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.
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.
TPG featured card
at Bilt's secure site
Terms & restrictions apply. See rates & fees.
| 1X | Choose to earn up to 1X points on rent and mortgage payments with no transaction fee |
| 2X | Earn 2X points + the option to earn 4% back in Bilt Cash on everyday purchases |
Pros
- Choice to earn up to 1 Bilt Point per dollar spent on rent and mortgage payments
- Elevated everyday earnings with both Bilt Points and the option to earn Bilt Cash
- $400 Bilt Travel Portal hotel credit per year (up to $200 biannually)
- $200 Bilt Cash annually
- Priority Pass membership
- No foreign transaction fees
Cons
- Moderate annual fee
- Designed primarily for members seeking a premium, all-in-one card
- Earn points on housing with no transaction fee
- Choose to earn 4% back in Bilt Cash on everyday spend. Use Bilt Cash to unlock point earnings on rent and mortgage payments with no transaction fee, up to 1X.
- 2X points on everyday spend
- $400 Bilt Travel Hotel credit. Applied twice a year, as $200 statement credits, for qualifying Bilt Travel Portal hotel bookings.
- $200 Bilt Cash (awarded annually). At the end of each calendar year, any Bilt Cash balance over $100 will expire.
- Welcome bonus (subject to approval): 50,000 Bilt Points + Gold Status after spending $4,000 on everyday purchases in the first 90 days + $300 of Bilt Cash.
- Priority Pass ($469/year value). See Guide to Benefits.
- Bilt Point redemptions include airlines, hotels, future rent and mortgage payments, Lyft rides, statement credits, student loan balances, a down payment on a home, and more.