Travel and Leisure

09.03.23 | With pandemic-era requirements to wear masks on planes, trains, and in public spaces largely gone in most Western markets, consumers have been eager to get out of the house.  However, the travel and leisure industry has not yet recovered entirely. According to the United Nations, in 2022, global tourism reached 63% of the levels recorded in 2019 with Europe achieving 79% recovery and the Americas 65%. Conversely, with China’s prolonged border closure tourist traffic in the Asia-Pacific region in 2022 reached just 23% of 2019 levels. According to the IATA, in 2022 passenger air traffic as measured by revenue passenger kilometer (RPK) reached 80% of 2019 levels on domestic flights and 75% on international flights.  Restaurants and hotels have seen the largest recovery. OpenTable’s index of seated diners at restaurants that reopened reached 96% of 2019 levels in 2022 in the US, and 98% in the UK.  Bloomberg reports that during 3Q22, hotel occupancy in the US was down just 4.2% versus 3Q19.  Notably consumers appear most interested in experiences off the beaten track, with alternative accommodation marketplace Airbnb recording room nights booked in 2022 at 120% of 2019 levels. 

Sources: United Nations, IATA, OpenTable, Bloomberg, Company reports, March 2023