Skift Research recently released its State of Travel 2024 report, providing a comprehensive overview of the current landscape of the travel industry. The report, spanning 400 pages with over 350 slides, delves into industry performance, consumer trends, and business insights. According to Seth Borko, head of research at Skift, the state of travel in 2024 is robust, with travel businesses experiencing growth and healthy margins. The report offers detailed tourism figures for major global regions and explores the impact of the pandemic on international travel.
One of the key highlights of the report is the marketing battles between industry giants Expedia and Booking Holdings. In 2023, both companies collectively spent nearly $13 billion on marketing efforts. However, there are notable differences in their marketing strategies. Senior Research Analyst Pranavi Agarwal points out that Expedia increased its marketing expenditure compared to 2019, while Booking Holdings reduced its spending. Despite this, Expedia needed to allocate a higher percentage of its gross bookings to marketing to drive bookings, spending nearly 6% compared to Booking’s 4.5%. Skift Research’s analysis also reveals that Booking has a higher return on ad spend from Google’s sponsored listings in all regions compared to Expedia.
In addition to the marketing battles, Skift’s report sheds light on Nashville’s evolving tourism strategy. While the city has long been synonymous with country music, tourism officials are now aiming to attract mega events to diversify its offerings. Deana Ivey, CEO of the Nashville Convention & Visitors Corp., highlighted the city’s ambition to host events like the Super Bowl and WrestleMania. Nashville recently hosted the NASCAR Ally 400 and is looking to increase its international visitor numbers by establishing nonstop flights from key overseas markets.
Overall, Skift’s State of Travel 2024 report provides valuable insights into the current trends and challenges facing the travel industry. From the marketing strategies of industry giants to the evolving tourism goals of destinations like Nashville, the report offers a comprehensive look at the state of travel in 2024. As the industry continues to navigate the post-pandemic landscape, reports like these play a crucial role in guiding businesses and stakeholders towards informed decision-making and strategic planning.