Travel trends 2023: Experiences and conscious consumption are in the foreground
In the first full year without travel restrictions, personal connections and experiences will be the focus of 2023 travel trends. According to a study by the Mastercard Economics Institute, travelers in Germany spent 66.3 percent more on leisure activities, events, restaurants and club visits in March 2023 than in the previous year. Spending on local purchases also increased by 26.6 percent.
Analysis of global travel spending
The Mastercard Economics Institute’s Travel Industry Trends 2023 study analyzed global travel-related spending and showed strong growth. Compared to March 2019, before the COVID-19 travel restrictions, German traveler spending on experiences increased 63.9 percent in March 2023.
Travel Trends 2023: Influence of social media and movies
Social media, movies and TV series all contribute to travelers’ desire to immerse themselves in previously unknown destinations in Germany. However, travelers spent 6.3 percent less on local purchases than in March 2019, possibly due to persistently high inflation and price increases in Germany.
Chinese travelers boost German tourism industry
Relaxations in China’s strict COVID-19 regulations are leading to an increase in the number of Chinese travelers to Europe. Germany is expected to benefit as a top travel destination from the lifting of mainland China’s travel restrictions, ahead of the Netherlands and France. Chinese travelers were responsible for 16 percent of all global travel spending in 2019.
Return of the business trips
The study shows that leisure travel is the top priority, but business travel has been booked more frequently again since the second half of 2022. Vacation and business travel is recovering the most in Europe, with spending growth of 42 percent in the first quarter of 2023, alongside Asia Pacific (64 percent).
Travel trends 2023
The preferred destinations in an international comparison include the USA, Great Britain and Spain. Germany occupies the 5th place in the ranking of the most popular destinations and is becoming more and more interesting as a travel destination for travelers from Latin America.
Mastercard supports the global tourism sector in its economic recovery through a range of services, including market and data analysis. They help to understand changing trends and adapt one’s own offering to them.