Age of Concern: Travel Demand Remains High Even as Costs Soar

In this age of concern about inflation and higher costs for nearly all our requirements, new data through GWI Travel shows the travel sector continues its post-pandemic rebound. Despite this age of concern over finances and shortages, the survey shows 57% of respondents still planning an overseas vacation in the next 12 months and 86% saying a domestic trip is on the cards. However, consumers are airing on the side of caution post-pandemic, as 38% report that being able to cancel or rebook for free is the most important factor when choosing their next trip, followed by 36% paying closer attention to hygiene standards.

At the same time, in this age of concern, cost of living issues and worries about an incoming recession are also impacting attitudes to travel, with July 2022 GWI Zeitgeist data showing that 36% of consumers are being price-conscious when it comes to travel spend.

The data from GWI Travel also shows consumers want the best bang for their buck when booking their trip, with social media and review sites playing al part of their planning process. Travelers are looking to their peers to get vacation inspiration, with over a quarter saying this is more important to them than travel blogs, price comparison websites and travel agents. This is of particular importance to Gen Z, who are 44% more likely than other generations to say social media influences their decision about where to travel.

Age of Concern in Travel Findings

• 38% report that being able to cancel or rebook for free is the most important factor when choosing their next trip
• 36% are paying closer attention to hygiene standards

Data also found generationally US consumers will look out for:

Baby Boomers 

• 69% – Cost/Value for money
• 67% – Good Weather/Climate
• 64% – Sights/attractions to visit

Gen X 

• 65%  – Cost/Value for money
• 63%  – Sights/Attractions to visit
• 59% – Relaxation

Millennials 

• 58% –  Fun/Excitement 
• 56% –  Relaxation
• 55% – Sights/attractions

Gen Z 

• 70% –  Fun/excitement 
• 56% –  Cost/value for money
• 56%  – Good weather/climate

“The data really demonstrates that while we’re keen to get back to regular travel, consumers are still tentative. Brands should take note, offer flexibility, and above all, demonstrate the overall value and experience they’re offering,” said Chief Research Officer at GWI, Jason Mander.

Overall, travelers reported visiting family, relatives or friends (53%) and a beach/Coast (51%) among their top preferred vacation types. Yet, there’s also some surprising generational breakdowns. All generations are keen to travel again but have different views on how they want to do it. 

Price and value-for-money are more important to baby boomers, with 57% highlighting this as a key factor for them, whereas millennials are more willing to pay a premium price for flights or accommodations that improve their experience. Millennials are also far more likely to travel internationally, with 64% determined to travel outside the U.S.  This is no surprise considering millennials also say that vacations are very or extremely important to them (42%).

Survey Note

GWI Travel is run by GWI, which is focused on the travel industry as a one-stop-shop for all travel consumer data. Research is compiled from online respondents aged 16-64 across 10 key travel markets, including the US, UK, Singapore and China. Included July 2022 GWI Zeitgeist research was compiled via online survey of 4,034 US and UK respondents aged 16-64.