Asia Is Poised to Lead Travel’s Recovery in 2024

Good morning from Skift. It’s Friday, February 2. Here’s what you need to know about the business of travel today.

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Episode Notes

Skift Research has published its Global Travel Outlook 2024, which sees Asia leading the travel industry’s growth while Europe’s travel boom will likely slow down.

The forecast shows Asia Pacific growing 20% over 2023. Research Analyst Saniya Zanpure writes the region has gotten a big boost from China easing its strict Covid-era regulations in January 2023. Meanwhile, Europe’s travel revenue is projected to register only a 5% increase from last year, with Zanpure noting that Europe faces challenges such as inflation and climate-related concerns. 

Next, Frontier Airlines announced on Thursday that it’s launching a business fare as part of its strategy to attract corporate travelers, writes Airlines Reporter Meghna Maharishi. 

Frontier said that “BizFare” would enable businesses to save on corporate travel expenses. The ticket would be available through a company’s global distribution channel. Maharishi added the new fare could help Frontier cater to travelers that wouldn’t normally fly with an ultra-low-cost carrier for business trips. 

Finally, Royal Caribbean believes the new Icon of the Seas, the world’s largest cruise ship, will help the company better compete against destinations like Las Vegas and Orlando for family vacations, writes Global Tourism Reporter Dawit Habtemariam.

Royal Caribbean Group CEO Jason Liberty said during the company’s fourth-quarter earnings call that it can hold its own against longtime popular tourist destinations. The $2 billion, 20-floor ship contains eight different sections, each with a different experience for guests. Liberty added Royal Caribbean plans to innovate further to reduce the value gap between the company and land-based vacations.