How is travel industry doing in 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.



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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.

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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.

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Challenges and barriers impacting the industry this year Respondents say the top barriers that affected their business travel in 2023 have included corporate budgets keeping up with price increases (69%), inflation/recession concerns (63%), and geo-political events (44%).

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International travel is expected to continue its recovery in 2023, following a stronger-than-expected performance in 2022.

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Despite the challenges that came with traveling last year, Americans still intend to travel in 2023. 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.

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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.

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Key takeaways: Global leisure travel remains robust, up roughly 31% in March 2023 compared to the same period in 2019, representing an impressive 25% year-over-year-to-date change from 2022 to 2023.

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People still choose a travel agent to help them book their travel experience, whether it is for business or pleasure. A travel agent helps travelers navigate any issues that may arise. They can even help save travelers money because they know what kinds of discounts and packages are out there.

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A 2023 consumer research survey from ASTA (the American Society of Travel Advisors) found that 50% of travelers are more likely to use a travel advisor post-pandemic. (This is a 7-point increase from 2022.) Here are the crib notes: There's no better time to become a travel agent.

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Moreover, the travel industry's recovery has just begun, even as the global GDP experienced significant growth. This indicates considerable untapped potential in travel across all regions. The report reveals that in 2025, the industry will be around 240 million trips below its full pre-pandemic potential.

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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.

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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.

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A significant reduction in the number of travel agents. According to the U.S. Bureau of Labor Statistics, full-time agents declined from a peak of 124,000 in 2000 to 82,000 in 2019. From 1997 to 2013, retail travel agency headcount fell by 59 percent—from 22,938 to 9,387, said Skift, a travel media and events company.

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If you're a millennial or Gen Zer, you may be surprised by the retro hack some fellow travelers use to book seamless trips: a travel agent. Will Pay for Wanderlust! Millennials and Gen Zers are more likely to use travel agents/advisers than Boomers, according to a December 2022 Flywire survey of luxury travelers.

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Overall, global passenger demand is estimated to grow 22% year-on-year in 2023 and 6% in 2024, Moody's investor service said on Tuesday.

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It mostly comes down to supply and demand. Demand is contributing to higher prices as travel continues to surge post-pandemic, Berg said. Sustained strong demand in 2023 continues to put additional pressure on prices, especially to and within regions where travel has only recently reopened like parts of Asia.

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Summer 2023 airfare trends If you're looking to travel abroad, expect to pay more. In virtually every international market, airfares are higher for this summer than they were for last. Flights to Europe are averaging $1,141 round-trip, 34% more than they cost last year.

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A global recession will impact the entire Travel & Tourism sector, despite the robustness that it has shown in past years. There are many reasons to expect that demand for all kinds of travel will decline in the coming years.

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Reduced business travel is also being driven by too much work (24%), health concerns (20%) and restrictive company travel policies, according to the Ipsos survey for the U.S. Travel Association.

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