The latest report from the Mastercard Economics Institute reveals robust consumer spending on travel and a significant surge in passenger traffic, highlighting the evolving landscape of the global travel industry across 74 markets.
Titled “Travel Trends 2024,” the report, released on Tuesday, offers comprehensive insights into shifting trends in the travel sector.
For June through August, the top 10 trending Caribbean/Latin American destinations for American travelers include Oranjestad, Aruba (2nd), Punta Cana, Dominican Republic (5th), San Juan, Puerto Rico (6th), and Santiago, Dominican Republic (10th).
Globally, Oranjestad, Aruba, ranks as the tenth top trending destination, while for Latin Americans, Punta Cana claims the eighth spot for this summer.
Notably, the report highlights a trend of extended vacation stays internationally, increasing from 4.5 days in 2020 to 5.5 days in 2024. In the Caribbean, the average time spent in destinations like Barbados has risen to 8.5 days, attributed to factors such as affordability and climate.
Key global travel trends for the year and beyond include record international travel numbers, a growing preference for longer vacations, a shift towards experiential spending over material goods, and a resurgence in cruise travel surpassing pre-pandemic levels.
Michelle Meyer, chief economist and head of the Mastercard Economics Institute, emphasized the sector’s resilience and adaptability, predicting a thriving tourism industry in 2024.
Mastercard is committed to supporting the tourism sector with market analysis, high-frequency data insights, and personalized customer engagement strategies to enhance the travel experience and drive brand loyalty.
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