According to the latest Longwoods International tracking study of American travelers, the amount they expect to spend on their holiday travel is declining. In September, 31% reported they expected to spend more on holiday travel this year than last year. In the most recent survey, those expecting to spend more on holiday travel this year dropped to 24%. Conversely, in September, 19% said they expected to spend less on holiday travel this year; now those who expect to spend less has jumped to 27%.
“Rising prices and interest rates have created financial uncertainty for many consumers,” said Amir Eylon, President and CEO of Longwoods International. “While demand for holiday travel remains strong, economic realities may squeeze how much travelers are willing to spend on their holiday trips.”
Travel planning for the next six months is bullish, with 91% of travelers planning trips in that time period, near pandemic highs. And the percentage of travelers who are changing their travel plans because of COVID-19 has dropped to 33%, the lowest level since the start of the pandemic in early 2020.
The survey, supported by Miles Partnership, was fielded November 28, 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.