Company Announcements

Travelers set to splurge on international travel this year

"Demand for travel is now stronger than ever," says WTTC President & CEO Julia Simpson

MADRID , Jan. 20, 2023 /PRNewswire/ -- A major new report by World Travel & Tourism Council (WTTC) and Trip.com Group, together with Deloitte, reveals a heightened appetite for sustainable tourism amongst consumers, with 69% of travelers actively seeking sustainable travel options.¹

In this follow-up report, WTTC joined forces again with leading global travel service provider, Trip.com Group and its major consumer brands Trip.com, Ctrip and Skyscanner, with additional data sourced from Deloitte, to analyze the trends that shaped the Travel & Tourism sector last year and will continue to do so over 2023.

The report, "A world in motion: shifting consumer travel trends in 2022 and beyond," shows that sustainability is a key element of the travel agenda, with travelers eager to reduce their carbon footprint and support sustainable tourism.

According to a survey included in the report, three-quarters of travelers are considering traveling more sustainably in the future and nearly 60% have chosen more sustainable travel options in the last couple of years.¹

Another survey also found that around three-quarters of high-end travelers are willing to pay extra to make their trips more sustainable.²

Last year, following more than two years of travel disruption, travelers made clear their wanderlust is very much alive, with a 109% increase of international overnight arrivals, compared to 2021.

According to the report, last year consumers were willing to stretch their budget for their holiday plans, with 86% of travelers planning on spending the same amount or more on international travel than in 2019³, with U.S. tourists leading the list as big spenders⁴.

But 2023 is looking even better in terms of travelers' spend. Despite concerns about inflation and the cost-of-living crisis around the world, nearly a third (31%) of travelers said they intend to spend more on international travel this year than in 2022.³

Additionally, according to Deloitte's 'Global State of the Consumer Tracker,' last year more than half (53%) of global consumers surveyed during the summer said they plan to stay in a hotel over the following three months.⁴

Julia Simpson, WTTC President & CEO, said: "The demand for travel is now stronger than ever and our report shows that this year we will see a significant bounce back. 2023 is set to be a very strong year for Travel & Tourism.

"Sustainability is top of travelers' agenda, and consumers highlight the value they put on protecting nature and traveling responsibly."

Jane Sun, Trip.com Group CEO, said: "Travel & Tourism is a powerful force in driving the global economy, creating jobs, stimulating economic growth, and lifting communities out of poverty.

"The Asia-Pacific Region, with its rapidly growing middle-class and dynamic economies, is well-positioned to capitalize on the growth of the industry and take its place as a leader in the global tourism economy.

"I'm optimistic about the positive momentum for the global resumption and growth of travel in 2023, primarily driven by mainland Chinese consumers, which will help accelerate worldwide recovery and development."

Scott Rosenberger, Deloitte Global Transportation, Hospitality & Services Sector Leader, said: "Travel is rebounding from the pandemic while innovating and meeting the demands of more modern alternative travel-types, sustainable travel, luxury travel, and much more.

"Even the rise in inflation-driven financial concerns is not slowing the pace; incredibly travel is being prioritized and flexible/remote work arrangements are creating new opportunities. We are actively engaging with our clients as they embrace these new trends and create memorable experiences for consumers."

Other findings revealed in the report include:

• 2022 sun and sea package holiday sales are estimated to be up 75% compared to the previous year⁵
• Last year during the summer, international arrivals in European sun and beach destinations were just 15% below 2019 levels⁶
• According to WTTC's recent 'Cities Economic Impact Research', in 2022 visits to major cities are expected to see a 58% year-on-year increase, less than 14% below 2019 levels
• Luxury holidays will prove particularly popular, with sales of luxury hotels expected to reach $92 billion by 2025 (compared to $76 billion in 2019)⁵
• In a survey, nearly 60% of travelers said they were either already paying to offset their carbon emissions or considering it if the price was right¹

To access more information and read the report in full, please click here.

¹ Trip.com
² Virtuoso
³ Skyscanner
⁴ Deloitte
⁵ Euromonitor
⁶ ForwardKeys

The World Travel & Tourism Council (WTTC) represents the global travel & tourism private sector. Members include 200 CEOs, Chairs and Presidents of the world's leading travel & tourism companies from all geographies covering all industries. For more than 30 years, WTTC has been committed to raising the awareness of governments and the public of the economic and social significance of the travel & tourism sector.

Trip.com Group is a leading global travel service provider comprising of Trip.com, Ctrip, Skyscanner, and Qunar. Across its platforms, Trip.com Group helps travellers around the world make informed and cost-effective bookings for travel products and services and enables partners to connect their offerings with users through the aggregation of comprehensive travel-related content and resources, and an advanced transaction platform consisting of apps, websites and 24/7 customer service centres.

Founded in 1999 and listed on NASDAQ in 2003 and HKEX in 2021, Trip.com Group has become one of the best-known travel groups in the world, with the mission "to pursue the perfect trip for a better world". Find out more about Trip.com Group here.

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. Our professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world.

Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Learn how Deloitte's 415,000 people worldwide make an impact that matters here.

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SOURCE World Travel & Tourism Council