leisure travel
Business Travel Set to Surpass Pre-Pandemic Levels to Reach a Record US$1.5 Trillion in 2024
The World Travel & Tourism Council | October 11, 2024
Perth, Australia: A new report from the World Travel & Tourism Council (WTTC) has revealed that business travel is set to surpass pre-pandemic levels this year, faster than previously predicted, to reach a record US$1.5TN. The rise of remote working during the pandemic had a disproportionate effect on corporate travel, compared to leisure travel, with virtual platforms replacing face-to-face meetings. Last year, leisure travel was just 2.9% behind the 2019 peak, whilst business travel continued to struggle, remaining 5.4% behind. But as business leaders re-emphasised the importance of face-to-face interaction, business travel is ...
CBRE Hotels Adjusts Outlook for 2024 Due to Economic Conditions, Predicts Modest U.S. RevPAR Growth
CBRE Group, Inc. | August 15, 2024
Dallas – August 15, 2024 – CBRE is reducing its forecast for U.S. hotel performance this year, as lodging demand softens due to weaker-than-expected leisure travel and slowing corporate profit growth. CBRE now projects a 1.2% increase in revenue per available room (RevPAR) growth for 2024, down from the 2.0% estimated in May 2024. Nevertheless, CBRE anticipates 2% year-over-year growth in RevPAR in the second half of 2024, up from 0.5% year-over-year growth in the first half, driven by international tourism and election-related events. CBRE forecasts GDP growth of 2.3% and average inflation of 3.2% in 2024. The performance of the lod...
Summer Travel Poll: 61% of Americans Likely To Travel for Leisure
AHLA | May 21, 2024
Inflation remains a significant obstacle to economic growth for the hotel industry WASHINGTON (May 21, 2024) – Sixty-one percent of Americans plan to travel overnight for leisure in the next four months and 34% of Americans expect to increase their overnight leisure travel this summer compared to last year, according to a new survey commissioned by the American Hotel & Lodging Association (AHLA) and conducted by Morning Consult. The poll found that 31% of Americans said they plan to increase their number of hotel stays this summer compared to last summer. Regarding business travel, 35% of Americans said they expect to take an ov...
Americans Expect to Spend a Record-Breaking $221 Billion on Summer Vacations This Year
Allianz Partners | May 20, 2024
Allianz Partners USA's 16th Annual Vacation Confidence Index Projects Americans' Travel Spend to Reach All-Time High This Summer RICHMOND, Va., May 20, 2024 - Americans continue to signal that travel is splurge-worthy and are again setting new records for vacation spending in 2024. For a second consecutive year, Allianz Partners USA's annual Vacation Confidence Index* found that Americans' total spend on summer vacations is expected to remain north of the $200 billion mark, this year exceeding $221.6 billion. According to the travel insurance and assistance provider, Americans have more than doubled their projected summer vacation...
Redefining Business Mobility: Insights Into Travel and Office Trends for 2024
Charles Oswald | April 12, 2024
By Charles Oswald During his recent conversation with Ryan Embree for the Hospitality Trailblazers series on the Suite Spot podcast, President and CEO Charles E. Oswald talked through his trends and predictions for 2024. Here, Charles expands on those thoughts. In the ever-evolving business travel landscape, we observe significant shifts in market trends. Currently, there’s a general softening in leisure travel trends coupled with an improvement in business travel. These changes are critical as we adapt and strategize for the future. Key indicators that are paramount in our analysis include Office Utilization trends and Air Traf...
Economic Headwinds and Geopolitical Tensions Will Likely Impact Hotel Performance Through 2024 According to PwC
Hospitality Directions | November 13, 2023
Leisure demand, while still strong, began to soften in the back half of this year for US hotels, as other parts of the world continued to reopen their vacation destinations and leisure travelers began to once again feel safe traveling abroad. Increases in individual business travel and group business have not yet been able to fully offset this softening. As a result, occupancy levels have declined in each of the past seven months, relative to comparable 2022 levels, and are expected to continue to be down during the remainder of this year and through at least the first quarter of 2024. Room rate growth had played a significant role in the ini...
TravelBoom Releases 2023 Leisure Travel Trends Study
TravelBoom | July 26, 2023
Study reveals customers are making up for lost time. MYRTLE BEACH, S.C., July 26, 2023 -- TravelBoom, the leading data-driven digital marketing agency for hotels, resorts, and vacation rental companies, released its annual Leisure Travel Trends Study after recently surveying approximately 2,000 travelers in 2023. The findings uncover the influence of an ever-changing economy on travel choices, increases in online bookings, an increased frequency of vacations, and the most sought-after amenities when booking. The study explores the step-by-step process travelers undergo when navigating a selection of locations, planning, and booking a vac...
Summer 2023 Trip Length and Spending Are Both on the Rise
Allianz Partners | July 18, 2023
RICHMOND, Va., July 18, 2023-- Americans are planning to set their status to "out of office" for longer stretches and open their wallets a little wider this summer, according to this year's 15th Annual Vacation Confidence Index from Allianz Partners USA. While the traditional week-long vacation is still elusive, new research indicates travel is becoming a priority again based on longer trips and increased spend. As both travel and confidence have rebounded in recent years, the average number of nights spent away has been steadily creeping up and now sits at 4.5 versus 4.3 (2022) and 4.1 (2021). The shift is beginning ...
