Value for money, wellness and sustainability are set to be the big drivers of consumers’ travel spending this year, according to London-based market research firm Euromonitor International.
It sees wellness breaks – including spa and yoga retreats – continuing to increase in popularity, with the global market expected to be worth nearly $30bn.
Euromonitor also sees surging popularity around nature-based tourism, with things like adventure and eco-tourism accounting for up to 57% of all travel packages this year. This bracket also includes rural and beach destinations.
Sustainability will be at the heart of consumer travel spend, this year, according to Euromonitor. That, again, covers a range of brackets including adventure, wellness and cultural breaks.
The research found nearly 74% of travel executives have seen an increased interest in sustainability among their customers, with over 57% of travel companies saying their customers will pay for more sustainable products and services.
According to Euromonitor International: “Embracing net zero emissions targets is the next stage of sustainable tourism, where booking platforms like Goodwings in Denmark are putting net zero at the core of their offer, whilst the EU has its network of 100 NetZeroCities to achieve carbon neutrality by 2030. Global tech giants, from Google to Skyscanner and Trip.com, are all adopting greater transparency regarding carbon at the time of booking.
“The movement to decarbonise and embrace a just transition is growing ever stronger in 2023, bolstered by joined-up thinking across consumers, governments and the private sector.”
Euromonitor also said it expects the positive effects of China removing its travel restrictions to begin to be seen from the second quarter of this year.
