Shorter Trips, Lower Spend: Are U.S. Travelers Feeling the Pinch?
- Published:
- November 2024
- Research Type:
- Article
- Figures:
- 9
- Segments:
- Air, Car Rental & Ground Transportation, Hotels & Lodging
- Regions:
- U.S. & Canada
Summary
The travel industry has made a remarkable recovery post-pandemic, with shifts in traveler behavior that marked 2021 and 2022 as years of “revenge travel” and the rise of “bleisure” More adults prioritized leisure trips than ever, driving record-setting travel demand.
However, over the past year, inflation, rising service costs, and mounting credit card debt have reshaped the spending habits and priorities of U.S. consumers. The Consumer Price Index (CPI) rose 2.4% for all items in the 12 months ending September 2024, while interest rates remained high, impacting discretionary budgets. Geopolitical conflicts, including the ongoing Ukraine-Russia war and unrest in the Middle East, add to the global uncertainty, and the U.S. presidential election loomed on the horizon at the time the survey was conducted.
Key questions addressed by this article include:
- How have travelers’ discretionary spend priorities shifted?
- In what ways, if any, have traveler behaviors changed over the past 12 months?
- To what extent are travelers willing to incur debt in order to travel?
