Mastercard Economics Institute Report: Asia Pacific Travel Trends 2024
The global travel sector is experiencing a significant boom in 2024, with Japan emerging as the top trending destination worldwide. According to the latest report from the Mastercard Economics Institute (MEI), Japan welcomed a record-breaking 3 million international arrivals in March, setting the stage for a successful tourism season ahead.
The report, titled “Travel Trends 2024: Breaking Boundaries,” highlights the evolving landscape of the travel industry across 74 markets, including 13 in the Asia Pacific region. APAC destinations are trending in a big way, with half of the top 10 hot spots showing the greatest momentum among travelers.
In addition to Japan’s tourism success, the report also reveals that outbound travel from the Chinese Mainland is steadily recovering, now at 80% of 2019 levels. Furthermore, more Indians are traveling internationally than ever before, driven by a burgeoning middle class and increased route capacity.
One of the key trends identified in the report is that travelers in the APAC region are vacationing longer and prioritizing experiences over purchases. This shift in consumer behavior is reflected in the increased spending on experiences and nightlife, which now accounts for 12% of tourism sales globally.
Overall, the MEI anticipates that the momentum in the travel sector will continue as consumers prioritize meaningful experiences and allocate more of their budgets to travel. With APAC destinations leading the way in trending tourism spots, the region is poised for a successful year in the travel industry.
For more insights and detailed analysis, you can access the full “Travel Trends 2024: Breaking Boundaries” report from the Mastercard Economics Institute.
