MasterCard’s recently released Travel Trends 2024 report found that global travel was breaking records and travellers were taking more extended vacations.
Of the top 10 record-breaking spending days for the global airline and cruise industries, nine of these days were in 2024.
Tourists are also spending more time on leisure travel, about one day more than pre-COVID on average, which translates to higher spending levels. This number increases to three days for travellers visiting the Middle East or Africa, the highest regional increase.
In analysing travel costs, prices for travel products remained elevated compared with 2019, particularly for travellers visiting the European Union. Lodging costs for travellers visiting the European Union have seen a steady, steep increase in the past few years, reaching an all-time high increase of 27,8% in 2024 compared with 2019. Airline prices are 35,1% higher than 2019.
MasterCard reported good news for the cruising industry, with the number of global cruise passenger transactions surpassing that of 2019 by about 16%. This is the number of transactions consumers make while on board and booking cruises.
“Given persistent price increases in the hotel industry, the price difference between cruises and hotels has widened, making trips by cruise a relatively more budget-friendly option in many cases,” reads the report.
In sub-Saharan Africa, MasterCard found that the most prominent tourism trend was growth in digital payments. The region is adopting digital payment technology faster than the rest of the world. The percentage of ATM withdrawals as a proportion of card spend also dropped to the lowest point on record in 2024.
