Mastercard Report: Travel Spending and Traffic Surge in 2024

Dubai, The Gulf Observer: The Mastercard Economics Institute has released its latest Travel Trends 2024 report, highlighting significant shifts in the travel industry characterized by a marked increase in travel spending and robust growth in traveler traffic.

This comprehensive global report provides detailed insights into the evolving landscape of the travel industry across multiple markets. Despite fluctuating exchange rates and varying levels of affordability, the desire to travel remains stronger than ever. Notably, the UAE has ranked 9th among the top trending destinations globally over the past 12 months. For UAE travelers, the top three trending destinations for this summer are London, Athens, and Paris. Globally, Japan has emerged as the top trending destination for the past year, while Munich is the leading destination for this summer (June-August 2024), driven by the European Championship action.

The travel sector in 2024 is thriving, with nine out of the last ten record-setting spending days in the global cruise and airline industry occurring this year. Travelers from the Middle East are becoming more strategic with their travel plans, increasingly opting for destinations closer to home. Meanwhile, visitors to Africa and the Middle East are extending their trips by an extra three days compared to pre-pandemic levels.

“The travel sector in the Middle East region is incredibly strong and resilient, supported by consumer demand and an appetite to discover destinations closer to home while enjoying memorable and authentic experiences. It’s great to see travelers extend their stays, which is very positive for the tourism industry at large, as well as for local governments building diversified economies,” said Natalia Lechmanova, Chief Economist EEMEA at Mastercard Economics Institute.

The report draws on a unique analysis of aggregated and anonymized transaction data, including Mastercard SpendingPulse, and third-party data sources, offering an in-depth look at key travel trends globally for the year and beyond.