In February 2024, the travel industry experienced continued growth with a 7% year-on-year increase. This indicates a positive outlook and stability after transitioning from double-digit growth rates. The Skift Travel Health Index stood at 107 for the month, showing a trend towards improvement in the industry.
Asia Pacific was the leading region in terms of growth, with an impressive 13% increase compared to the previous year. This region has been on an upward trajectory since early 2023, with China’s reopening of its borders for travel playing a significant role in boosting growth. Despite slight decreases in growth numbers compared to previous months, Asia Pacific still exhibits strong performance.
According to the Skift Travel Health Index Score by Region, Asia Pacific had the highest score in February 2024, followed closely by Europe and Latin America. The Middle East and Africa as well as North America also performed well. Notably, there is evidence of stabilization in the vacation rental sector, which experienced significant growth during the pandemic but is now showing signs of deceleration. Despite this, demand for vacation rentals remains above pre-pandemic levels.
Overall, these findings suggest that the travel industry is showing signs of stability and continued growth across various regions. To gain more insights into this topic, be sure to read our February 2024 Highlights and our Travel Health Index dashboard.
