The Skift Research team recently released the State of Travel 2024 report, a comprehensive 400-page document with over 350 slides that delves into industry performance, consumer trends, and business trends in travel. According to Seth Borko, head of research at Skift, the state of travel in 2024 is strong, with travel businesses experiencing growth and healthy margins. The report includes information on the state of international travel post-pandemic, detailed tourism figures for major global regions, and predictions for moderate growth in 2024 and beyond.
Booking Holdings and Expedia, two major players in the online travel industry, spent nearly $13 billion combined on marketing last year. Senior Research Analyst Pranavi Agarwal notes that while both companies invested heavily in marketing, there are key differences in how they allocated their resources. Expedia spent a higher percentage of its expenses on marketing in 2023 compared to 2019, while Booking spent less. Expedia also needed to spend more to drive bookings, with nearly 6% of gross bookings allocated to marketing compared to Booking’s 4.5%. Skift Research analysis also shows that Booking achieved a higher return on ad spend from Google’s sponsored listings than Expedia in every region.
Nashville, known as a popular destination for country music fans, is now looking to expand its tourism offerings by attracting mega events. Global Tourism Reporter Dawit Habtemariam reports that tourism officials in Tennessee’s capital are aiming to host events like the Super Bowl and Wrestlemania in addition to the NASCAR Ally 400 that the city recently hosted. Deana Ivey, CEO of the Nashville Convention & Visitors Corp., stated that attracting more international visitors is a key priority for the city. To achieve this goal, Nashville needs to establish more nonstop flights from its largest overseas markets to increase visitor numbers.
In addition to the State of Travel 2024 report and the marketing battles between Booking Holdings and Expedia, the Skift Podcast also discusses new developments in the travel industry. The podcast serves as a platform for discussing current trends, challenges, and opportunities in travel and tourism. With a focus on providing insights and analysis of the latest updates in the industry, the Skift Podcast is a valuable resource for those interested in staying informed about the business of travel.
Overall, the Skift podcast highlights the dynamic nature of the travel industry, showcasing the continuous evolution of trends, marketing strategies, and destination offerings. By delving into topics such as industry reports, marketing spending, and destination development goals, the podcast provides listeners with a comprehensive overview of the current landscape of the travel industry. Through in-depth analysis and expert commentary, Skift Research offers valuable insights that can help industry professionals navigate the ever-changing landscape of travel and tourism.
