A report by Mastercard Economics Institute shows Japan has been the top global destination in the past year, while Munich is the top trending destination for summer 2024. Albania also ranks third in the list of top trending destinations driven by travellers seeking authentic Euro-vibes at a lower cost.
Tourists are spending an extra day on vacation on average, with the trend influenced by affordable destinations and warmer climates.
Consumers are prioritizing meaningful experiences over material goods while traveling, with spending on experiences accounting for 12% of tourism sales, especially in Australia where one in every five dollars is spent on experiences and nightlife.
Cruises are experiencing a significant comeback, with global cruise passenger transactions surpassing 2019 levels by 16% in Q1. The Bahamas has seen a surge in cruise passenger arrivals, with many travellers opting for cruises due to the widening price difference compared to hotels.
Michelle Meyer, chief economist and head of the Mastercard Economics Institute said “the resilience and adaptability of the travel sector paired with persistent consumer demand has translated to a strong tourism rebound. Just like at home, travellers are prioritising experiences over goods while abroad. Yet, today’s travellers are discerning, choosing destinations that offer both value and authenticity. They are savvy enough to stretch their funds and extend their stays, immersing themselves fully in the experiences and wonders of each locale.”
