Consumers are taking advantage of a more traditional travel ecosystem in 2023, prioritizing leisure travel and pioneering new corridors around the world.delivered key insights about the global state of travel, punctuated by shifting economic landscapes, persistent consumer demands and a reopening of mainland China.
“With an uncertain economy providing some cross-market turbulence, mainland China’s reopening is expected to bolster growth globally with concentrated impact in Asia Pacific, according to Mastercard Economics Institute estimates.”Leisure and business travel are growing at the same pace. By March 2023, spending on experiences was notably 93 percent of where it was in 2019 despite minimal travel last year.
Germany and Spain are becoming more popular for Latin American travelers, while Saudi Arabia and Egypt have become popular destinations for travelers from Eastern Europe, Middle East and Africa. Potentially influenced by social media and entertainment, travelers are landing in lesser-known destinations in search of cultural immersion.