WeTravel has launched its 2024 ‘What’s Ahead for Travel Bookings and Payments Report’, its second annual look at travel consumer expectations in 2024, and how consumer expectations will impact travel businesses.

The report draws data from more than 600 global travel companies. WeTravel specializes in booking and payment management software for multi-day travel businesses. The company was founded in 2016 as a platform to support travel businesses by digitizing and simplifying the travel booking process. It’s now used by 5,000+ travel companies.

“The travel industry has navigated constantly-shifting consumer preferences since the pandemic, which instantly changed how the world travels. While the era of revenge travel that followed COVID closures and all the preferences attached to the era have tapered, WeTravel’s Report finds travel spending is only increasing, with more focus on immersive, interpersonal and integrated experiences,” said Zaky Prabowo, WeTravel’s chief operating officer and co-founder.

“From the way travelers create trips to how they pay for a homestay tip, technology is changing in travel, which is making it easier than ever for travel to be local. Thankfully, travel businesses have technology to support their operations in managing more customized, instantly-purchased itineraries – from travelers across the globe,” he added.

Here’s a look at some of 2024’s top travel trends, according to WeTravel’s data:

• On average, the most-common booking lead moved from one-three months prior to departure to one month before departure; 70% of travelers make the full payment at the time of booking, a 181% surge from 2023.
• 33% of respondents noted a 10 – 25% increase in travel expenditures for 2024 bookings compared to the previous year; additionally, 18% opted for pricier destinations, and 15% experienced rising costs due to customized trip arrangements.
• Of the respondents who offer personalized itineraries, 56% saw an increase in traveller requests for customization; while 36% of respondents reveal that travellers are spending more on add-ons compared to 2023.
• Culinary trips are growing: 39% of businesses adding local activities offer culinary experiences. More than half of businesses chose to update their existing trips for 2024, with 8% specifically updating to include culinary experiences.
• The 46-60 age group remains the most significant for wellness travel, at 33% of bookings. The popularity of Latin America for wellness travellers remained stable at 33%, while Asia grew to account for 19% of trips in 2024.

“While the collected data on how travel consumers are spending–and what they’re spending more on–is valuable knowledge for the industry as we head into product development season, it also helps travel businesses anticipate how to manage their website and operations to service these preferences” said Prabowo. “For travel businesses, more spending, at a quicker pace can mean increased revenue, but it can cause logistical and operational issues on the ground. If travel businesses can be prepared for what their travelers want in 2024, the better relations they’ll have with all their stakeholders – and the more revenue they’ll welcome into their business.”

In addition to the report, found here, Prabowo will present the findings through a virtual event on Jan. 23 at 12 p.m. EST. To register for the free webinar, visit this landing page.

Source: Travelweek