Big passenger numbers and market buoyancy predicted for 2024

It’s looking like a strong year for international travel. According to the International Air Transport Association (IATA), a substantial surge in air travel is predicted, with around 4.7 billion passengers set to take flight in 2024.

This bodes well for airlines, as passenger revenues are projected to reach $717 billion, marking a 12% upswing from the preceding year.

On a global scale, North America is anticipated to maintain its leadership position in 2024, projecting net tourism profits of $14.4 billion.

In a Forbes survey of 1,000 Americans, 92% expressed a desire to travel at least as much in 2024 as they did in the previous year, and 39% said their travel budgets for 2024 would be higher than in 2023. Despite escalating prices, the inclination towards travel remains unwavering. According to the survey, Americans expect to continue considering travel as a significant aspect of their lives and budgets.

FOMO played a major role in early bookings, according to another survey from American Express, with 37% of respondents securing their plans to avoid the disappointment of sold-out flights or accommodations. For 31%, the prospect of having something to look forward to during the bleak winter months was a significant motivator.

While travel remains a priority for all age groups, the younger generations are most likely to travel more. Gen Z (56%) and Millennials (49%) have more travel plans compared to 39% of Gen X and 29% of Baby Boomers.

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