Global tourism shifts focus to emerging markets, says study
At the 2024 TravelDaily Conference in Shanghai, Jackey Yu, a Partner at McKinsey & Company, discussed the evolving landscape of global tourism, highlighting steady growth in leisure travel that now exceeds pre-pandemic levels. In contrast, business travel remains impacted by remote work, recovering only to about 80% to 85% of pre-pandemic numbers. Yu identified three traveler segments: business, visiting friends and relatives (VFR), and leisure, noting that VFR and leisure travel have fully rebounded, while business travel is gradually improving. Emerging markets, particularly in Eastern Europe, India, and Southeast Asia, are becoming significant sources of travelers, with a notable shift towards independent trip planning influenced by content and social media. McKinsey’s survey showed that travelers prioritize emotional storytelling over product descriptions, indicating a transformation in how they approach travel experiences.