Travel Industry Maintains Momentum with Steady Growth – Skift Travel Health Index
Skift Take
In May 2024, the travel industry reached 103, marking a 3% rise over last year, according the latest Skift Travel Health Index: May 2024 Highlights. This highlights a transition from the post-pandemic recovery phase to moderate and sustainable growth levels in 2024.
Hotels Lead the Accommodation Sector
The hotel sector is showing robust growth, increasing 7% over May 2023, staying at the forefront of the accommodation sector this year. This surge contrasts with the performance of vacation rentals, which have fallen 4% behind their 2023 levels. While vacation rentals are thriving in most Asia Pacific countries, the sector’s overall performance is dampened by a decline in China.
| Sector | Jan-24 | Feb-24 | Mar-24 | Apr-24 | May-24 |
|---|---|---|---|---|---|
| Hotels | 116 | 111 | 105 | 110 | 107 |
| Vacation Rentals | 90 | 86 | 92 | 88 | 96 |
The latest May 2024 Highlights dive into factors holding back vacation rental growth an shares insights on performance in the coming months.
The Chinese Market: A Preference for Hotels
Skift Research’s 2023 survey of over 1,000 Chinese travelers found that hotels are the most preferred accommodation choice in China. This trend aligns with the current decline in vacation rental performance in China, indicating a strong preference for hotels.
Read our latest report, Skift Travel Health Index: May 2024 Highlights and the Travel Health Index dashboard for further travel insights.
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