Tourism Resurgence: MMGY Global Reveals Increased Travel Planning despite Rising Costs
Tourism Resurgence: MMGY Global Reveals Increased Travel Planning despite Rising Costs
The travel industry is witnessing a significant surge in travel intentions among American adults in 2024, according to a study by MMGY Travel Intelligence. The study, titled ‘Portrait of American Travelers,’ reveals that 76% of Americans are planning to go on a vacation within the next year, a noticeable increase from the 70% reported last year. Additionally, 64% of these travelers intend to take a trip within the next six months, marking a substantial rise from 58% recorded in October 2023. This surge in travel sentiment echoes a growing optimism towards both domestic and international travel, despite rising inflationary pressures in the US.
Despite the overall positive mood, there has been a slight decline in the perceived safety of international travel. However, according to Chris Davidson, Executive Vice President of MMGY Travel Intelligence, travelers are not deterred by safety concerns and continue to actively plan and prioritize their travels. Notably, millennials and high-income households are spearheading the push in intended travel spending, reaching levels unseen since before the pandemic. This trend serves as a promising sign for the recovery of the overall travel industry.
Interestingly, the study also highlights a shift in travel preferences and values. More than half of the travelers plan to increase their use of sustainable travel options, with Gen Z and millennials showing particular concern about sustainability when making travel decisions. Travelers are also showing a willingness to spend more to support environmentally responsible suppliers. While inflation and gas prices have less of an impact on vacation planning compared to October 2023, factors like environmental sustainability are increasingly influencing travel decisions.
With respect to destinations, Hawaii, Florida, California, and Colorado are the top states capturing the attention of leisure travelers. Other popular destinations include Las Vegas, Maui, and Honolulu, as well as emerging hotspots like Brooklyn and St. Louis. In terms of planning, travelers are increasingly seeking information from multiple sources, with social media and internet searches taking the lead, followed by recommendations from friends and family. As for accommodations, preferences vary from hotels and vacation rentals to staying with friends and relatives.
