Mastercard's travel industry trends 2023
Travel gets a boost from the re-opening of China, leisure and business. travelers exploring new destinations and spending more on experiences
In the face of a changing global economic landscape, people are packing their bags and heading to domestic and international destinations. This has been the travel recovery story of the last two years, but what's different this year is how mainland China’s reopening could impact the worldwide travel industry.
Key takeaways
- By March 2023, Chinese spending on experiences abroad surged from virtually zero last year to now just below where it was in 2019;
- Business travel is growing just as strong as leisure and spending on experiences is outpacing spending on things;
- Preference for experiences over things persists, and travelers are demonstrating new demand for the unique, potentially influenced by social media and entertainment.
Get the full report at the Mastercard Economics Institute