Shaky Economy Not Slowing Leisure Travel, Report Says

Pricing pressures could force travelers to spend less this summer, Deloitte reports

Expect travel to grow this summer, but not the amount that travelers spend.
Half of those surveyed plan to travel and stay in paid lodging this summer. Pixabay

A new leisure travel study by Deloitte concludes that financial concerts won’t stop some Americans from planning travel, but rising costs may influence itineraries as air travel and paid lodging take off.

The 2023 Deloitte Summer Travel Survey is based on a survey of 3,583 Americans conducted between March 31 and April 6, 2023. The main takeaway: Whether they are making up for lost time, spending their savings, or placing higher priority on memory-making, many Americans continue to find reasons to prioritize travel — even as pricing pressures persist.

Among the takeaways reported:

  • Half of those surveyed plan to travel and stay in paid lodging this summer, up from 46 percent last year.
  • More than half plan to fly this summer and 22 percent of flyers will do so internationally, up from 14 percent last year.
  • Of those who aren’t planning to travel, 50 percent say they will stay home because they can’t afford to travel.
  • Though travel is up, spending is expected to dip. Travelers expect to spend $2,930 this year, compared with $3,320 in 2022 on their longest summer trip.

“Despite rising travel prices, some Americans seem to be making room in their budgets — and suitcases — to discover new places, visit with family and friends, and simply relax away from home,” said Mike Daher, vice chair, Deloitte LLP and U.S. transportation, hospitality and services non-attest leader. “With travel sentiment higher than it’s been in years, air travel continues to soar, driven by the excitement of international travel. However, with travelers planning more trips this summer, they’re being cost conscious and making those marquee trips less extensive. This could signal a call to travel providers to pack both quality and value into their offerings.”

The work-from-home trend also has an influence on travel plans, Deloitte’s report suggests. Approximately 1 in 5 summer travelers plan to work, at least partially, on their marquee trip.

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