Report Overview

This report highlights the latest insights from the Skift Travel Health Index. The index covers travel’s performance since January 2020, up to and including May 2024.

The Skift Travel Health Index is a real-time measure of the performance of the travel industry at large, and the core verticals within it. The Index provides the travel industry with a powerful tool for strategic planning, which is of utmost importance as times remain uncertain.

Skift Research launched the Index in May 2020 as the Skift Recovery Index. At the start of 2022 we rebranded the Index as the Skift Travel Health Index, to reflect some far-ranging changes: the addition of many more indicators, additional data partners, and most importantly, our continued effort to track the industry health beyond the impact of the Covid-19 pandemic.

2024 brings a new data partner into the fold. Cloudbeds has started to provide us with ADR and Occupancy data for hotel stays, strengthening the index.

We are also thankful for the continued support of our other data partners: Amadeus, Aviasales, Beyond, CarTrawler, Cendyn, Collinson, Criteo, Duetto, Hotelbeds, Key Data Dashboard, Lighthouse, Nium, OAG, Onyx CenterSource, RateGain, Shiji Group, Skyscanner, Sojern, TravelgateX, and TrustYou. Their data allows us to provide you with a monthly assessment of travel’s performance.

Executive Summary

The Skift Travel Health Index reached 103 in May 2024, reflecting a 3% year-over-year increase. This aligns with Skift Research’s travel outlook for 2024, which predicts a transition from recovery to stable, moderate growth for the travel industry.

A dive into travel sectors shows that hotels lead the accommodation sector this year, growing 7% over May 2023. Vacation rentals, on the other hand, lag 4% behind 2023 performance. While vacation rentals across most countries in the Asia Pacific are thriving, the sector is being held back by the decline in China.


The Travel Industry Continues to Surpass 2023 Levels

The Skift Travel Health Index reached 103 in May 2024, reflecting a 3% year-over-year increase. This aligns with Skift Research’s outlook for 2024, which is that the travel industry will transition from a recovery phase to showcase stable, moderate growth, moving beyond unsustainable double-digit growth levels.

Events Drive Travel Performance

Countries in the Asia Pacific region show continued growth over the last year, with index scores rising by 7% to 14%.

Skift Travel Health Index Score by Country

CountryMay-24Month-on-Month Growth
China114-5
Hong Kong, China113-1
Japan1121
Thailand1071
Turkey103-3
Germany101-6
U.S.100-1
Brazil1000
United Kingdom98-3
Italy98-2
Indonesia983
Singapore973
India971
Spain97-5
South Africa96-3
United Arab Emirates95-3
Canada95-5
Australia95-1
Mexico951
Argentina915
France91-6
Russia88-10

2024 is proving to be a remarkable year for Japanese tourism. Pent-up demand due to a later post-pandemic opening and the diminished value of the Yen, making the country more affordable for international visitors, are some factors fueling demand. Flight and hotel searches to Japan increased 20 to 30% compared to last year.

In fact, Tokyo witnessed record-high growth in hotel performance in May 2024. Multiple music events in Tokyo Dome, pent-up demand, and a significant influx of international travelers were among the factors pushing travel performance.

Germany is also one of the top countries displaying growth over 2023 levels. Berlin, a major tourist destination, hosted several events in May 2024, such as CWIEME Berlin, Carnival of Cultures, Desertfest Berlin, and the Global Business Summit. As a result, hotels in Berlin witnessed impressive growth over the last year. Occupancy was at 79%, increasing ~3% above May 2023. ADR and RevPar increased by 6% and 9% year-on-year, respectively.

Brazil, too, has been leading the charge in driving Latin America’s travel index this year. After the Rio de Janeiro Carnival earlier this year, the city hosted another major event, Madonna’s final concert of her Celebration Tour in May. 

The grand finale, a free concert on Copacabana Beach, attracted more than 1.6 million fans. The event boosted hotel performance in Rio de Janeiro, with occupancy levels at 84%, the highest since November 2023. ADR peaked, too, growing 20% over the same time last year. The ADR and RevPAR levels achieved were the highest since early February this year.

Hotels Lead Growth in the Accommodation Sector

Hotel performance continues to grow this year, gaining 7% over May 2023. On the other hand, vacation rentals experienced remarkable growth through the pandemic, which now appears to be moderating. This brings us back to Skift Research’s travel outlook for 2024. Therefore, this is a healthy sign indicating stabilization in the travel sector.

Skift Travel Health Index Score by Accommodation Sector

SectorJan-24Feb-24Mar-24Apr-24May-24
Hotels116111105110107
Vacation Rentals9086928896

Breaking the index down into bookings shows an uptick in vacation rental bookings over May 2023 levels. Hotel bookings have grown too, except in Europe, where they remain at 94% of May 2023 levels.

Hotel key performance indicators show growth across all regions except in Europe, the Middle East, and Africa, which are slightly below May 2023. Vacation rental performance, however, only appears to be lagging in the Asia Pacific region.

Despite being the slowest to reopen, the Asia Pacific region has emerged as the key driver of travel growth in 2024. While vacation rental occupancy levels are growing above 2023 levels across most countries in Asia Pacific, performance is being held back due to the declining occupancy in China.

Reservations on-the-books for the coming months shows that occupancy levels are expected to show moderate growth levels while vacation rental ADRs are witnessing a significant decline.

This may be an indicator of hotels being the preferred choice of accommodation in China. Skift Research surveyed more than 1,000 Chinese travelers in 2023 and hotels turned out to be the most-preferred accommodation choice, with almost half the travelers preferring hotels for both domestic and international travel. The trend we are now seeing with vacation rentals in China aligns with this finding.

Conclusion

The Skift Travel Health Index shows the travel industry’s healthy shift towards stable growth in 2024. The index stands at 103 this month, gaining 3% over May 2023. 

Hotels continue to grow over 2023 levels, the index surpassing vacation rentals this year. While vacation rentals remain popular, their growth has moderated. While Asia Pacific, boosted by China’s resurgence is driving overall travel growth this year, China’s declining vacation rental performance is holding the sector back.

Methodology

Data Partners

Skift Research collects and analyzes data from 22 different data partners to provide the most comprehensive view of the travel industry’s performance. 

Index Design

The Index tracks 82 indicators per country to assess the health of the travel industry in each country. These indicators are aggregated into performance categories and sub-categories. The top level of division is by travel vertical, and each vertical is further divided by intent indicators, booking indicators, and key performance indicators.

The Index covers the following travel sectors:

Country Coverage

The Index focuses on the travel performance in 22 of the largest tourism economies. Together, the countries account for 62% of inbound tourism receipts, 67% of outbound tourism expenditure, and 78% of global 2019 GDP. 

Index Score Calculation

We have tracked the industry since the beginning of 2020. From 2020 to 2023, each indicator’s performance was compared to the same time in 2019. This means that calculations look as follows:

  1. Performance in January 2020 (Jan 1 – 31 2020) compared to January 2019 (Jan 1 – 31 2019)
  1. Performance in January 2021 (Jan 1 – 31 2021) compared to January 2019 (Jan 1 – 31 2019)
  1. Performance in January 2022 (Jan 1 – 31 2022) compared to January 2019 (Jan 1 – 31 2019)
  1. Performance in January 2023 (Jan 1 – 31 2023) compared to January 2019 (Jan 1 – 31 2019)

The Index provided a score relative to a baseline reading of 100 for the same month in 2019. 

In 2024 and beyond, each indicator’s performance will be compared to the same time in the previous year. This means that calculations will look as follows:

Performance in January 2024 (Jan 1 – 31 2024) compared to January 2023 (Jan 1 – 31 2023)

The full methodology can be found on our website

Data Tables

Total Skift Travel Health Index Scores by Country

Oct 2023Nov 2023Dec 2023Jan 2024Feb 2024Mar 2024Apr 2024May 2024
Argentina115.0125.8108.183.890.489.286.591.4
Australia101.8108.1105.1104.298.693.796.094.9
Brazil114.8118.5109.4104.0101.297.8100.0100.0
Canada108.7112.5106.098.7102.399.3100.195.2
China153.1151.4147.7141.1119.7119.4119.1114.0
France103.6105.799.5102.397.494.497.591.1
Germany112.0116.2111.8108.8113.0103.1107.3101.3
Hong Kong, China145.1149.2137.4140.2123.1117.0114.0113.1
India118.4112.1117.2111.3101.897.295.897.0
Indonesia113.7116.4114.0102.592.391.295.297.8
Italy107.1112.6104.9104.7103.496.999.898.0
Japan137.0138.3130.1120.6122.2117.4111.3112.4
Mexico97.5103.995.594.097.290.494.294.9
Russia112.8110.297.9101.2101.894.898.188.3
Singapore102.9101.6101.1107.5101.593.894.197.3
South Africa105.2106.995.094.293.587.299.195.8
Spain106.4114.5107.7103.6105.097.5101.996.9
Thailand122.0120.4118.6111.5109.8101.9105.8106.8
Turkey104.2105.8105.3100.3119.3107.9106.5103.2
U.S.101.8107.2101.197.9100.597.7101.2100.4
United Arab Emirates105.8106.8104.8103.0103.294.898.495.3
United Kingdom111.6116.1110.7103.6104.598.9101.298.4

Aviation Scores by Country

Oct 2023Nov 2023Dec 2023Jan 2024Feb 2024Mar 2024Apr 2024May 2024
Argentina123.3128.4111.398.9107.5104.5101.5102.6
Australia119.8125.4122.6114.5105.9108.7107.9106.7
Brazil116.4121.7115.6107.7103.9103.9107.3103.1
Canada128.6133.8127.9117.0118.1117.0113.9111.2
China184.1184.1179.8166.1159.0158.9161.8156.6
France105.9108.3103.1107.090.589.299.287.8
Germany116.2119.3111.1104.6110.4104.4107.0105.7
Hong Kong, China172.1172.4169.2155.0151.1150.1148.1146.5
India117.7117.9119.6104.2108.2107.4106.6104.9
Indonesia134135.4133.5122.6119.0119.7117.9118.1
Italy110.5114.7109.7107.4101.7100.8100.797.6
Japan149.1150.9144.1132.1130.3138.6119.1118.1
Mexico109.8117.6116.7112.7115.6109.4108.9108.4
Russia99.493.2101.790.886.880.879.977.2
Singapore119.8127.9127.2125.2127.0129.5127.1129.2
South Africa108.7113.9111.2101.5103.7100.7101.6103.8
Spain110.1117.6112.2107.5107.1106.9109.0102.9
Thailand152.8141.9134.5125.5128.5127.3121.9128.6
Turkey109.4111.3107.798.892.598.2100.798.2
U.S.116.5123.8114.6112.7109.6108.7109.5106.3
United Arab Emirates112106.9111.694.895.191.091.190.9
United Kingdom124.6125.5122.2115.7113.9107.4107.5107.8

Aviation contributes 40% to the total score. The scores in this table have been indexed to give a better insight into performance. 100 = same month in the previous year.

Hotel Scores by Country

Oct 2023Nov 2023Dec 2023Jan 2024Feb 2024Mar 2024Apr 2024May 2024
Argentina104.7126.3108.487.990.086.088.091.2
Australia86.689.590.6105.997.491.298.391.2
Brazil120.2118.0104.8107.7113.3109.9114.4110.1
Canada101.3101.497.8101.1104.1105.6104.092.5
China150.7149.2142.1138.9115.9111.8117.0113.8
France96.1100.896.797.3101.199.097.691.8
Germany100.4111.2113.8111.2115.0101.3109.895.0
Hong Kong, China147.8149.5124.7146.4114.9115.899.598.0
India134.6112.5130.2135.0122.1109.5115.4120.1
Indonesia101.8105.1106.8102.293.790.3105.8105.9
Italy96.999.496.797.596.890.894.892.1
Japan121.3119.3122.7122.6131.2125.1130.1129.1
Mexico92.999.990.8100.8106.399.8112.3105.5
Russia130.7129.495.7114.7121.396.9110.782.1
Singapore100.080.080.1104.383.669.374.574.8
South Africa109.9103.883.2103.1103.592.8117.5101.5
Spain99.7110.8105.3106.9110.196.6107.999.6
Thailand101.797.2104.2106.6110.4101.3108.6109.6
Turkey89.690.995.592.8142.5117.1118.0108.0
U.S.92.595.696.799.8105.6103.1106.4102.7
United Arab Emirates97.798.597.2104.1107.692.8104.7102.2
United Kingdom99.6105.6103.299.9104.1100.7104.197.0

Hotels contributes 35% to the total score. The scores in this table have been indexed to give a better insight into performance. 100 = same month in the previous year.

Vacation Rental Scores by Country

Oct 2023Nov 2023Dec 2023Jan 2024Feb 2024Mar 2024Apr 2024May 2024
Argentina114.6119.2118.2115.6108.8120.6114.8124.8
Australia89.594.897.794.998.4105.497.3109.9
Brazil104.8105.8109.1107.199.0107.9103.5120.0
Canada93.994.994.596.798.7104.2101.1107.7
China53.652.354.152.953.158.957.759.8
France101.3100.999.196.292.995.793.199.1
Germany110.5108.8109.7101.6101.0110.9103.0109.5
Hong Kong, China109.8104.6113.2112.892.2100.198.6109.5
India100.0101.6105.8107.596.3112.498.7103.6
Indonesia102.697.999.9103.197.3108.4126.4153.8
Italy108.6106.6108.2106.8105.0107.6101.9106.5
Japan146.8139.5136.1126.9123.2115.5110.0116.7
Mexico91.091.292.094.290.595.892.3101.1
Russia117.5120.081.678.376.5115.8103.7117.7
Singapore106.4109.4116.2107.797.3103.6102.0103.1
South Africa97.9100.4103.7106.1103.1109.6106.2120.6
Spain112.5112.0114.3110.3108.8113.2103.7109.3
Thailand110.2104.9109.1115.2106.3110.9116.1128.0
Turkey96.297.6103.1107.4106.3117.6101.896.1
U.S.95.896.998.997.892.995.094.0104.7
United Arab Emirates120.1121.7121.6117.5108.0114.2122.0120.1
United Kingdom105.6107.9108.3100.897.5104.599.1104.7

Vacation Rentals contributes 10% to the total score. The scores in this table have been indexed to give a better insight into performance. 100 = same month in the previous year.

Car Rental Scores by Country

Oct 2023Nov 2023Dec 2023Jan 2024Feb 2024Mar 2024Apr 2024May 2024
Argentina117.3139.9110.191.2112.9113.1102.5110.0
Australia100.5120.6100.1100.2101.282.086.586.1
Brazil132.0146.6130.7145.5121.495.590.489.9
Canada108.6112.588.291.297.788.392.589.4
China177.8178.4173.7180.6116.3107.987.373.3
France119.7123.4102.5105.6113.0103.0104.999.5
Germany135.5138.3119.4130.7135.0116.6122.8110.9
Hong Kong, China99.4134.9107.5116.7106.178.785.179.7
India139.9147.6133.2122.894.776.073.071.3
Indonesia139.9147.6133.2122.894.776.073.071.3
Italy127.8146.4111.7112.9125.3105.6113.7113.3
Japan134.5148.4124.0126.1123.897.992.591.3
Mexico101.5110.080.981.782.867.467.481.0
Russia122.1122.1122.1122.1122.1122.1122.1122.1
Singapore86.2106.6100.4109.9108.285.483.184.7
South Africa95.7111.479.677.273.159.267.476.4
Spain120.7133.8106.2111.0119.2101.6107.1104.3
Thailand117.9149.1147.9135.3114.289.1106.985.7
Turkey129.7137.0123.2126.2145.0133.2111.7118.7
U.S.97.5106.079.686.096.292.996.0100.2
United Arab Emirates125.3143.3119.9135.4134.0123.5119.1106.1
United Kingdom112.6128.1101.9104.6111.9100.2105.7100.9

Car Rental contributes 15% to the total score. The scores in this table have been indexed to give a better insight into performance. 100 = same month in the previous year.

Disclaimer: All rights reserved; content based on data provided by Amadeus, Aviasales, Beyond, CarTrawler, Cendyn, Cloudbeds, Collinson, Criteo, Duetto, Hotelbeds, Key Data Dashboard, Lighthouse, Nium, OAG, Onyx CenterSource, RateGain, Shiji Group, Skyscanner, Sojern, TravelgateX, and TrustYou. The content and the data provided in this document are for your information and internal use only. The content is provided “as is” without any warranty as to accuracy, completeness, satisfactory quality, or fitness for any particular purpose. It is strictly forbidden to extract, reproduce, republish, or publicly display any content included in this document without the prior written authorization of Skift Research. If you wish to use any of this content or similar data, please contact Skift Research for more information.

Note: This report has been updated.