KUALA LUMPUR: While 2023 proved to be a successful year for the travel industry, particularly in Asia, the first month of the year has set a positive tone, suggesting that 2024 could be a great year for travel.
In a recent presentation at the ASEAN Tourism Forum 2024 (ATF) in Laos, Agoda chief executive officer Omri Morgenshtern expressed optimism about the prospects of the travel industry in 2024.
He noted significant year-on-year growth, attributing it to Asia’s rapid recovery post-Covid. “Asia was last out, but fast out post-Covid, leading to the highest percentage of year-on-year growth across booking holding brands like Agoda,” Morgenshtern said.
He pointed out the success stories of Japan gaining popularity as an international destination and South Korea and India emerging as outbound travel forces. Building on the positive momentum from 2023, Morgenshtern sees even greater potential for 2024.
He emphasised the active involvement of markets spearheading tourism campaigns for the year and discussions surrounding how travellers are leveraging innovative technologies amid fewer travel restrictions.
Morgenshtern outlined five trends that he predicts will shape the travel industry in 2024, reflecting the evolving landscape of travel and tourism.
These are visa-free travels that are gathering pace, more impetus for connected travel bookings, greater assistance from artificial intelligence (AI), a further rise of business-to-business (B2B) loyalty programs and travel fintech making its mark.
He said as the industry continues to recover, these trends are expected to play a pivotal role in shaping the way people travel and experience destinations in the coming year.
In a bid to revitalise tourism and attract diverse travellers, destinations worldwide are adopting visa easements, sparking optimism for the travel industry in 2024.
Notably, Malaysia’s recent removal of restrictions led to a four-fold increase in searches from India and China.
Morgenshtern predicts a broader trend of relaxed visa requirements, envisioning visa-free access for Indian travellers to destinations like Thailand, Sri Lanka, and Malaysia.
This strategic move aims to enhance global travel accessibility and boost inbound tourism. In simplifying travel planning, providers are integrating flights, hotels, experiences, and activities into a seamless booking experience.
Recognising that 3 out of 4 travellers book tours and activities within a week of arrival, there’s a growing demand for convenient pre-booking options.
Agoda encourages this trend by offering extra discounts when flights and accommodation are booked together.
Morgenshtern envisions a user-friendly, one-stop solution for travel needs, from trip planning to the return journey.
As travellers increasingly expect a unified interface, providers are urged to step up and offer a comprehensive ‘one-source’ travel concierge.
This shift responds to a higher demand for flexibility and personalised, localised services, enhancing the overall travel experience.
“Fueled by more frictionless visa experiences, travel continues to gain pace. “With technology playing an even bigger role in how people choose, book and pay for travel, 2024 promises to be a watershed year.
“From fintech and AI innovations to connected booking experiences, Agoda is at the forefront of this incredible, transformative journey,” Morgenshtern said.
