1Cover outlines global travel trends in 2024
1Cover outlines global travel trends in 2024 | Insurance Business Australia
Travel
1Cover outlines global travel trends in 2024
Report looked into factors influencing Aussies’ holiday decisions
Travel
By
Roxanne Libatique
1Cover Travel Insurance has unveiled its annual Travel Index, providing a comprehensive overview of global travel trends and the factors influencing Australians’ holiday decisions in 2024.
Amid the ongoing impact of the COVID-19 pandemic and escalating inflation levels, 1Cover’s data indicated a prevailing sense of positivity within the travel industry.
Despite financial constraints, a robust 72% of consumers remained steadfast in their commitment to travel. The consistent demand for travel has correspondingly led to an uptick in travel insurance uptake, underscoring heightened consumer risk awareness.
Top destination for Australians
In the backdrop of a continued travel resurgence in 2023, surpassing pre-pandemic figures, Australians flocked back to their favoured destinations.
Bali claimed the top spot for overseas holidays, followed by the USA, Fiji, the UK, and Japan. Domestic travel remained strong, while France and Italy experienced peaks during the European summer.
The top 10 destinations according to 1Cover were:
Bali
Australia
USA
Fiji
UK
Japan
Thailand
New Zealand
Singapore
France
Revenge travel exhibited unabated momentum in 2023, with travel searches 1.6 times higher than pre-pandemic levels.
1Cover predicts that at least 72% of individuals plan to travel in 2024, with over half (52%) intending to travel more than they did in 2023.
Australians prioritise travel
Despite economic challenges, the data highlighted the growing prioritisation of travel among Australians. Many are making significant sacrifices, forgoing meals out, takeaway coffees, clothing purchases, and even streaming subscriptions to save for their next holiday.
Nearly nine of 10 respondents stressed the importance of finding the most cost-effective option when booking a trip (84%). Solo travel is on the ascent, with 40% of Australians open to traveling alone.
Those opting for solo adventures expressed a desire for solitary relaxation, focusing on personal wellbeing and enjoyment. Women, in particular, showed a strong inclination toward solo travel, with more than half (65%) expressing a desire to embark on solo journeys in 2024.
Travel predictions for 2024
Looking ahead to 2024, personalised experiences will remain a focal point, with solo travel continuing to gain popularity.
1Cover expects traditional destinations like Bali and Fiji to maintain their allure, while visitor numbers to Japan, Costa Rica, and Peru are anticipated to rise. Cruise popularity is set to soar, appealing to a broader demographic.
The year is also expected to witness an increase in spend-savvy travel, emphasising budget-conscious decisions. Shifts in peak travel times are likely, with mid-year tourism surpassing end-of-year travel, driven by a desire to avoid crowds and capitalise on favourable off-peak season pricing.
Additionally, adventure holidays are predicted to rise, accompanied by an uptick in adventure activity cover purchases.
“This report not only reflects the resilience of the Australian travel industry but also outlines key considerations that will shape the travel landscape in the coming year,” said Natalie Ball, managing director of 1Cover. “It’s clear Australians are prioritising travel despite financial hardships and challenges.”
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