Global travel is back and buzzing, says a McKinsey & Company study. More regional travel, new emerging travelers and a fresh set of destinations are driving steady spending.

McKinsey says that after declining 75 percent in 2020 due to the pandemic, travel is on track toward a full recovery by the end of 2024. Domestic travel is expected to grow 3 percent annually to 19 billion overnight stays by 2030; international travel is forecast to return to nine billion overnight stays; and travel spending is estimated to reach $8.6 trillion in 2024, representing approximately 9 percent of global GDP.

The world’s top 10 destination countries — in order: United States, Spain, China, France, Saudi Arabia, Türkiye, Italy, Thailand, Japan, and India — currently receive 45 percent of all travel spending, including for domestic travel. 

Key takeaways

• Prioritize domestic travel: Focus on capturing domestic travel demand before shifting to international markets, especially targeting travelers from nearby countries;
• Emerging markets: Eastern Europe, India and Southeast Asia are becoming important sources of outbound tourism;
• New destinations rising: Lesser-known destinations are increasingly attracting international tourists and establishing themselves as attractive travel destinations.

Get the full story at McKinsey