How is the Economy Affecting the Travel Industry?
As revealed in the most recent travelhorizons (TM) survey, travel in America remains popular. In fact, almost two thirds (63%) of adults in the U.S. are planning to take at least one overnight trip in the next 6 months for leisure enjoyment. Of course, the higher the household income, the higher the incidence of leisure travel. Also indicated is that 1 of 6 adults will make an overnight business trip in the next 6 months.
It appears that the number of adults who are traveling is not declining so much, but the travel behavior is changing. In a questionnaire posed to respondents, here are some of the actions people are taking to reduce travel expense.
1. 87% say they will purchase a travel package to save money
2. 84% expect to spend less money overall
3. 64% will comparison shop online. It is no surprise that the internet is becoming more and more popular for finding the best deals
4. 64% say they will take more frequent day trips
5. 51% will stay fewer nights to reduce costs
It is apparent that when travelers reduce the number of nights they stay, it will have a huge impact on lodging, cruise and attraction industries.
These statistics make it clear what needs to be done in future marketing and communications of these industries. The focus should be less on getting people to take trips and more on persuading them to extend their stay.
