Skift Take
In February 2024, the travel industry maintained positive momentum with 7% year-on-year growth. Transitioning from double-digit growth to single-digits indicates a trend towards stability.
The travel industry continued to strengthen in February: The Skift Travel Health Index stood at 107, 7% growth over February 2023.
Growth had been in the double-digits and the new levels point to stabilization in the industry.
Asia Pacific’s Growth Levels are Normalizing
According to the latest Skift Travel Health Index: February 2024 Highlights, Asia Pacific, which has been on an upward trajectory since early 2023, leads the index.
A key driver of Asia Pacific’s growth is China reopening its borders for travel after three long years. The country started easing travel restrictions in January 2023 and fully opened tourism for foreigners by March 2023. With the full impact of open borders now realized, we’re witnessing a significant uptick in the region’s performance compared to last year.
However, while February 2024 marks a 13% growth for the Asia Pacific region, growth numbers are slightly reducing compared to the previous months, suggesting a stabilizing trend in the region.
Skift Travel Health Index Score by Region
| Region | Sep-23 | Oct-23 | Nov-23 | Dec-23 | Jan-24 | Feb-24 |
|---|---|---|---|---|---|---|
| Asia Pacific | 137 | 137 | 136 | 133 | 127 | 113 |
| Europe | 108 | 108 | 112 | 106 | 104 | 104 |
| Latin America | 103 | 110 | 116 | 105 | 101 | 101 |
| Middle East and Africa | 107 | 105 | 106 | 100 | 101 | 99 |
| North America | 101 | 102 | 107 | 101 | 99 | 101 |
Vacation Rental Boom is Stabilizing
There is a noticeable softening trend in the performance of vacation rentals. Demand for vacation rentals soared through the pandemic with double-digit growth. However, recent data suggests a deceleration in this growth trajectory, indicating a shift towards moderation in demand levels.
While the sector’s performance remains above pre-pandemic levels, the softening trend aligns with the evolving market dynamics that suggest stabilized growth levels in the post-pandemic travel landscape.
For further insights, read the February 2024 Highlights and the Travel Health Index dashboard.
The Daily Newsletter
Our daily coverage of the global travel industry. Written by editors and analysts from across Skift’s brands.
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Tags: asia pacific, skift research, skift travel health index, vacation rentals