According to EMARKETER, the travel industry’s total media ad spending declined by almost 60% in 2020, but as of this year, it will have fully regained the lost ground.
Travel-related companies will spend $9.86 billion on total media advertising in 2024, just a hair above the $9.85 billion they posted in 2019. Several years of towering growth rates drove this recovery, but we now expect a substantial moderation going forward.
Over 78% of travel’s ad dollars will go to digital advertising this year, or $7.73 billion. That equates to an 8.9% YoY spending increase—a decent if unspectacular outcome.
The national growth rate for digital ad spending in 2024 will be 12.6%, which means travel will underperform compared with most other industries. This represents a significant change from the past three years, when travel led all industries in growth every time.
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