Complete Story
05/24/2024
05/24/2024: Ohio's Travel Industry and Current Travel Research
INTENT TO TRAVEL IS HIGH, BUT CONCERNS ABOUT PERSONAL FINANCES ARE CHANGING HOW VISITORS PLAN TO TRAVEL AND WHERE THEY INTEND TO SPEND THEIR MONEY
Key findings from Longwoods International, fielded May 8:
- American travelers who plan to travel in the next six months has increased from this time last year with 93% reporting plans to travel in the next six months compared to 89% in 2023.
- Concerns about personal financial situations has also increased from this time last year - 29% say personal finances will greatly impact their decision to travel in the next six months compared to 24% in 2023.
- How are travelers adjusting travel plans given financial situations?
- 33% are reducing how much they spend on retail purchases
- 32% are choosing destinations closer to home
- 29% are reducing how much they spend on entertainment and recreation
- 27% are reducing spending on food and beverage
- Travel cost greatly impacting Americans traveling in the next six months has stayed the same since March of this year with only 23% feeling concerned over this.
- 20% of American travelers said they are very likely to travel internationally in the next 12 months. Top intentions for international travel include historic places and landmarks (38%), unique activities and adventures (37%), exotic experiences (36%), and distinctive cuisine and food experiences (34%).
