McKinsey identifies three major themes that will shape tourism in 2024

Global travel is back and booming. More regional travel, new emerging travelers and a fresh set of destinations are driving steady spending

Travel, which will decline by 75% in 2020, is on track to fully recover by the end of 2024. Domestic travel is expected to grow 3% annually to 19 billion overnight stays by 2030, while international travel is forecast to return to nine billion overnight stays. Travel spending is estimated to reach $8.6 trillion in 2024, representing approximately 9% of global GDP.

Key takeaways

• Prioritize domestic travel: Focus on capturing domestic travel demand before shifting to international markets, especially targeting travelers from nearby countries;
• Emerging markets: Eastern Europe, India and Southeast Asia are becoming important sources of outbound tourism;
• New Destinations Rising: Lesser-known destinations are increasingly attracting international tourists and establishing themselves as attractive travel destinations.

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