Connect with us

Travel

Mastercard reveals 2024 travel trends as cruises compete with hotels

Published

6 months ago

on

Mastercard reveals 2024 travel trends as cruises compete with hotels

Travellers are spending an extra day on vacation on average. Credit: Sven Hansche via Shutterstock.

Payment card services corporation Mastercard has released its Travel Trends 2024 report which looks at the travel industry across 74 markets.

Drawing on an analysis of aggregated and anonymised transaction data and third-party data sources, the company finds that an all-time high of 15.9m Americans travelled internationally in Q1 2024, while Japan welcomed more than 3m arrivals in March 2024 alone. The surge in travel reflects greater activity, fuelled by a strong labour market.

The increase in travellers is benefitting the cruise market, as the widening price difference between cruises and hotels has made the former a more budget-friendly option for a getaway.

GlobalData’s travel and tourism intelligence highlights that cruises are important players as they are not only taking tourists from place to place, but also provide a multifaceted experience.

According to Mastercard, global cruise passenger transactions reached around 16% above 2019 levels in Q1 2024. Booming cruise demand is also seen at key ports. The Bahamas has welcomed an additional 2.9m passengers above 2019 levels arriving by sea from 2023 to 2024.

Travellers are also spending an extra day on vacation on average – and those from Europe and the Middle East and Africa roughly two – with the trend driven by affordable destinations and warmer climates. For each extra six degrees Celsius of temperature, the estimated increase in length of stay is approximately one day.

Access the most comprehensive Company Profiles
on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free
sample

Your download email will arrive shortly

We are confident about the
unique
quality of our Company Profiles. However, we want you to make the most
beneficial
decision for your business, so we offer a free sample that you can download by
submitting the below form

By GlobalData







Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Japan has emerged as the global frontrunner for the top trending destination in the 12 months since May 2023, while Munich ranks as the top trending destination for summer 2024.


Related Topics:
Continue Reading