International travel growth signals boost in consumer confidence
By Mathias Friess
One industry that took a dramatic downturn in the recession over the past four years has been international travel. We have seen reasons to believe the recession has ended. We have noted significant changes in how consumers are purchasing international travel.
From May of 2011, a typical consumer booked international travel 52 days prior to their trip. This year, the trend has been that travelers are booking a mere 44 days out. Not only are consumers booking only a month and a half in advance, but they are also paying nearly 5% more for their international travel.
We think the change in behavior is evidence of growing consumer confidence and more people traveling internationally for pleasure. Typically, vacationers book their travel closer to the travel date to find the best deals.
The growing strength of the US dollar in a volatile European market has created a more favorable position for Americans traveling abroad. Currently, the euro is in its weakest state against the dollar since 2010.
Another reason for the decrease in booking time could be that a greater share of travel is being booked online. Over the past few years, consumers have become more confident booking online and feel comfortable surfing for deals in their own time.
In addition, the entire airline industry has changed their business model. No longer are people being rewarded with "early-bird" specials and discounts. Airlines used to increase prices for travelers booking at the last minute, whereas now airlines are more likely to significantly reduce fares close to the departure date to sell more seats.
International travel has become a yard stick for a healthy economy. Typically, people are unlikely to travel internationally for pleasure unless they feel secure in their current employment and feel they have ample discretionary income to afford an exotic destination.
Author Mathias Friess started his career with Lufthansa German Airlines. He was then promoted to head Lufthansa’s North American Sales, based in New York during the most difficult times in the airline industry post 9/11. In April 2006, he started his new position in the senior management team of Virgin Blue Airlines as Head of Global Sales and Distribution. He is currently CEO of Webjet.com North America,
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