Travel rebound is here though many don’t yet know it
Perhaps you did not realize it, but the travel recovery has begun.
Don’t believe it? Just about everyone agrees.
“Recovery has technically begun; but most travel companies still are not feeling much relief,” says PhoCusWright in a new study.
”Cutting Losses, Rebuilding Confidence: Key U.S. Traveler Insights,” is the title of a report by the research company with an emphasis on trends shaping lodging, air travel and other travel components.
Trends include
—Travel takes a one-two punch
Not only did fewer people travel (-11 percent), but those who did travel spent less (-15 percent).
—The recovery will be restrained
While fewer consumers plan to pull back on their travel in 2010, the percentage of those who plan to travel more has not increased.
—Quality, not quantity
Even though travelers took fewer trips in 2009 compared to 2008, the trips they took were longer; trips of four nights or longer accounted for 59 percent of all trips in 2009.
—Economy busts the boomers
Older consumers (45+) pulled back on travel earlier than younger travelers, and were less likely to travel in general.
—Reality bites
Younger travelers (under age 35) showed larger year-over-year declines in travel spend than older travelers, and their optimism about travel intentions has sobered. However, they still had a significantly higher incidence of travel than older travelers.
—Planning is more focused
The number of sites used across the destination selection, shopping and booking phases has decreased slightly from 2008.
—OTAs gain on hotel sites
Online travel agencies (OTAs) gained share among hotel bookers, but not so much with air.
—Upscale travelers want it all
Bigger-spend travelers are more likely to patronize upscale and luxury hotels than lower-spend travelers, but they are also almost as likely to stay in mid-scale hotels.
By David Wilkening
David
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