It's August 2023 and, here in the Northern Hemisphere, we are in the throes of peak travel season. Few people are dreaming up their plans for 2024 and even fewer have taken the first steps to finalize their plans. Here, we share our travel trend predictions for 2024 and why you should start planning now.
Believe it or not, the travel and tourism industry has yet to fully recover from the Pandemic.
It is true that the pandemic reminded people of the joy and privilege of travel, the freedom of movement, the profound impact cultural exchange has on us, the beauty of the world, our diversity, and the change that overcomes us when we experience new things. However, the pandemic had severe financial repercussions for many travel-related businesses, such as airlines, hotels, and tour operators who continue, still today, to recover.
Travel changes us, but travel itself has changed.
Here are our 6 travel predictions for 2024 and beyond .
Prediction #1 - People will continue to (willingly) spend more.
The Vacation Confidence Index 2023 by Allianz says summer 2023 spending by American travelers is expected to exceed $200billion. With increased travel appreciation came the valuation of travel as an investment. People will continue to prioritize travel in 2024 and beyond.
Prediction #2 - Last minute planning is out, planning ahead is in.
Before the pandemic, consumers were accustomed to waiting for last minute deals and discounts on goods, services, and travel. Want to travel to London in July with your spouse and two teenagers? As the #1 destination for most Americans, you will be jockeying to secure space in a limited inventory market. Booking early means a greater chance of finding the type of room(s) you need, in your price point, and desired area within the city. Supply will continue to struggle to keep up with demand in 2024 as travel companies build capacity.
Service providers and tourism inventory will continue to struggle to keep up with demand in 2024 as travel companies rebuild capacity.
Prediction #3 - ETIAS will be the name of the game.
As shared in my previous blog, US travelers heading to Europe will have one more hoop to jump through in 2024: ETIAS. ETIAS is an electronic travel authorization system for visitors to Schengen Agreement countries. Visit my blog for details and stay tuned to apply for your ETIAS travel authorization on the official ETIAS website.
Prediction #4 - Sustainability will be an essential part of the future.
Travelers have become more conscious of the environmental impact of their trips and show a continued, growing interest in sustainable and eco-friendly travel options. Sustainability is no longer a buzzword but an a concept that is important to consumers. Companies are on board with this and consumers will be more likely to choose ones that prioritize sustainability in their operations. Sustainability isn't a hype word - it's an essential part of our future.
Prediction #5 - Experiential travel will be the norm.
Travelers crave the escape offered by travel, but, in 2024 and beyond, travelers will seek out opportunities to immerse themselves in their travel experience. Cultural exchange, meaningful moments of connection with their travel companions and the world around them, and deeply moving experiences will drive traveler decision making.
Prediction #6 - Group experiences will be key for solo travelers.
More and more women are seeking the comfort and camaraderie of traveling with others who have similar destination and experience interests. The desire to explore new places, meet new people, and have a unique shared experience will override the solo traveler experience of the past. With the rise in demand for group travel, there are now more options than ever for travelers looking to get away as part of a larger group.
Stay tuned - Both Worlds Travel is launching our group travel initiative next month!
