Consumers continue to see travel as an essential and plan to spend more on trips while cutting back elsewhere in the face of the cost of living crisis, a global poll revealed.
Almost three quarters (71%) of people plan to sustain or increase their current spending on leisure travel in the next year, even while limiting spending across most discretionary categories.
Eight in 10 (78%) consumers are planning leisure travel – and half (50%) are aiming for two or more trips.
The results are outlined in a poll of 10,000 consumers in 16 countries by IT services and consultancy firm Accenture.
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The majority (85%) believe they are currently living with uncertainty, with more than half (52%) expecting this to last for more than 12 months.
A separate Accenture macroeconomic analysis warned that the persistence of inflation, high interest rates, and growing income and employment uncertainty could further test the resilience of consumer spending in the coming months.
However, the survey said: “After several years of enforced pandemic-related travel restrictions, consumers were reminded that travel is more than a trip away.
“It’s about human connection. After a year of strong growth for the travel industry, 71% of consumers plan to sustain or increase their current spending on leisure travel in the next year, even while limiting spending across most discretionary categories. In the next year, eight in 10 (78%) of consumers are planning leisure travel – and half (50%) are planning two or more leisure trips.
“This signals that consumers still see travel as an essential part of their lives.”
A strong indication of consumer resilience is their intention to spend more, according to the study.
When asked how their expected spend will change over the next six to 12 months, respondents said they plan to spend more across eight out of 15 categories – in areas such as leisure travel and wellness – compared to six categories in 2022.
Emily Weiss, senior managing director and global lead for Accenture’s travel industry practice, said: “As they focus on capturing this buoyant desire to travel and driving growth through customer acquisition, travel companies know they need to put the traveler front and centre and tailor offerings for distinct types of consumers.
“This means working beyond traditional silos and considering their entire journey by using technology to better connect all customer touchpoints.
“It is about personalisation at scale, maximising the value of micro-moments, meeting guests where they are instead of trying to dictate their path – for example, having the insight to know whether they are looking for self-service or direct contact and then meeting those needs.”
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