According to the latest Longwoods International tracking study of American travelers, the current strong demand for travel may be in peril because of concerns about jobs, inflation and the economy. About half of travelers report that concerns about their personal financial situation will impact their travel decisions in the next six months. And the percentage of travelers who say that economic concerns will greatly impact their upcoming travel has jumped from 23% in late August to 30% in early January.
“News of layoffs, higher interest rates and rising prices is taking its toll the confidence of travelers,” said Amir Eylon, President and CEO of Longwoods International. “While 2023 is off to a great start, the health of the economy is the key to sustained growth throughout the new year.”
After steady declines in traveler anxiety about gas prices from July through November, they reported increased concern about the price at the pump in January. And more than half of travelers say that the price of air travel will impact their travel plans in the next six months.
The survey, supported by Miles Partnership, was fielded January 4, 2023 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.