Mastercard Economics Institute Releases Travel Industry Trends 2023: Experiences Endure, Business Travel Bounces Back, and Mainland China Re-Opens

MIAMI, FL | MAY 15, 2023 – New insights from the Mastercard Economics Institute reveal that consumers are taking advantage of a more traditional travel ecosystem in 2023, prioritizing leisure travel and pioneering new corridors around the world. Released today, Travel Industry Trends 2023 delivers key insights about the global state of travel, punctuated by shifting economic landscapes, persistent consumer demands, and a reopening of mainland China.

In the face of a changing economic landscape, post-pandemic preferences for experiences over things¹ and a consistent demand for leisure travel shape the 2023 outlook. Initially lagging leisure travel, business travel found its footing in the latter half of 2022, especially in cultures prioritizing a return to office. With an uncertain economy providing some cross-market turbulence, mainland China’s reopening is expected to bolster growth globally with concentrated impact in Asia Pacific, according to Mastercard Economics Institute estimates. 

Key findings include:

”Despite evolving economic landscapes, resilient consumers continue to prioritize travel. And with new corridors emerging and China reopening, the 2023 outlook indicates good reason to be optimistic.”

Comprehensive Support to Travelers & Tourism Sector

Travelers want a good experience from the time they book their plane ticket to their first step on new soil, and companies that understand that are better positioned to establish longer and more valuable relationships with their consumers. This key shift in expectations has already started to change not only how companies work with their consumers, but also the way in which we travel. And though consumer behavior will continue to shift alongside the macroeconomic environment, providing more choice in how to pay (like redeeming points for bookings), and tailoring experiences, recommendations, and offers are just two strategies that keep the individual traveler at the center of engagement.

Mastercard is dedicated to helping the global tourism sector recover and welcome travelers through a range of services, from market analysis and high-frequency data insights that help make sense of changing consumer trends to marketing solutions and consumer engagement strategies that drive brand loyalty and maximize bookings.

You can view the full Travel Industry Trends 2023 report here. Other reports and insights from the Mastercard Economics Institute can be found here.   

_{1"Experiences" includes tourist spending at restaurants, amusement parks, casinos, nightclubs, bars and other events, while "Things" includes tourist spending at convenience store chains, apparel, cosmetics, sporting goods, jewelry, footwear, bookstores, electronics, toys and department stores. Excludes transportation and lodging spend. Represents analysis of aggregated & anonymized switched volumes (nominal US dollars unadjusted for FX) for leisure travelers while in-destination.}

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