Holiday Travel Spending Expectations Softening
According to the latest Longwoods International tracking study of American travellers, the amount they expect to spend on their holiday travel is declining.
In September, 31% reported they expected to spend more on holiday travel this year compared to last year. In the most recent survey, those expecting to spend more on holiday travel this year dropped to 24%. Conversely, in September, 19% said they expected to spend less on holiday travel this year; now those who expect to spend less has jumped to 27%.
Amir Eylon, President and CEO of Longwoods International, pointed out that: “Rising prices and interest rates have created financial uncertainty for many consumers. While demand for holiday travel remains strong, economic realities may squeeze how much travellers are willing to spend on their holiday trips.”
Travel planning for the next six months is bullish, with 91% of travellers planning trips in that time period, near pandemic highs. And the percentage of travellers who are changing their travel plans because of COVID-19 has dropped to 33%, the lowest level since the start of the pandemic in early 2020.
Go to https://longwoods-intl.com/covid-19 for more.