Asia Pacific is emerging as a top destination for travelers in 2024, with half of the world’s top 10 trending tourism spots located in the region. According to the latest report from the Mastercard Economics Institute (MEI), the global travel sector is experiencing a surge in consumer spending and passenger traffic.
The MEI’s fifth annual report, “Travel Trends 2024: Breaking Boundaries,” highlights the evolving landscape of the travel industry across 74 markets, including 13 in the Asia Pacific region. Despite fluctuating exchange rates and affordability levels, travel is booming, with nine out of the last 10 record-setting spending days in the global cruise and airline industries occurring this year.
In the Asia Pacific region, several key trends are emerging. Japan has been ranked as the #1 trending destination worldwide, with a 0.9% growth rate compared to Ireland at 0.4%. The country welcomed a record number of visitors in March 2024, driven by a weak yen and favorable exchange rates.
Additionally, APAC passenger traffic is rebounding, especially for shorter intra-regional trips. Thailand’s tourism sector is expected to fully recover in 2024, with inbound flight traffic from South Asia and the ASEAN region surpassing 2019 levels.
Moreover, more Indians are traveling internationally than ever before, with a significant increase in passenger traffic through Indian airports. The report also highlights the trend of tourists extending their trips in the Asia Pacific region, motivated by affordability, warm weather, and favorable exchange rates.
Overall, the report indicates a shift towards prioritizing experiences and nightlife over material goods in the travel sector, with tourists spending more on these activities. The Asia Pacific region is poised to continue its growth as a top destination for travelers in 2024, offering a diverse range of experiences and attractions for visitors.