Travel recovery 2023
The article noted insights from our 2023 Foresight Report: higher airfares and hotel rates will severely limit travel in 2023. Travel disruptions, geopolitical turmoil and corporate sustainability practices will also take a toll.
Read the full article here:
Travel won’t fully recover this year – but it will get close on CNBC
“According to the report:
- Travelers still prefer cutting travel costs to canceling their plans.
- Bleisure travel is on the rise — particularly for trips that are primarily related to work.
- Domestic travel demand is cooling in the United States this year, but Americans are planning to travel internationally more often.
- Big city travel is rebounding, as concerns about Covid-19 are not “materially influencing travel behaviors” in the U.S.
Yet lingering Covid hesitations aren’t gone for everyone, particularly in parts of Asia.
Some 30% of respondents from the Philippines say they’re highly concerned about Covid safety —the highest in Southeast Asia, according to a report published Thursday by the market research company Milieu Insight.”
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The International Air Transport Association (IATA)’s passenger data for August 2022 showed momentum in the air travel recovery with global air traffic at 73.7% of pre-pandemic levels. The UNWTO World Tourism Barometer also indicates that international tourist arrivals almost tripled in January to July 2022 (+172%) compared to the same period of 2021.
But the outlook for 2023 is less rosy as we remain in the grip of turbulent times. Whether that be the unprecedented rise in the impact and frequency of natural disasters, the return of inter-state conflict or the expectation that there will be a global recession in 2023.
Proactively attending to risk means business can continue uninterrupted, and leisure travellers can enjoy their time away. Staying in the know should be a top priority for companies, because in the same way we adjust to a weather forecast, adapting, evolving and continuing will remain pillars for the travel industry in 2023.
This will allow us to continue to make travel easy and empower travellers in an ever-changing world.
