Punta Cana, DR.- The travel industry in Latin America and the world continues to show a significant rebound from the lowest levels of the pandemic, with new trends and consumer expectations aimed at shaping a new era of travel.
As a full recovery is finally in sight in the travel sector, Visa today announced the results of its new outlook report «Global travel trends for 2024″which reveals that, although consumers are facing difficult budget decisions with prices increasing at a faster rate than in recent decades, they are considering travel as one of their priorities. In fact, according to the results of this report, although a large majority of travelers surveyed are aware of rising travel costs, the majority have not been discouraged, with only 2% planning to travel less. People are also traveling more than in recent years: Brazilian and Mexican travelers plan to take three and two leisure trips respectively next year.
Visa’s new report also shows that the region’s post-COVID-19 travel recovery is led by affluent and Gen Z travelers, especially in Brazil where Gen Z consumers made 22% more trips of pleasure than the average traveler, with adventure being a key differentiating motivation. In particular, young generations are driving a strong expansion in leisure travel—despite their comparatively low incomes—[1] since their natural comfort in an always connected and globalized world of social networks is driving them to seek new experiences in other destinations.
“Demand in the travel sector is recovering and shows no signs of slowing down next year. And as the world transitions into a new era of post-pandemic travel, understanding the changing trends in the Latin American travel landscape is crucial for all industry stakeholders.”said Lorna Atiles, Cross-Border Business Leader for Visa Latin America and the Caribbean. “At Visa, as a trusted global partner in this sector, we are committed to re-energizing global tourism with the best digital payment insights and experiences to help everyone thrive in this emerging travel ecosystem.”
Visa’s new outlook report, based on the study Visa Global Travel Intentions Study (GTI) 20232 and in other research works, highlights important consumer behaviors and expectations:
- More experiences focused on pleasure. Travelers are now placing great emphasis on leisure and experiential travel. For example, seeking to relax is the main motivation of travelers in Mexico (46%), followed by exploring something new (34%) and seeking adventure (31%).
- The flexibility and customization are on the rise when it comes to travel planning. 65% of Brazilian travelers prefer fully or partially independent trips rather than choosing tour packages, while 58% of Mexican travelers would prefer a flexible or spontaneous itinerary as travelers embrace more control and independence. Additionally, 40% of Brazilian travelers are willing to pay a higher price to enjoy the flexibility to make changes to their travel plans.
- The growth of travelers with Know how Travelers are proving to be more digitally savvy than ever. For example, digital wallets are increasingly becoming one of the essentials for Brazilian travelers, with 71% using them at their destination. The report also highlights that one of the main reasons why travelers are switching more to digital payments is that 40% of travelers experience some type of problem with cash. Mexican travelers illustrate this well: 22% consider currency conversion a barrier to using cash while 20% worry about finding an ATM.
Top emerging travel trends for 2024
Visa’s new report also reveals key trends expected to shape the travel industry in Latin America during 2024:
- Democratization of travel: Travelers have more tools and resources than ever before to plan their trips. Travel planning is becoming increasingly digital, thanks to continued advances in generative AI, which add exciting new planning and cost-saving tools to travelers’ resource pool. For example, 62% of Gen Z adults said they use technology to help save money on travel.3 And this decision is impacting their own trips and also influencing family vacations.
- Combination of business and leisure trips: With many professionals working remotely and enjoying more flexible work, travelers are increasingly combining business and leisure trips. Many business travelers are adding extra days in a destination to do a little sightseeing. And leisure travelers can now extend their trips more frequently by working remotely. This is opening up new opportunities for how, when and how long to travel.
- Media Inspired Destinations: social media, movies, television and music celebrities have become influential people, inspiring travelers to define their next destination. This is particularly relevant for affluent travelers and younger travelers who are widely exposed to social media, which increasingly inspires them to travel. The study indicates that 22% of Brazilians choose travel experiences highlighted by influential people while 60% of Generation Z have a strong urge to travel the world4.
- Eco-conscious travelers: Consumers are increasingly opting for eco-friendly travel. The majority of Mexicans surveyed (86%) will choose green travel options if they are available at the same price or cheaper than other alternatives, while 71% of Brazilians are very interested in green options. Additionally, Mexican and Brazilian travelers associate sustainable trips with sustainability measures in accommodations (30% and 31%), avoiding the use of plastics when traveling (25% and 30%) and opting for energy-efficient modes of transportation. from an energetic point of view (25% and 26%).
Visa’s new document is available to offer new perspectives on emerging travel trends, as well as the current expectations, motivations and habits of consumers around the world.
To access the full report: “Global travel trends for 2024“.