According to recent reports, travel intentions are increasing in some countries but decreasing in others, particularly in Europe. The era of “revenge travel,” where travelers were making up for lost time due to the pandemic, may be coming to a close. In France and Germany, intentions to travel have dropped by 11 and 6 percentage points respectively since 2022. The decline in travel interest is also seen in Canada and Russia. This trend may be due to the impact of inflation on consumers’ savings and a reprioritization of spending habits.
The slowdown in travel intentions may also be observed in the Asia-Pacific region, where pent-up demand initially fueled travel but is now starting to reverse. The report suggests that short-haul “revenge travel” is likely to fade in the region. In addition, arrivals from the United States and Europe are also expected to decrease as tightening monetary policies impact travelers’ budgets. The report notes that travel is often considered a luxury and is among the first expenses to be cut when economic conditions become more challenging. The report also highlights the decline in Chinese tourists’ interest in international trips, citing factors such as limited flight availability, rising tensions between the US and China, and changing preferences among Chinese travelers.
While the travel industry remains optimistic and expects a rise in occupancy levels in the future, these reports indicate a potential decline in travel plans and a shift in travel preferences. Factors such as inflation, economic uncertainty, and changing geopolitical dynamics are influencing travelers’ decisions.