Europeans are confident about their travel spending power in 2024 despite the ongoing cost of living pressure across the continent, according to a new report from Accor.

Leading hotel companies are stepping beyond the traditional hotel stay to offer bespoke experiences and strategic partnerships that benefit both guests and their bottom line.

Matthew Upchurch, Chairman and Chief Executive Officer of Virtuoso, is a happy man. Addressing the audience during the latest edition of the ILTM, he shared key findings of the 2024 Luxe Report released by the network every end of year.

In 2023, outbound travel registered double-digit growth year-on-year, marking another big step in returning to the travel volume of 2019. Compared with 2022, this was a 33 per cent increase, only 12 per cent short of the base year level before the pandemic. Positive signs are above all the gradual return of outbound travellers in Asia and the upward trend in vacation travel. Despite rising travel costs, interest in outbound travel this year remains high – what is noticeable is that travel satisfaction is becoming an increasingly important factor.