How the “new normal” of global travel will impact the fashion industry

Tourism is expected to hit and even exceed pre-pandemic levels by 10% in 2024.

Global travel has experienced its most profitable year since the pandemic, with tourism anticipated to exceed the 2019 levels by an estimated 10% in 2024.

According to a joint report published by The Business of Fashion (BoF) and McKinsey & Company, the projected 10% performance of foreign travel will lead to many opportunities for the re-engagement of brands to international and local shoppers in 2024.

Around 80% of respondents from the US, UK and China are planning to shop during their holiday stays, and 28% are eager to spend more on fashion and travelling than the previous year. Chinese travel for 2024 is projected to attain 70% to 100% of pre-pandemic levels.

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This represents two core trends that the fashion industry is experiencing. First is the eagerness of travellers to customise their itineraries, their desired destinations and their shopping choices. Second is the continuous paradigm shift of consumer behaviour, wherein the products with the best value and quality are most sought.

With this return to form, figures in the fashion industry need to adjust to the current trend and engage with customers heavily. And the option is to take advantage of setting up brand experiences and shopping choices for both tourist destinations and urbanised areas. The more attention goes to top tourist spots, the higher the investment is in style.