BIT Milano: A Glimpse into 2024 Amid New Trends and Innovation
By Massimo Terracina
All is set for BIT 2024, scheduled from Sunday, February 4, to Tuesday, February 6. This event will welcome travelers and professionals from the Travel Industry worldwide to the Allianz MiCo in Milan, shedding light on the latest global developments in the sector. It provides a unique platform to showcase the international tourism product.
Against a backdrop of international growth, the Italian tourism market is well-positioned, boasting 118.2 million arrivals and 397.5 million presences in the first 11 months of 2023 (source: ISTAT). Profitability volumes are on the rise in Italian hospitality, with a RevPAR up by +20% compared to 2022. Organized tourism also sees substantial growth, estimating a turnover of approximately 6.5 billion euros (+40% from 2022).
Personalization emerges as a key driver. The preference for "niche" experiences aligned with one's values and needs is increasing. Outdoor, wellness, and experiential tourism are gaining favor.
Given the recent positive trends in the sector, the event is more relevant than ever, providing an opportunity for updates and discussions for industry professionals. The BIT Observatory, leveraging its sector expertise, offers combined analyses of the most recent data and maintains a constant dialogue with various stakeholders.
Confirming this positive trend, the BIT Observatory, citing the latest UNWTO data, notes a global upheaval with international travel numbers reaching 1.29 billion in 2023, a significant increase from 2022.
In this context, where Europe remains the top travel destination for international tourists (700 million arrivals, 54% of the total), Italy continues to position itself well, with clear growth in 2023. In the first 11 months of the year, there were 118.2 million arrivals and 397.5 million presences, marking increases of +5.4% and +0.7%, respectively, compared to the same period in 2022. These statistics are supported by data from Assoareoporti (Airports Association) for 2023, reporting 183 million passengers, of which 65.6% are foreigners (international traffic growing at +29%). Italy remains the most desired destination, particularly among high-spending segments, according to Euromonitor (2023), ranking Rome (7th place) and Milan (13th) among the top 15 travel destinations.
Focus on Italy: Spending and Hospitality
According to calculations by the BIT Observatory based on Bocconi/STR 2024 data, the hotel sector in Italy is on the podium for growth in volumes of profitability, with a RevPAR 20% higher than in 2022. The luxury segment stands out, with 5-star and 5-star luxury hotels recording a 15% increase in turnover in 2022, even exceeding +5% compared to 2019.
On the outbound front, organized tourism records robust growth compared to 2022, closing 2023 with an estimated turnover of around 6.5 billion euros (ASTOI, 2024, +40% from '22), surpassing the performance of 2019. The MICE sector also shows optimism globally, with 67% of sector operators indicating an increase in budgets for meetings and corporate events (Global Meetings and Events Forecast 2024, research by American Express GBT Meetings & Events).
A Glimpse into Travel Trends: Italy Towards 2024
The tourism landscape in Italy is dynamic, profoundly influenced by the new needs of travelers. They are increasingly drawn to sustainable, authentic experiences that offer physical and mental well-being, as well as personalization.
The "quality-price" ratio remains a key factor for Italian travelers, who primarily choose a destination based on the cost of the flight (40%) and the hotel (28%) (Skyscanner, 2024). Other determinants include deseasonalization and the "coolcationing" trend, indicating a preference for destinations with milder and cooler climates to escape the summer heat. This trend, observed last year, led to the popularity of temperate destinations like Switzerland and Northern Europe or "shoulder" months such as September or October for Mediterranean holidays (Forbes, 2023; Booking.com, 2024).
Added to this is the desire to rediscover the history and traditions of visited places, returning to "origins" and combining the cultural component with the food and wine one. The experiential component now represents 57% of the spending in the entire luxury industry (Altagamma, 2023).
Personalization, therefore, acts as a catalyst for tourism today, with the search for destinations, activities, and experiences reflecting one's lifestyle and values. This has led to continuous growth in the economic value of "niches" such as food and wine, ecotourism, adventure tourism, cultural tourism, music tourism, and LGBTQ+ tourism.
BIT Milano awaits operators and visitors not only in its exhibition itinerary, destinations, and services but also through strategies and proposals to interpret the growth opportunities in this dynamic market. Furthermore, these topics are discussed in the "Bringing Innovation Into Travel" format and numerous other formats. See you there.
