The future of travel, according to McKinsey
The industry is set to make a full recovery by the end of 2024, after losing 75 percent of its value in 2020. Here’s what you should know about the journey ahead
In February and March 2024, McKinsey surveyed 5,000 people in China, Germany, the United Arab Emirates (UAE), the United Kingdom, and the United States who had taken at least one leisure trip in the past two years.
Key takeaways
- Travel is a top priority, especially for younger generations. Our survey found that 66% of travelers are more interested in traveling now than they were before COVID-19. Millennials and Gen Zers are traveling more and spending more of their income on travel than older generations;
- Younger travelers plan international and domestic travel equally in 2024, while older generations plan more domestic travel. Baby Boomers, who account for 20% of travel spending, prefer to pay for convenience, such as nonstop flights, but cut back on experiences to save money. In contrast, Gen Zers prioritize experiences over other expenses;
- Social media has a significant impact on travel, with 92% of younger travelers inspired by it for their most recent trip. Travel preferences vary by region: 69% of Chinese respondents plan to visit famous landmarks, while only 20% of European and North American travelers do. UAE travelers prefer iconic destinations, shopping and outdoor activities.
Get the full story at McKinsey and download McKinsey’s The state of travel and hospitality 2024 report