What is the international tourism outlook for 2023?

What is the international tourism outlook for 2023? Global travel in 2023 is likely to look very different from what merchants have experienced in recent years. With border restrictions around the world continuing to loosen and lift, there is a 30% rise in global tourism¹ predicted by analysts at the Economist Intelligence Unit this year.

What is the future of the travel industry?

Travel and tourism GDP is predicted to grow, on average, at 5.8 percent a year between 2022 and 2032, outpacing the growth of the overall economy at an expected 2.7 percent a year. ⁵. So, is it all systems go for travel and tourism? Not really. The industry continues to face a prolonged and widespread labor shortage.

How much will business travel increase in 2023?

Altogether, about a quarter (24%) of companies expect their travel spend to exceed three-quarters of 2019 levels in the first half of 2023; that figure more than doubles to 53% by the second half of 2023. The share of US companies expecting to reach full recovery grows fourfold from the end of 2023 to the end of 2024.

Will 2023 be a big travel year?

A resounding 87% of survey respondents expect to travel at least as much as they did in the prior year, with 49% selecting that they expect to travel more. This is especially true among younger respondents, with 59% of those between the ages of 18 to 26 planning to travel more in 2023.

How far in advance should I book an international flight 2023?

Time your booking right “For international flights — [it's] four to 10 months.” If you're traveling during an off-peak season, you're going to want to look at airfares one to three months in advance for domestic flights, and two to eight months ahead of the flight for international trips.

What countries are safe to travel to 2023?

What is the travel industry forecast for 2024?

Global business travel spending is expected to recover to its pre-pandemic total of $1.4 trillion in 2024 and grow to nearly $1.8 trillion by 2027, fueled by more favorable economic conditions than expected in 2022 and 2023. In 2022, global business travel spending rose 47% to $1.03 trillion.

Will travel become cheaper in 2023?

In 2023, I expect that to reverse and year-over-year fares to fall. With China—the last major country with covid travel restrictions—poised to reopen on January 8, I'm anticipating a huge uptick in transpacific flights (which are currently down 50% compared to 2019). More competition = cheaper fares.

Will travel recover in 2023?

The World Travel & Tourism Council says the global travel and tourism sector won't fully recover this year — but it will get close. The sector is forecast to reach $9.5 trillion in 2023, just 5% shy of its gross domestic product contribution in 2019, according to the WTTC's 2023 Economic Impact Research.

What is the travel industry forecast for 2023?

Indeed, the World Travel & Tourism Council (WTTC) forecasts that the global travel and tourism sector will reach US$9.5 trillion in 2023 — just 5% below 2019 pre-pandemic levels. The positive summer travel outlook is echoed by data from J.P. Morgan Research.

Where is the riskiest place to travel 2023?

Afghanistan has been identified as potentially the most dangerous country in the world to visit in 2023 according to recently published Risk Map 2023. Medical and security specialist International SOS named Syria the second-most dangerous destination to visit this year, followed by Ukraine, Mali and Iraq.

What are summer travel trends for 2023?

In tourism, quiet luxury is trending in the rise in popularity of boutique hotels, eco-resorts, sustainable tourism experiences, and niche getaways like sleep vacations (trips in which you prioritize rest and relaxation over sightseeing and late nights) as well as supervised psychedelic immersions; retreats set in safe ...

How far in advance should I book a flight for best price?

The general rule is that for domestic flights, travelers should start searching for flight tickets one to three months in advance. For international flights, the best prices are typically available from two to eight months in advance. Prices can also vary widely among airlines.