$1.4T global travel gross bookings projected in 2023

Phocuswright research projects $1.4T in global travel gross bookings in 2023, just 4% below 2019 levels.

The U.S. travel market grew to $422 billion in 2022, becoming the first major travel market globally to surpass its 2019 size.

In Europe, travel is well on its way to recovery and normalization in 2023, as Europeans broadly remain eager to travel and continue to prioritize spending on leisure trips, even while facing some economic challenges and shifting their travel shopping and booking activities.

In APAC, pent-up demand swept in a travel spike. In China, a dynamic domestic market and a reviving outbound sector will propel total gross bookings of $185.1 billion in 2024.

Latin America's travel market experienced a second year of strong double-digit growth in 2022, as gross bookings climbed 37%.

The Middle East travel region grew by 95% year over year, partly supported by new players entering this still-developing market.

Travel companies find themselves in an exceptional period, building a competitive edge through innovations in the next game-changing travel technologies.

This critical juncture is the setting for The Phocuswright Conference, where the industry’s brightest mix of attendees, speakers and partners will work together toward for a better future for travel. And we've built a program to facilitate this collaboration.

Are you ready to build upon this momentum and join them? Register now!