Globally, nine out of the last 10 all-time record spending days in both cruise and airlines have happened in 2024, according to a new Mastercard Report
May 17, 2024
2024 has kicked off with strong growth in the travel industry – in terms of spending but also the number of people traveling. The year started with strong momentum, and a new report by the Mastercard Economics Institute expects it to continue.
Key takeaways
- Passengers traveling: An all-time high of about 15.9 million Americans traveled internationally in Q1 2024 while Japan welcomed over 3 million passenger arrivals in March 2024
- Consumer spending: As of March 2024, nine out of the last 10 record-setting spending days in the global cruise and airline industry were in 2024
- Leisure for longer: Tourists spend more time on vacation, by about one extra day relative to pre-COVID trends, particularly for lower-cost destinations
- Traveling for events: Memorable events are driving travel trends, whether it is for concerts or sporting events – look out for a rush of travelers to Munich for the opening game of the European Championship
- Top gainers: Japan, Ireland and Romania experienced the strongest growth in share of spending from tourists relative to last year
Get the full report at Mastercard
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