Phocuswright research projects $1.4 trillion in global travel gross bookings in 2023, just four per cent below 2019 levels.
The United States travel market grew to $422 billion in 2022, becoming the first major travel market globally to surpass its 2019 size.
In Europe, travel is well on its way to recovery and normalization in 2023, as Europeans broadly remain eager to travel and continue to prioritize spending on leisure trips, even while facing some economic challenges and shifting their travel shopping and booking activities.
In APAC, pent-up demand swept in a travel spike.
In China, a dynamic domestic market and a reviving outbound sector will propel total gross bookings of $185 billion in 2024.
Latin America’s travel market experienced a second year of strong double-digit growth in 2022, as gross bookings climbed 37 per cent.
The Middle East travel region grew by 95 per cent year-over-year, partly supported by new players entering this still-developing market.
Travel companies find themselves in an exceptional period, building a competitive edge through innovations in the next game-changing travel technologies.
More Information
The research was released ahead of the Phocuswright Conference, taking place this week in Fort Lauderdale, Florida.
The event offers the brightest mix of attendees, speakers and partners, all of whom will work together toward for a better future for travel.
Find out more on the official website.
