The Hungarian travel industry began 2024 with mixed feelings and significant uncertainties, largely due to weaker consumer purchasing power and persistently high rates of inflation, which have continued to deeply impact overall performance. Households are reassessing their budgets, prioritising essential expenses, and cutting back on non-essential spending, which has affected the pace of the travel sector's recovery.
Air traffic from Budapest and Debrecen, Hungary's leading airport cities, has nearly returned to the levels seen before the COVID-19 crisis. This signals a strong demand for travel to more distant destinations following a promising 2023.
The recovery of the hotel segment from the COVID-19 crisis has continued in 2024 and has been reflected in the increase in room reservations. However, shifts in booking patterns are creating greater uncertainty for lodging operators.
Intermediaries entered 2024 with high expectations, driven by a surge in pre-season bookings that surpassed those of the previous year. Major international sporting events, such as the Olympic Games in Paris and the UEFA European Championship in Germany, have provided a significant boost to outbound travel, as well.
The optimistic outlook and heightened demand following the COVID-19 crisis are expected to drive a strong performance in the tourism sector throughout the forecast period. Key factors contributing to the expected growth include an increased consumer desire for rest, recreation, and quality time, as well as a need to alleviate daily stress in the context of hectic modern lifestyles and uncertain geopolitical and economic conditions.
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Travel
Travel encompasses several categories including tourism flows, lodging, travel modes, in-destination spending and booking.
See All of Our DefinitionsThis report originates from Passport, our Travel research and analysis database.
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