Travel will slow in 2024

Revenue growth will finally decelerate from red-hot growth. But that's not a sign of weakness. It's a return to normal – and that's a good thing

Skift expects that revenue growth for the travel industry will decelerate: From eye-watering double digits to a more modest rate in the high single digits. This slowdown is not a sign of weakness. Rather, there will be continued strength in the travel industry as business finally gets back to normal. ​

Key takeaways

• Economic conditions appear poised to support further consumer spending, even though there are some clouds on the horizon, there are shifts in consumer behavior that prioritize travel over other spending;
• Expect Asia to finally experience strong growth after its prolonged lockdowns. Europe, on the other hand, is likely to moderate as pent-up demand exhausts itself and travelers shift their focus towards the Pacific;
• Revenge travel may be drawing to a close, but the travel industry still has a gap to fill. Relative to where we would have been without a pandemic, Skift Research estimates that the travel industry will remain 120 million international trips below potential in 2024. ​

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