The latest edition of MMGY Travel Intelligence’s Portrait of the American Traveler found that seven in 10 (70%) U.S. adults plan to take a vacation over the next year. While this figure is slightly lower than the 73% recorded in October and has significantly decreased from 86% a year ago, both the number of intended trips (4.2, compared to 3.9) and planned spending ($4,339 versus $2,581) are up from February 2022. In addition, interest in international travel continues to rise, with eight in 10 travelers wanting to vacation abroad in the next two years, compared to 73% in February 2022.
Our Analysis: Current Economic Concerns Won’t Stop Most Travelers
It currently appears as if economic concerns will not stop the majority of travelers from taking planned trips — and more of them, at that. The significant increase in budgets is also good news for travel advisors, especially with demand for international trips on the rise. Most likely, this heightened interest is due to the recent reopening of some holdout destinations in Asia, and the further relaxation of COVID-19 entry rules around the world. Advisors can expect to see a continued rush on these and other international hot spots.
Fast Facts: More Findings From the Study
- According to the study, the hotel industry is regaining popularity after the pandemic-era shift to short-term rentals: 70% of travelers planning a vacation in the next six months will stay at a hotel or resort, compared to 60% in February 2022.
- MMGY also found that sustainability is still a hot topic among travelers, with six in 10 respondents willing to pay more to patronize providers that demonstrate environmental responsibility (last year, that figure was 62%). That said, younger generations are more likely to change their booking behaviors than older generations.
- The Spring Edition of the Portrait of American Travelers examined the behaviors and preferences of more than 4,500 U.S. adults.
What They Are Saying: Travel Demand Will Likely Remain Stable
“Any softness we’re seeing in travel intentions is tied almost entirely to lower-income households where concerns over personal finances and the affordability of travel inherently carry more weight,” said Chris Davidson, executive vice president of MMGY Travel Intelligence. “At the same time, a majority of travelers appear poised to travel more and spend more in the year ahead, and this should effectively offset those who may opt out.”