Despite the High Price of Gas, Travel Demand Remains Strong
According to the latest Longwoods International tracking study of American travelers, even with an eye on the price of gas at the pump, more than 90% of them have trips planned in the next six months. While only 20% of travelers said that the coronavirus would greatly impact their decision to travel in the next six months, the lowest percentage since the pandemic began two years ago, 38% reported that rising gas prices will greatly impact their travel decisions in the next six months.
“With concerns about COVID-19 more and more in the rear-view mirror, we are seeing a face-off between the pent up demand to hit the road and fuel costs,” said Amir Eylon, President and CEO of Longwoods International. “Summer travelers may be more cost-conscious given both the fact of higher gas prices and the extensive news coverage gas price increases generate .”
Reducing both the number of trips and choosing destinations closer to home are the top two coping mechanisms for consumers worried about gas prices, but they also are reducing spending on everything from retail and entertainment and recreation to food and beverage. Only 18% reported that rising gas prices will have no impact on their travel plans.
The survey, supported by Miles Partnership, was fielded March 30, 2022 using a national sample randomly drawn from a consumer panel of 1,000 adults, ages 18 and over. Quotas were used to match Census targets for age, gender, and region to make the survey representative of the U. S. population.