3 Trends shaping the travel industry in 2023 Posted by Tsoku Maela on 27 March 2023 The travel industry is experiencing significant growth rates as it recovers from the COVID-19 pandemic. However, the cost-of-living crisis is creating headwinds. Picture: Justin Fox To adapt, travel brands and destinations are focusing on values-based tourism that resonates more with consumers seeking transformational experiences. Caroline Bremner, Senior Industry Manager at Euromonitor International, identified three trends shaping the travel and tourism sector in 2023. First, China’s reopening to international tourism on January 8, 2023, is providing a much-needed boost to tourism. Euromonitor predicts exceptional growth of over 400% in 2023 for outbound tourism spending from China, which will help destinations in the Asia Pacific. However, the cost-of-living crisis may dampen global inbound tourism spending. Second, values-based tourism products, such as sports, wellness, and eco-tourism, are gaining popularity, with average value growth of over 12% annually. Wellness packages, in particular, are expected to reach US$29.3 billion in 2023. Nature-based tourism, including adventure, eco-tourism, and sun and sea, is also increasingly popular as consumers seek nature and the wild as an antidote to urbanisation. Third, the travel industry faces an existential crisis due to its high carbon footprint and dependence on fragile destinations. There is a growing collective effort to minimize negative impacts on the environment and local communities through sustainability. Sustainable travel packages are forecast to amount to US$134 billion in 2023, and 57.3% of travel executives noted that their customers would pay more for sustainable products and services. However, only 47.8% of travel executives say that their company is investing in sustainable products and services or driving the sustainable transformation of back-end operations. The next stage of sustainable tourism is embracing net-zero emissions targets, and many companies are adopting greater transparency regarding carbon at the time of booking. The movement to decarbonize and embrace a just transition is growing stronger in 2023. Follow us on social media for more travel news, inspiration, and guides. You can also tag us to be featured. TikTok | Instagram | Facebook | Twitter ALSO READ: Cape Town takes first place as best holiday destination for Britons in 2023 Related Posts Cape Town’s sustainability: Leading the way in environmental initiatives 1 June 2023 As National Environmental Month commences in South Africa, Cape Town stands proudly at the forefront... read more Kapama to host Safari Guide of the Year Awards 2023 1 June 2023 Kapama Private Game Reserve near Hoedspruit will host this year’s Safari Guide of the Year... read more Blood Lions relaunches for public viewing on YouTube 1 June 2023 Award-winning documentary feature film Blood Lions has been relaunched on YouTube for public viewing, creating... read more PREV ARTICLE NEXT ARTICLE
Cape Town’s sustainability: Leading the way in environmental initiatives 1 June 2023 As National Environmental Month commences in South Africa, Cape Town stands proudly at the forefront... read more
Kapama to host Safari Guide of the Year Awards 2023 1 June 2023 Kapama Private Game Reserve near Hoedspruit will host this year’s Safari Guide of the Year... read more
Blood Lions relaunches for public viewing on YouTube 1 June 2023 Award-winning documentary feature film Blood Lions has been relaunched on YouTube for public viewing, creating... read more