SINGAPORE, 14 March 2024: Travellers are more likely to spend the same amount of money or more on travel this year, according to the latest 2024 Global Travel Trends Report1 released by American Express this week.
The report, based on survey data from travellers in the US, Australia, Canada, India, Japan, Mexico, and the UK, highlights the inspiration and trends driving global travel bookings this year. It finds that 84% of respondents plan to spend more or the same amount of money on travel in 2024 compared to last year.
Additionally, 77% of respondents care more about having the right travel experience than about the cost of the trip.
Four trends driving booking decisions
- For the Love of the Game: Sports fans are planning trips around athletic events, whether it involves a favourite sport, a beloved team, or an international multi-sport competition
- 67% of Millennial and Gen Z respondents (compared to 58% of all respondents) are interested in travelling for sporting events in 2024
- 58% of respondents who are travelling for sports in 2024 will do so for soccer, basketball or Formula 1 racing
- New York, Miami and Paris are the top destinations respondents are planning to travel to for sporting events this summer
- Planning Big: Major, expedition-style adventures, like a trip to the Galapagos Islands or trekking with the gorillas, deliver the transformative experiences that travellers seek.
- 65% of respondents are more interested in taking a major trip in 2024 than in previous years.
- 72% of respondents would rather save money for a major trip than spend it on going out with friends, and more than half plan on saving between six months and two years for a major trip.
- 58% of Millennial and Gen Z respondents want a travel agent or trusted advisor to help them book a major trip this year.
- 55% of respondents planning a major trip would consider visiting multiple countries in a region.
- Going Solo: Travellers take trips alone, embracing the ease of planning and the ability to tailor itineraries to fit their needs.
- 76% of Millennials and Gen Z respondents (compared to 69% of all respondents) say they plan to take a solo trip in 2024.
- 74% of male and 63% of female respondents say they will plan a solo trip in 2024.
- 66% of respondents planning solo travel are planning a trip tailored to treat themselves.
- 60% of respondents planning on travelling solo this year intend to take two or more solo trips.
- On a Whim: With so much of life structured and scheduled, people seek flexibility in their travel plans, leaving room for spontaneity.
- 78% of respondents say that spontaneous trips appeal to them.
- 77% of Millennials and Gen Z have booked a last-minute trip before, compared to 65% of Gen X and 52% of Baby Boomers.
- 68% of respondents agree they like to leave unplanned time in their trip to experience local culture/activities .
- 57% of respondents prefer booking a last-minute getaway to a nearby destination rather than somewhere far away.
“Travelers are focused on creating the right itineraries and building memories, whether that means booking a trip to see a favourite sports team compete or taking a once-in-a-lifetime expedition cruise,” says American Express Travel president Audrey Hendley. “Our Global Travel Trends Report sheds light on what drives global travel bookings and inspires where to go next.”
The full American Express Travel 2024 Global Travel Trends Report can be viewed here.
