04/05/2024
04/05/2024: Ohio's Travel Industry and Current Travel Research
STRONG SPENDING PREDICTED IN 2024, COUPLED WITH AI-POWERED PERSONALIZATION TACTICS FOR EMPOWERED CONSUMERS
Key findings from Mastercard, published Ja. 2024:
- The Mastercard Economics Institute predicts that American consumers will continue to spend strongly in 2024 with stronger "real" spending due to easing inflation, although nominal spending growth may slow compared to the previous three years.
- In 2023, consumers fulfilled their "needs" for food and "wants" for concerts and movies, but impulse spending struggled.
- Retailers will focus on connecting with the "empowered consumer" and personalization tactics will shift from purely transactional to deeply empathetic.
- The search for just the right item is now getting a helping hand with AI, with companies exploring and testing how consumers react to specific promotions and prices while balancing their revenue targets.
- 44% of technology and business leaders at retail brands say they're already utilizing Generative AI (also known as GenAI), with another 37% planning to invest in GenAI in the next six months.
- The challenge for retailers is the right timing for new technologies that impact shopper behavior, with the big question for successful AI adoption being its ability to drive impact while balanced against a shopper's comfort level.
ONE IN FOUR AMERICAN TRAVELERS BRING ALONG PETS DURING THEIR LEISURE TRIPS; NEARLY TWO-THIRDS OF THESE PET TRAVELERS ARE BUDGETING HIGHER FOR BRINGING THEIR FURRY ONES ALONG FOR THE EXPERIENCE.
Key findings from Future Partners, published March 29:- The term "pet traveler" below refers to those traveling with their pet.
- On average, one in four American travelers are pet travelers, but in late autumn 2023, more than 30% traveled with their pets.
- Compared to overall American travelers, pet travelers are more likely to visit recreation areas or national parks on their most recent overnight leisure trip. They are also more likely to be interested in outdoor activities and camping.
- Nearly two-thirds of pet travelers say travel will be a high-budget priority for them in the next 12 months, and they are more likely to expect to travel more for leisure in the coming year.
- Pet travelers are more likely than overall travelers to be receptive to marketing on social media.
- Pet travelers are more likely to turn to Facebook, Instagram and TikTok than the non-pet traveler. .