Economic environment weighing heavily on the travel industry

Driven by travelers' desire to make up for lost or cancelled trips during the pandemic, the travel and tourism industry has had strong wind in its sails throughout 2023. Colloquially known as ‘revenge travel’, this is proving to be a powerful trend that has overshadowed greater economic concerns for the time being. Nevertheless, the World Tourism Organization's panel of experts survey named the economic situation and higher transport and accommodation costs as the top factors weighing on the recovery of international tourism.