2023 TPG Travel Trends Report

We've all heard that "travel is back" and people are taking trips differently than before. But what does that mean? Our team of experts follows all the changes in the airline, hotel and cruise industries — plus the credit cards and loyalty programs tied to each — and compiled this first-of-its-kind report showing the evolution of travel today.

View the full 2023 TPG Travel Trends Report in PDF format here.

From pent-up demand to the new normal

Vacations are longer, and the line between business and leisure has blurred. However, 2023 started with the retraction of many "work from anywhere" policies.

Fears over a recession are looming but don't seem to be hindering trips ... yet. While Americans might have finally gotten the pent-up urge to travel out of their systems, they continue to invest heavily in travel experiences.

Growth in both luxury and budget-minded experiences

The commitment to luxury remains strong, with hotels building more high-end properties and cruise lines launching expensive expedition ships to sail to Antarctica and the Arctic.

But that doesn't mean budget-minded travel is being thrown overboard.

Outside of luxury, cruise lines are building bigger ships that will shatter every record we know. There will be something for everyone on these massive vessels — but pay careful attention to the fine print, as the number of mandatory fees for these otherwise all-inclusive experiences is growing.

What hotel travelers want is evolving

Back on land, the once-niche area of all-inclusive resorts has gone mainstream, with major hotel chains getting in on the action. Hilton, Hyatt and Marriott, which had just 30 such resorts four years ago, now have more than 150 and are planning more.

Speaking of hotel companies, all the major chains are investing in new brands that travelers might not be familiar with. A decade ago, the largest five hotel chains offered a combined 49 brands; today, there are more than 130. That growth is driven by developers' thirst for lower construction and maintenance costs, travelers no longer seeking full-service restaurants and ballrooms, and the continued strength of loyalty programs.

Daily Newsletter

Reward your inbox with the TPG Daily newsletter

Join over 700,000 readers for breaking news, in-depth guides and exclusive deals from TPG’s experts

Email address

Sign up

By signing up, you will receive newsletters and promotional content and agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.

Pricing trends

Unfortunately, when it comes to prices, there is little relief ahead. Hotel rooms and airfare are expected to remain high.

Flyers will find slightly bigger planes on most routes along with the retirement of the smallest regional jets. However, that means that many small towns and cities are losing flights. A few startups are trying to fill the gap but won't close it.

Advance planning remains crucial

Finally, we want to highlight the planning needed for travel today. There's a joy to spontaneous, last-minute trips that will hopefully never go away. But while the strict capacity restrictions of the coronavirus pandemic may have waned, many key attractions that started requiring reservations during the pandemic liked how it spread out crowds and decided to keep those policies.

Advance preparations also apply for getting IDs and enrolling in reduce-the-line government membership programs. We are seeing monthslong waits to renew passports and secure Global Entry interviews. Additionally, as of May 2025, anybody who flies domestically will need to have a specially verified driver's license called a Real ID that can only be obtained in person at the DMV.

Currently, only 53% of Americans have a Real ID. Two years might seem far away, but imagine going to the DMV when everybody tries to get new licenses ahead of their summer vacation. It won't be pretty.

We hope you enjoy this comprehensive look at the state of travel today. As you head out in 2023 to visit spots new and old, we urge you to take a moment to discover something unexpected. Discover that unknown local shop or quiet little park that hasn't made the guidebooks. It will make your trip that much more rewarding.

View the full 2023 TPG Travel Trends Report in PDF format here.