Despite wars, higher fuel costs and the ongoing cost-of-living crisis, global travel is predicted to hit record levels this year.
A new report shows that tourists are likely to spend nearly 24 billion nights on vacation in 2026.
Total visitor spending is also expected to rise 9% to $7.8 trillion globally.
One reason for the growth: The report says rising wealth in China and India is a major contributor and is expected to add tens of millions of new travelers to the industry in the coming years.
RELATED STORY | Interactive: See which holiday travel days could save you the most
“Leisure travel remains a key priority in consumer budgets, even as travellers are adapting how and where they visit, for example by spending selectively on the experiences that matter most to them or staying closer to home,” said Dave Goodger, managing director, EMEA, at Tourism Economics.
According to the report, there has also been a shift toward shorter journeys. Travelers are seeking more value for their money while continuing to spend on experiences they deem important.
The report found that one in six travelers selected their most recent destination primarily based on value.
The study also found a growing trend toward off-peak travel, with 22% of travelers planning to travel at different times of the year than they previously did.
