Phocuswright's travel industry predictions for 2024
The coming months could be filled with plenty of advancements and changes, according to Phocuswright analysts
It’s a new year and Phocuswright analysts are looking ahead with a wide-ranging selection of thoughts on industry factors including digital streamlining, funding and destination recovery, business travel and softening prices, alongside a myriad of others.
Key takeaways
- Destinations in Northeast Asia and Southeast Asia will hope for a much stronger outbound recovery from China in 2024, while simultaneously seeking to diversify their inbound market mix and tap rising travel demand from Indian second-tier cities;
- India will emerge as one of the top inbound source markets for many countries, with many adopting strategies like easing entry restrictions, scrapping visa requirements, expedited visa processing etc. to attract Indian tourists;
- The luxury travel segment will continue to grow by 7.5% on average globally until 2027, but the Asia-Pacific region is the one with the greatest growth at 10%. Europe, for its part, is the region with the largest market share, with more than a third of the global market.
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