Coming off a year that exceeded expectations, industry executives are hopeful momentum will carry through into 2024.
But for some, optimism is tinged by an ounce of apprehension, with a "fingers crossed" or "knock on wood" addendum tacked on after predicting another year of gravity-defying growth in an environment riddled with economic uncertainty and heightened geopolitical tension.
Last year, there was an undercurrent of concern about a resurgence of the pandemic, economic weakness and the Russia-Ukraine war, but a record-breaking year ensued. This year, Covid and the possibility of war crossing over to Eastern Europe have dropped from the list of voiced concerns, and the U.S. economy is viewed as stronger than a year ago. Nonetheless, heading into 2024, industry leaders are keeping a wary eye on recession and inflation in many parts of the world, including Europe, as well as identifying rising geopolitical tensions as a potential challenge.
There's also awareness that 2024 is an election year. Even in presidential contests less dramatic than this one is shaping up to be, travel tends to be negatively impacted as people's attention is diverted by political spectacle. As you'll read, different sectors of the industry have different assessments on how this may play out, and how it may be countered.
For now, no one is letting concerns curb ambitions or plans for growth in the coming year. While everyone seems to be aware that road conditions may change at some point, their foot is, for now, firmly on the accelerator rather than hovering over the brake.
As always in our Preview issue, we speak with senior travel executives to get their take on the year ahead. In this Preview, I spoke with Natalya Leahy, president of Seabourn Cruises; Sanya Weston, CEO of Your Premier Travel Service; Bjorn Bender, CEO of Rail Europe; and Shannon Stowell, CEO of the Adventure Travel Trade Association, and they provided their views on what lies ahead in 2024.