In its latest report, Mastercard Economics Institute offers a complete view of the evolution of the sector in 74 markets
The travel sector in 2024 is breaking boundaries. Through March 2024, consumer travel spending will be strong, with passenger traffic increasing significantly, according to the Mastercard Economics Institute's latest global report “Travel Trends 2024.”
Within this report, the Mastercard Economics Institute provides notable findings relevant to travelers in Latin America and the Caribbean. According to the report, the top 10 trending destinations from June to August 2024 for travelers in the region include: Barcelona, Spain; London, United Kingdom; Madrid Spain; Paris France; Santiago de Chile, Chile; Buenos Aires, Argentina; Río Negro, Colombia; Punta Cana, Dominican Republic; New York, USA; and Frankfurt, Germany.
For travelers from around the world, Cancún (Mexico) is ranked as the fifth global travel destination from June to August 2024. Another highly visited area is the Caribbean, where it is becoming evident that, as the travel recovery progresses, Across the region, countries with relatively more affordable hotel options are performing exceptionally well, ultimately benefiting economies. Aruba and the Dominican Republic are among the top five trending destinations for American travelers.
At an international level, the notable increase in the average duration of vacations is striking, which has gone from 4.5 days in 2020 to 5.5 days in 2024. In Latin America, the time spent increased from 6.5 to 6.9 days, respectively. The increase is due to key factors such as accessibility and climate.
Other global tourism findings: Drawing on a unique analysis of aggregated and anonymized transaction data, including Mastercard SpendingPulse™, and third-party data sources, the report delves into the key global travel trends for this year. and from now on, among them:
Record travel: An all-time high of 15.9 million Americans traveled abroad in the first quarter of 2024.
Leisure for longer: Tourists extend their vacations by an average day, influenced by affordable destinations and warmer climates.
On-the-go experience economy: Consumers now prioritize experiences over material goods when traveling, accounting for 12% of tourism sales, the highest point in at least five years.
Cruises in full swing: Cruise travel is surpassing pre-pandemic demand levels, driven by accessibility compared to hotels. The
The Bahamas has welcomed an additional 2.9 million passengers arriving by sea compared to 2019.
Top 10 destinations: Japan leads in tourism activity, while Munich tops the list for summer tourism. Albania is in third place for being the lowest cost European country.
“The resilience and adaptability of the travel sector, coupled with persistent consumer demand, will translate into a prosperous 2024 for tourism. Just like at home, travelers prioritize experiences over goods abroad," said Michelle Meyer, chief economist and director of the Mastercard Economics Institute. "However, today's travelers are discerning and choose destinations that They offer value and authenticity. They are wise enough to invest their money and extend their stays, fully immersing themselves in the wonders of each place.”
Mastercard is dedicated to helping the global travel industry welcome travelers through a range of services, from market analysis and high-frequency data insights that help make sense of changing consumer trends to marketing strategies. customer acquisition that personalizes the travel experience and drives brand loyalty. Plus, with extensive benefits and amenities, cardholders can enjoy their travel experiences and everyday purchases with complete peace of mind.
