Outbound travel numbers are back to 80% of 2019 levels for the Labor Day holiday, and continue to improve
May 20, 2024
This trend is expected to continue. Beijing’s announcement in January that it will ease visa requirements for 11 countries starting in July 2023, along with renewed interest from foreign tourists in China as a destination, is expected to increase outbound and inbound international travel.
Key takeaways
- Despite economic struggles and sluggish retail spending, travel has surged and emerged as one of the stronger consumption categories, according to Morgan Stanley;
- A Bloomberg Intelligence survey last month found that the number of people planning to spend more on international travel rose 12 percentage points to 73%;
- Some sectors still face challenges. Airlines may struggle as the increase in travel demand is partly driven by lower prices due to increased capacity on key routes.
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