Business and leisure travel around the world in 2022 is booming, with air bookings expected to surpass pre-pandemic levels. At the same time, spending on cruises, buses and trains is equally significant.
These are some of the key findings in his new research Mastercard Economics Institute, Travel 2022: Trends and Transitionswhich reflects the situation in the tourism industry in 37 markets, including Greece after a difficult two years and at a time when restrictions have been significantly reduced and the COVID-19 vaccine is available.
According to Mastercard research, if air bookings continue at the current rate, it is estimated that in 2022 there will be more than 1.5 billion more passengers worldwide compared to last year. Utilizing its extensive network of partners and the wide range of available data, the research examines the main trends of the tourism industry.
The main conclusions of the report until April 2022
The main findings of the research Mastercard Economics Institute, Travel 2022: Trends and Transitions:
Air and leisure bookings exceeded pre-pandemic levels. By the end of April, global air travel bookings for leisure exceeded 2019 levels by 25%, while short and medium distance bookings increased by 25% and 27%, respectively. In addition, business travel by plane exceeded pre-pandemic levels for the first time in March, and double-digit growth in April, especially over long distances. Returning to the office contributed significantly to this increase.
The transport industries are recovering. Global cruise spending increased by 62 percentage points from January to the end of April, although it remains below 2019 levels. . At the same time, car travel maintains its already increased demand, with spending on tolls and car rentals increasing by almost 19% and 12%, respectively.
Travelers prefer a vacation that includes some kind of experience. Expenditure on experiential travel increased by 34% compared to last year, as in the last year, the demand of travelers for experiential experiences has increased. Bars, nightclubs, amusement parks, museums, concerts and other leisure activities have seen the largest increases in spending. International spending on tourism experiences increased by 60% in Singapore and about 23% in the US. While in the United Kingdom, spending growth each month in 2022 more than doubled compared to 2019 levels, reaching 140% in April.
The de-escalation of restrictions redefines the tourist map for 2022. Unsurprisingly, the level of convenience of a trip is a motivating factor for travelers in choosing a destination. With restrictive measures loosening in much of the world, except in parts of Asia-Pacific, the top tourist destinations in the world are the USA, the United Kingdom, Switzerland, Spain and the Netherlands.
Bricklin Dwyer, Chief Economist at Mastercard and Head of the Mastercard Economics Institute, said: the recovery will continue. ”
More information on Travel 2022: Trends and Transitions can be found here herewhile here You can find other research from the Mastercard Economics Institute.
Source: Capital
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