Nearly one-third of travelers will spend more while away this year. // © 2015 Thinkstock
Fewer adults intend to take a leisure trip during the next six months, but those who do plan to travel will spend more, according to the April 2015 Travelhorizons survey of more than 2,300 adults, conducted by MMGY Global.
Why It Matters:
The findings showed that of the 66 percent of adults who will take a trip this year (down 3 percent from the same period last year), 27 percent will spend more on their travels (up 5 percent from the same period in 2014), indicating what appears to be an improved perception of the affordability of travel. Factors contributing to this shift may include the stronger value of the U.S. dollar against the euro, as well as the declining price of gasoline.
- “Affordability of travel” is one of six factors that contribute to the overall Traveler Sentiment Index (TSI), a derivative of six variables that determine Americans’ attitudes towards travel, including interest in travel, time for travel, personal finances available for travel, perceived affordability of travel, quality of service and safety of travel. This factor increased to 168 points this April, up 20 points from the same period last year.
- This quarter, the affordability of travel was the only component of the TSI to display a significant increase over the previous year.
- The survey also found that 31 percent of U.S. adults plan to take at least one business trip during the next six months, essentially unchanged from the same period last year.
What They Are Saying:
“People may be traveling less, [but] they are investing more in the trips they do take,” said Steve Cohen, vice president of insights for MMGY Global. “More and more consumers are seeking quality experiences when they travel and are willing to spend more on hotels, tours, dining and other items to enjoy the best vacation possible.”