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EUROMONITOR  INSIGHTS  SERVICES  TOP THREE TRAVEL TRENDS FOR 2023

Top Three Travel Trends for 2023

2/20/2023

Share:
Caroline Bremner
Bio    

Travel is at full throttle with growth rates through the roof as the industry powers ahead with its
recovery from the COVID-19 pandemic, yet now faces significant headwinds from the cost-of-living
crisis. To weather the latest storm, travel brands and destinations are tapping into values-based
tourism products and services that resonate more with consumers that seek out transformational
travel experiences.

At the same time, tourism as a sector is facing up to the existential crisis at its heart. Highly carbon
intensive and dependent on fragile destinations, there is a growing collective effort to minimise
negative impacts on the environment and local communities through joined-up thinking.

China – the catalyst for full recovery in tourism

After three long years, travel and tourism are finally in a position where every piece of the puzzle is
in its place. The last of the restrictions have mostly been removed in regions like Asia Pacific, whilst

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China reopened to international tourism from 8 January 2023, unleashing an important source of
demand.

World inbound tourism spending is expected to attain 83% of

its peak levels in 2019, returning to full glory by 2024

Source: Euromonitor International’s Travel Forecast Model, Q1 2023

Euromonitor International expects there to be a “slow burn” in China outbound tourism in Q1 2023,
as COVID-19 cases rise at home and geopolitical tensions are stoked abroad, with tit-for-tat travel
restrictions reinstated in places. The expectation is that the surge from China will gather speed
from Q2 2023 onwards, overall posting exceptional growth of over 400% in 2023 for outbound
tourism spending, providing a much-needed shot in the arm for destinations especially in Asia
Pacific.

The cost-of-living crisis that has gripped Europe and North America has led to decades-high
inflation and will dampen global inbound tourism spending, with growth of 37% in 2023, having
doubled by 103% in 2022.

World Inbound Tourism and China Outbound Tourism Spending Growth Index 2019 -2027
2019=100, constant prices

150

China outbound tourism

World inbound tourism

0
2019 2021 2023 2025 2027

Source: Euromonitor Interna onal

Values-based tourism products strike a chord with consumers

Consumer values are filtering through to every aspect of their lifestyles where, increasingly, the
choice of trip reflects the interests, beliefs and attitudes of consumers. This is epitomised by the
blended travel (or “bleisure”) trend, where consumers are redefining their work-life balance and
experiencing the joy of travel, whether through “workations” or work from anywhere policies.

Values-based offers such as sports, wellness and eco-tourism are all expected to outperform
standard packages over 2023-2027, with average value growth of over 12% per year.

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Wellness packages, where the focus is on holistic wellbeing,

from yoga retreats to destination spas, are forecast to reach
USD29.3 billion in 2023

Source: Euromonitor International’s Travel Forecast Model, Q1 2023

Wellness has demonstrated strong resilience during the pandemic, with less of a decline than
other types of packages in 2020 (-65% vs -69% respectively).

Nature-based tourism – including adventure, eco-tourism, and sun and sea – is also enjoying
increased consumer appetite, expected to account for 57% of all travel packages worldwide in
2023 alone. These packages encompass rural, beach and adventure destinations and activities, as
the appeal of nature and the wild continues to grow post-pandemic, as an antidote to urbanisation
and new hybrid working practices.

World Packages by Category 2019/2023/2027

USD million
120,000
100,000
80,000
60,000
40,000
20,000
-
Other Eco-tourism Sports Wellness Adventure Culture & Sun & Sea
Heritage
2019 2023 2027

Source: Euromonitor Interna onal

Existential crisis at its heart drives road to net zero

Sustainable travel packages – accounting for adventure, culture and heritage, eco-tourism and
wellness – are forecast to amount to USD134 billion in 2023, and the larger share of overall
packages compared to typical mass-market products like sun and sea.

With two thirds of consumers globally saying that they want to have a positive impact through their
daily lives, this is a trend that the sector is paying attention to.

73.8% of travel executives saw increased interest in

sustainability from their customers in 2022

Source: Euromonitor’s Voice of the Industry: Travel Survey, April 2022

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Even more importantly, 57.3% noted that their customers will pay more for sustainable products
and services, such as using renewables, carbon offsetting, paying a fair wage or sourcing local
food and drink.

However, the link through to innovation is falling down as only 47.8% of travel executives say that
their company is investing in sustainable products and services or driving the sustainable
transformation of back-end operations.

Embracing net zero emissions targets is the next stage of sustainable tourism, where booking
platforms like Goodwings in Denmark are putting net zero at the core of their offer, whilst the EU
has its network of 100 NetZeroCities to achieve carbon neutrality by 2030. Global tech giants, from
Google to Skyscanner and Trip.com, are all adopting greater transparency regarding carbon at the
time of booking.

The movement to decarbonise and embrace a just transition is growing ever stronger in 2023,
bolstered by joined-up thinking across consumers, governments and the private sector.

Travel Companies' Enagement with Sustainability 2022

% of respondents

Provide a carbon tracking tool

Engage with climate ac on

Engage with gender equality

Engage with the UN Sustainable Development Goals

Customers showing more interest in sustainability

0 10 20 30 40 50 60 70 80 90 100

Source: Euromonitor Interna onal - Voice of the Industry: Travel Survey, fielded in April 2022

For further discussion on the travel industry, read our report Competitior Strategies in Travel

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