Squaremouth predicts the 2024 travel outlook
This year has been a challenging one for travelers, featuring passport delays, pilot strikes, natural disasters, and other uncommon disruptions.
Looking ahead into the new year, Squaremouth, the US based leading travel insurance marketplace, reveals their predictions of the most notable travel trends to expect in 2024, and shares tips for travelers planning their trips.
1. 2024 will be the most expensive year on record for travelers
Travelers have seen an increase in travel prices for the past three years running. The average international trip cost in 2023 is $6,574, up 21% from last year, and 30% from 2021.
Data indicates this trend shows no signs of stopping, and many travelers share this same sentiment and expect to spend more on travel. A recent Squaremouth survey revealed that 82% of travelers foresee their travel spending either increasing or staying the same in 2024. If this proves to be true, travelers will be spending more on trips than ever before.
Squaremouth Suggests: Travelers should only insure prepaid, nonrefundable trip expenses, such as airfare, hotels, and tours. Travel insurance can reimburse these expenses in the event of a cancellation.
2. European destinations will continue to thrive
In 2023, Italy dethroned Mexico as the most popular international destination for the first time in 10 years. In 2023, nearly 40% of customers purchased travel insurance for a European trip, the highest percentage Squaremouth has ever reported.
This trend is expected to continue in 2024, with countries such as France, Spain, and Germany emerging as popular vacation destinations.
Squaremouth Suggests: Before booking international flights, research your destination’s specific entry requirements. Certain countries require travel insurance, and it is recommended for many others.
3. Flight delays will be a major travel concern
Travel complications and delays have become a familiar occurrence for travelers, as nearly one-quarter of flights in 2023 have been late in arriving at their destination. These lengthy delays can cause major frustration and travel complications, with the potential for significant financial loss.
Roughly 25% of paid travel insurance claims are due to flight delays and missed connections, with an average claim payment of $485, according to Squaremouth data. With travel delays being the most common claim, more travelers are expected to specifically seek Travel Delay coverage moving forward.
Squaremouth Suggests: Travelers concerned about flight delays should consider policies that can cover any delay of a common carrier. Learn more about how to protect yourself from travel delays.
4. Travelers will be seeking adventure in 2024
Adventure tourism has seen a huge increase this year, with safaris, hiking, snorkeling and skiing being the most popular activities among travelers. More than 40% of travelers are “looking for adventure” when traveling.
Safari travel, specifically, is surging in popularity heading into 2024. Squaremouth has seen an 18% increase in safari tourism despite a substantial jump in cost, proving that adventure tourism isn’t as price-sensitive as some may assume. With that in mind, 2024 is forecasted to be another big year for adventurers.
Squaremouth Suggests: Many travel insurance policies exclude adventurous activities. Search for a policy with Sports & Activities coverage for the specific activities you plan to participate in to ensure you can be covered. (PRNewswire)
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