A return to pre-pandemic travel levels seems unlikely in the near future as Asian travelers appear reluctant to resume flying
Jul 2, 2024
While tourist hotspots from Japan to Indonesia are seeing a resurgence in activity, and the upcoming Paris Olympics are expected to boost travel from Asia to Europe, current data suggests that we are still well below pre-pandemic levels.
Key takeaways
- So far this year, travel levels are still 13% below 2019 levels. In addition, May data suggests that growth is slowing;
- Tensions between the U.S. and China have significantly reduced demand and interest in both business and leisure travel across the Pacific;
- China’s economic slowdown has led consumers to cut back on spending, and rising national pride is encouraging more domestic travel;
- Increased workplace flexibility and changes in corporate travel policies, including a greater focus on reducing carbon footprints, suggest a permanent reduction in business travel growth.
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