One of the most powerful trends arising from the pandemic is consumers’ desire to prioritize spending on experiences versus things, with travel topping the list. Recent findings from Mastercard’s SpendingPulse Destinations showed that expenditures on experiences and nightlife totaled 12% of global tourism sales in the first quarter of this year, the highest value in at least five years. Globally, travelers are spending approximately one in every ten dollars on experiences and nightlife. Furthermore, in a Mastercard survey of over 16,000 people across 24 countries, nearly nine in 10 consumers stated they planned to spend the same amount, or more, on experiences in 2024 compared to 2023.8 A desire to enjoy new experiences is a major factor fueling travel behaviors. Twenty-six percent of respondents said this is the primary reason they travel, while 41% reported they would travel to another country, or even continent, just to enjoy an experience they are passionate about.
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