Mastercard's travel industry trends 2023

China to bolster growth globally with a concentrated impact in Asia Pacific expected to help the region outperform the rest of the world

The Mastercard Economics Institute's fourth-annual travel report, Travel Industry Trends 2023, explores today's traveler, the impact of mainland China's reopening on global tourism, new and consistent travel destinations, the pace of business travel recovery and how travelers are spending.

Key takeaways

• Global leisure travel remains robust, up roughly 31% in March 2023 compared to the same period in 2019, representing an impressive 25% year-over-year-to-date change from 2022 to 2023;
• In mainland China, tourist demand for experiences has neared pre-pandemic levels in March 2023 (93% of March 2019 levels), with luxury and other retail yet to recover;
• Travelers are increasingly seeking unique experiences in destinations across the world, with spending on experiences up 65%, while spending on things up 12%, compared to 2019 as of March 2023.

Get the full story at Mastercard Economics Institute