A Travel “Epidemic” Is Here
A strong optimism is pervasive amongst American leisure travelers, suggesting continued good times—or likely even better ones—are in store for the travel industry. In the latest Destination Analysts’ The State of the American Traveler survey, which tracks traveler sentiment, expectations for near-term leisure travel have soared quite beyond what has been seen in the past nine summers, and may have reached an all-time high. In typical summer waves of this survey, enthusiasm for travel is muted compared to January. At this point in the year, travelers have been quite possibly satiated from recent summer adventures, or they might also be in the midst of planning for an impending trip. Whatever the cause, travel expectations have been invariably lower. However, this July, more than a third (34.3%) of American travelers said they expect to increase the number of leisure trips they will take in the upcoming year. This marks an increase from 31.1 percent in January and significantly above levels seen in previous summer waves of the survey, in which only 29 percent of travelers expected to travel more in the upcoming year.
American travelers are in the mood to spend, too, with spending expectations sky high. Fully 35 percent of travelers say they expect to spend more on their leisure trips in the coming 12 months. This again breaks with the summer norm, where in the last three years an average of just 29.8 percent of travelers expected to increase their trip spending.
The table below illustrates this upward bounce in American’s demand for increased travel volume and spending.
These results fit nicely with national sentiment trends which show that consumers feel significantly better about the economy overall this summer. The Conference Board recently reported that its index of consumer confidence jumped to 101.4 in June from 94.6 in May. Nothing drives demand like consumers feeling positive about the economy and their personal economic situation. This coupled with the increased social value being placed on travel, and the outlook for leisure travel demand in the near term is rosy. The remainder of this year should be a great one for the industry.
Download your copy of the summary The State of the American Traveler report here.