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IPSOS report reveals 4 in 10 Brits plan to increase their travel budget in 2024

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IPSOS report for Hyatt reveals most European and Middle Eastern travelers intend to maintain or increase their travel budgets in 2024, focusing on domestic and lifetime trips.

According to an IPSOS report commissioned by Hyatt1, two thirds (65%) of European and Middle Eastern travellers plan to maintain or increase their travel budgets this year.

The IPSOS report, which was commissioned to better understand people and the factors driving their travel decisions throughout 2024, is based on insights from 750 respondents across Europe and the UAE. It reveals four key trends which are expected to influence travellers’ summer holiday plans:

Trend #1. Travellers do not plan on cutting down travel spend

Despite the global economic challenges, most travellers across the region say that they will have the same budget or higher for travel compared to last year. More than half of UAE travellers are planning to spend more. Across Europe, 62% of travellers in the UK, 73% in Germany, 62% in Spain, and 52% in France anticipate they will maintain or increase travel spending.

Beyond budget considerations, 2024 is the year for “the trip of a lifetime” for 8% of respondents, and more than one in ten (12%) British travellers.

Trend #2. Weather conditions are a key deciding factor

When deciding where to travel, weather conditions at the destination are the second most important consideration (50%) for travellers from the surveyed region, trumped only by lodging costs (53%), and exceeding the importance of both transport costs (42%) and the experience offering at the destination (also 42%).

Against a backdrop of uncertain summer weather, almost one-in-three (61%) German consumers see the weather as an important factor when choosing where to travel, versus 45% of French travellers, 47% of Britons, and 48% of those in Spain and UAE respectively.

Trend #3. Taking a break and relaxing is the most common motive for travelling

Though some travellers are seeking adventures this year, the majority (42%) want to take a break and relax. This is the case for French (45%), British (41%) and German (52%) travellers, who place this as their number one travel motive. For Spanish holidaymakers, living new experiences takes first place (40%), and for those from the UAE, spending time with family is the priority (40%).

Ipsos report found out that in the UK, in addition to wanting to relax, 36% say they travel for new experiences, closely followed by sightseeing (35%), and spending time with loved ones (29%).

Trend #4. Domestic travel is in

Domestic trips are playing a key role for travel in 2024, according to the report. According to IPSOS report, approximately three in four (73%) of UK travellers said they are planning leisure trips in their own country: similar to those in France (75%), and amongst Spanish (73%), Emirati (68%), and German (63%) holidaymakers.

Concurrently, transport costs are considered a key deciding factor by 42% of respondents across the region, and this is a particular focus for UK travellers (53%).

Alongside the appetite for domestic travel, more than half (55%) of consumers in the region intend to travel abroad, with 35% planning a trip somewhere they have never been before. French and UK based travellers are the most inclined to travel to a new place (43% and 42% respectively).

Arnaud de Saint-Exupéry, Area Vice President for UK and Ireland, Hyatt, commented: “Summer holidays are a highlight in many guests’ calendars, offering precious time to relax and explore destinations at home or abroad. As part of  the wider consumer trend for prioritising memorable experiences and travel within annual budgets, it is fantastic to see consumers’ appetite to enjoy breaks here in the UK alongside seeking out favourable weather conditions and exploring new destinations abroad.”

“The approach to travelling identified in the report is consistent with Hyatt’s ambitious growth journey in Europe, Africa and the Middle East (EAME). Hyatt spans more than 46,000 rooms across the EAME region, with hotels in 41 countries covering a wide range of destinations and segments – from iconic hotels in cities such as London, Paris, Rome, and Dubai, to almost 70 resorts in the Balearic, the Canary and the Greek islands, to the sought-after leisure destinations of Oman, Montenegro and Tanzania.”

 

 

1 Consumer Study on Travel Trends 2024: IPSOS conducted a survey of n=750 respondents in August 2023, with at least 150 respondents in each of the following countries: France, Germany, Spain, UK, and UAE (representative for general population). 

Theodore Koumelis
Co-Founder & Managing Director - Travel Media Applications | Website

Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.

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