With nine out of 10 record-breaking spending days in the global cruise and airline industries occurring in 2024, the international travel sector continues to rebound despite economic pressures with increased tourism spend trends and air traffic propelling the momentum, according to the latest Mastercard Economics Institute (MEI) report.
Looking ahead, MEI anticipates this momentum will continue as consumers prioritise meaningful experiences and allocate more of their budgets to travel – and that’s good news for travel advisors and tourism operators.
The report found Australian travellers are the biggest global spenders on nightlife and experiences, spending one out of every five dollars (19%) on these activities in 2024 compared to the global average (12%).
Tourism spend trends in Australia
Interest in Australia as a tourist destination is also burgeoning with the country ranked seventh in a list of top travel destinations over the past 12 months.
The report shows international travellers to the Asia-Pacific region are staying longer and prioritising experiences over purchases.
Overseas visitors are also staying longer in Australia and New Zealand with an average stay of 5.4 days, up 0.6 days compared to 2019, which translates to increased tourism spend trends in destination.
Australia has seen a 48.7 per cent increase in tourism splurge on fine dining compared to the same period in 2022, while tourists are also spending 40.6 per cent more on luxury apparel during their Australian holidays.
APAC travel on the rise
With five out of the 10 top trending destinations in the Asia Pacific region, APAC has rebounded and demonstrates the greatest momentum among global travellers.
Japan was the top-ranked global destination, growing almost one per cent year-on-year, followed by Ireland, Romania, Italy and Spain in the top five. Malaysia, South Korea, UAE and Indonesia rounded out the top 10 list.
MEI measured the change in tourism transaction data share to rank the top global destinations to March 2024 and uncover worldwide tourism spend trends.
Read the full report here.
