Dubai, UAE — The Mastercard Economics Institute has revealed in its latest Travel Trends 2024 report a major shift in the travel industry this year, characterized by a significant increase in travel spending and strong growth in traveler traffic.
This latest global report provides comprehensive insights into the evolving landscape of the travel industry across multiple markets.
It says that despite fluctuating exchange rates and varying levels of affordability, the desire to travel remains stronger than ever with the UAE ranking ninth in top trending destinations globally in the last 12 months.
For UAE travelers, the top three trending destinations for this summer are London, Athens and Paris. Globally, Japan tops the trending destinations list for the past year with Munich ranking as the top trending destination for this summer (June-August 2024) given the European Championship action.
In 2024 the travel sector is flourishing, with nine out of the last 10 record-setting spending days in the global cruise and airline industry occurring this year. Travellers leaving the Middle East region are more strategic with where and when they travel and are increasingly spending closer to home within the region. Meanwhile, travellers to Africa and the Middle East are extending their trips by an extra three days compared to pre-pandemic.
“The travel sector in the Middle East region is incredibly strong and resilient, supported by consumer demand, an appetite to discover destinations closer to home while enjoying memorable and authentic experiences. It’s great to see travellers extend their stays, and this is something that’s very positive for the tourism industry at large, as well as local governments building diversified economies,” said Natalia Lechmanova, Chief Economist EEMEA at Mastercard Economics Institute.
Drawing on a unique analysis of aggregated and anonymized transaction data, including Mastercard SpendingPulse, and third-party data sources, the report takes a deep dive into key travel trends globally for the year and beyond.