Consumers clearly know that prices in general, and travel prices in particular, are rising…
Consumers clearly know that prices in general, and travel prices in particular, are rising. In fact, the majority of intended summer travelers expect travel prices (such as those for transportation, lodging, food and entertainment) to be higher this summer. And a significant one-third (34%) expect travel prices to be much higher compared to last summer, according to a special Travel Poll conducted by the Travel Industry Association of America (TIA). Results are based on a representative sample survey of 1,000 U.S. adults who traveled in the past year.
Higher travel prices will keep some Americans at home or force them to reduce their travel this summer, remarked Dr. Suzanne Cook, senior vice president of research for the Travel Industry Association of America. But most travelers, as they have done in the past, are prepared to make the best of it and to once again modify their behavior.
Two in five (40%) of those planning leisure trips this summer say that higher prices will affect their plans. More than one-quarter (27%) of them are resigned to the fact, saying that they will just have to spend more for their trip on travel services and products. However, 17 percent plan to reduce spending, especially on lodging, shopping and dining out. A similar 17 percent plan to take shorter duration trips, 14 percent expect to travel closer to home and 13 percent say they will take fewer trips this summer. Only 3 percent say they might cancel their planned summer leisure trips because of higher travel prices.
Regardless of whether they plan on spending more or less this summer, most leisure travelers will be looking to economize. More than half will look for more economical places to eat and/or more economical accommodations. Nearly as many plan to economize on activities and attractions. About one-third will look for a more economical destination and/or mode of transportation.
How Summer 2005 Leisure Travelers Plan on Economizing Against Rising Travel Prices
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
