourism Sector
Travelers want a good experience from the time they book their plane ticket to their first step on new soil, and companies that understand that are better positioned to establish longer and more valuable relationships with their consumers. This key shift in expectations has already started to change not only how companies work with their consumers, but also the way in which we travel. And though consumer behavior will continue to shift alongside the macroeconomic environment, providing more choice in how to pay (like redeeming points for bookings),and tailoring experiences, recommendations, and offers are just two strategies that keep the individual traveler at the center of engagement.
Mastercard is dedicated to helping the global tourism sector recover and welcome travellers through a range of services, from market analysis and high-frequency data insights that help make sense of changing consumer trends to marketing solutions and consumer engagement strategies that drive brand loyalty and maximize bookings.
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