Saniya Zanpure

Hong Kong is back in business. Travel performance boomed in August 2023, but talk of full recovery is still premature, as 2019 wasn't a particularly good year with widespread protests impacting travel demand in the country.

Global travel's month-on-month performance decline in July 2023 due to seasonality of demand, mirrors the downward trend from June to July last year. Hong Kong, the only country to witness an index uptick this month, has geared up for a steady rebound as travel volumes return.

Travel is back! While 2022 was all about bumper performances in some countries and sectors, and lagging performances in others, we can truly say that 2023 is the year that travel fully recovered. But we do need to be clear-eyed about persisting and upcoming challenges. This report hands you everything you need to know in one 250+ slide deck.

The Skift Travel Health Index shows that all regions have recovered, but Europe's travel revival appears to be rather slow. With 17 out of 22 countries having fully recovered and Europe being a popular summer hotspot, the global travel industry has geared up for a bright summer season.

Digital marketing and advertising tools, if utilized effectively can help hotels increase direct bookings, draw in new customers, and improve the overall content strategy. This tech category has the potential to generate $3 billion in annual revenues and is embedded in the industry's future.

The Skift Travel Health Index continues to indicate global travel recovery in May 2023. With 14 out of 22 countries having fully recovered and some overtaking pre-pandemic travel performance, we anticipate the index to soon significantly surpass 2019 levels if the present travel trends continue.

For the first time since January 2020, the Skift Travel Health Index has seen its global score move beyond 100, indicating how global tourism is now performing better than it did before the pandemic. Every region included in our index showcased growth over the last month.

The abundance of hotel booking channels calls for a tech-enabled distribution strategy. Central Reservation Systems help manage rates and availability across multiple booking channels and have the potential to become a $1.3 billion tech category.

India has all the cards to become the next mega source market for international travel, although major barriers still need to be overcome. The country has been performing extremely well in our Skift Travel Health Index.

With a growing share of hotel bookings made online, many hoteliers are reliant on third-party travel websites for booking volumes, and global visibility. Booking engines, website builders, and direct-booking tools can help these hotels find a better balance between first- and third-party bookings.

The Asia Pacific region, aided by the re-opening of China and the Lunar New Year is on the path to rapid recovery. While China gets ready to travel again, the global tourism industry needs to catch-up with the growing demand.

The vast majority of hoteliers still rely on manual checklists, Excel workbooks, and phone calls for managing staff operations. However, if tech vendors can convince hoteliers to adapt, a new tech category has the potential to generate $1.3 billion annually.