Eleven. Trillion. Dollars.

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Here’s your weekly roundup of the latest trends, innovations, and startup news in travel:

  • Eleven. Trillion. Dollars. In 2024, the travel industry is set to hit a record high with $11 trillion in earnings, and it’s expected to soar to $16 trillion by 2034, making up 11.4% of the global GDP. Let me just say this: huuuuge market potential, but the sector remains quite segmented and complex. This highlights plenty of untapped opportunities, especially given how strongly the travel industry has bounced back since the pandemic, as the World Travel & Tourism Council points out
  • Temporary cap on tourist numbers? Last week we opened the discussion about overtourism, which makes this update from Tenerife particularly timely. In Spain, thousands have taken to the streets demanding a temporary freeze on tourist numbers, arguing that the current model is too costly for locals and damaging to the environment. They are calling for restrictions on short-term rentals and new hotel constructions, backed by several environmental groups. As a major tourist hub, the Canaries are experiencing tensions as tourism both boosts the local economy and strains resources, leading to higher living costs.
  • Making travel smoother for the walletKlarna and Expedia Group are expanding their global partnership and taking it to the US. Together, they’re rolling out flexible payment options like ‘Pay Now’ or ‘Pay in 4’ on Expedia.com and Hotels.com, following their successful launches in Europe. The goal is to make travel more accessible and smooth out the booking process. It’s coming at a great time too, as the US travel market looks set to bounce back big in 2024, with projections hitting nearly $200 billion.
  • Merging for bigger things. Campanyon is buying its Danish rival Owayy, and together, they’re set to become the main name in nature-focused travel across Scandinavia. This move brings Owayy’s properties under Campanyon’s roof, hugely expanding their reach. The founders of Owayy will stay on to help with the leadership at Campanyon, aiming to lead the European market in unique outdoor stays.
  • No new hotels in Amsterdam.The Dutch capital is stepping up its game to handle overtourism by putting a stop to most new hotel projects and setting a yearly cap on overnight stays at 20 million (which is less than they had last year). Amsterdam is encouraging hotel development to be more sustainable and ideally, located outside the city core. Along with this, they’ve bumped up the tourist tax to 12.5%.