According to Travelocity’s annual “Traveler Confidence Report,” a majority (89%) will spend as much or more on travel in 2011 as they did in 2010. The survey of more than 1,400 Americans also found 95% of respondents will travel as much or more in 2011.
“Judging from the number of respondents who say they intend to both travel and spend more in the coming year, the travel industry could see continued growth in 2011,” said Hugh Jones, President & Chief Executive Officer, Travelocity Global.
Though travelers are planning to spend more, they’re also planning to spend more carefully. Sixty percent of respondents claimed to have a predetermined travel budget for 2011, up from 44% in 2010.
- 77% of survey respondents plan to spend as much or more on hotels in 2011 as 2010. Of those who will increase their hotel spending, the majority (71%) will do so by taking more trips with hotel stays. Others will stay longer or stay at a hotel with a higher star rating. On the other hand, respondents are less likely in 2011 to book a hotel near home for a getaway. “It seems travelers may be tiring of ‘staycations’ and ‘nearcations,’” said Jones.
- Despite rising airfare, 75% will spend the same or more on flights in the coming year. Those who plan to increase flight spending will do so primarily by taking more trips while others will take trips further away, fly instead of drive and travel with more people. Conversely, of those who will reduce their spending on airfare, the largest group report they will drive instead of fly.
- 71% are at least somewhat likely to book a vacation package (flight + hotel) as a way to save, while one-third are at least somewhat likely to book an opaque hotel as a savings tactic. “Given the increase in pre-determined travel budgets among respondents, it’s no surprise money saving tactics are crucial to getting more vacation for less money,” said Jones.