Summer Travel Tradeoffs: More Heads In Expensive Beds

Half of all consumers say they will travel this summer and stay in paid lodging Thatamp8217s up 4 from last summer or amp8220the summer of all summersamp8221 as it was referred to in the elated travel industry and 9 up from 2021 The Deloitte Summer Travel Survey released this week details these trends Also this week Transportation Secretary Pete Buttigieg felt bullish about the summer He told reporters the Memorial Day holiday will register passenger numbers amp8220we havenamp8217t seen since before the pandemicamp8221All those summer trips wonamp8217t be cheap Hotel rates are up year over year per STR data International flights are more expensive due to elevated demand Restaurants and attractions follow the pace though itamp8217s becoming a steadier march of inflation A quarter of consumers are planning on spending more per Deloitte primarily because travel prices increased Consumers are adjusting by spending less on their longest trip Theyamp8217re also planning on taking fewer long trips from last year in favor of quicker getaways Those traveling are looking to squeeze in 31 trips this summer up from 23 in 2022With all those heads willing to get in vacation beds travel ampamp leisure advertisers are hanging out their shingles In the past six months cruises hotels and destinations have spent 14 more than the prior six months and 8 more year over year per MediaRadar data Cruises led spending and continue to report strong bookings for the strong 2023 they promised investors Despite Airbnb consistently being the top spender in the category the past few years consumers plan to book fullservice hotels For the longest trips of the summer three out of four consumers are looking to book fullservice hotels and just one of those four looking to stay in private rentals Deloitte reportsStill those numbers leave half of consumers staying home this summer Why Financial worries with 24 agreeing that travel is too expensive right now per Deloitte Morning Consult also confirms the biggest deterrent to traveling over the next three months is consumersamp8217 personal financial situations Shorter trips being planned helps stretch out consumeramp8217s cash outlay Americans have some other costsaving options domestic flights are down slightly from last year as there is more capacity and cheaper fuel costsThe consumer appetite for travel has not waned but they will need to get creative with their budgets For now that looks like a series of tradeoffs from trip length to domestic destination as they shop around Value messaging may help fill those last few bookings and weekend getawaysView original article on MediapostPosted at MediaVillage through the Thought Leadership selfpublishing platformClick the social buttons to share this story with colleagues and friendsThe opinions expressed here are the author39s views and do not necessarily represent the views of MediaVillagecomMyersBizNet

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Summer Travel Tradeoffs: More Heads In Expensive Beds

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Corinne Casagrande

"About That with Carl Mayer": Involved Media Connected Audience Fall 2024 Report (Episode 5) - By Carl Mayer

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