06/14/2024
06/14/2024: Ohio's Travel Industry and Current Travel Research
MORE THAN 73% OF AMERICAN TRAVELERS ARE PLANNING TO VACATION AT LEAST ONCE OVER THE NEXT THREE MONTHS WITH NEARLY 30% PLANNING A LEISURE TRIP FOR THE FOURTH OF JULY; THIS REPORT ALSO SHARES JUST HOW MANY AMERICANS HAVE TAKEN A TRIP WITH THEIR FURRY ONE OVER THE LAST 12 MONTHS.
Key findings from Future Partners, fielded May 2024:
- More than 73% of American travelers say they plan to take at least one leisure trip over the next three months.
- Nearly 30% report a trip planned for the Fourth of July holiday alone.
- More than 60% of American travelers prioritize spending on leisure travel in the next three months.
- 73.5% of American travelers are likely to take at least one leisure trip during this period.
- 65.2% have a leisure trip planned for June, July, and/or August.
- 29.1% have a trip planned for the Fourth of July, with fewer planned for Memorial Day weekend and Labor Day.
- 21.4% of American travelers have taken a trip with a pet in the past twelve months with Millennial and Gen Z-aged travelers are driving pet travel trends.
- Usage of travel agents/advisors has declined, with just 15.6% of American travelers turning to this resource for trip planning assistance in the past year.
CONNECTED TV FORECASTS 9.5% GROWTH ANNUALLY, RAISING THE BAR FOR AD SPEND BY 2028; GLOBAL MARKETERS FEEL CONFIDENT IN THEIR ROI; SOCIAL MEDIA CONTINUES TO DOMINATE FOR ROI
Key findings from Nielsen, fielded Dec. 2023:
- Despite economic challenges, 72% of global marketers expect bigger ad budgets in 2024.
- Social media continues to be a top channel for marketers, with an average ROI 36% higher than the average ROI across all media.
- 70% of marketers plan to prioritize performance marketing over brand-building initiatives.
- Targeting accuracy for digital ads is low, averaging only 65% on-target rate in North America (64% in the US and 66% in Canada).
- Streaming services accounted for 36% of TV usage in the US by the end of 2023. This study found that campaigns dispersed across channels achieve better reach. Campaigns concentrated in a single channel (e.g., online video content) have a maximum target reach of 17%.
- GroupM, a media-based investment group, forecasts a compound annual growth of 9.5% for CTV (Connected TV) ad spend, reaching $45.8 billion by 2028.
- 84% of global marketers report being extremely or very confident in their ROI measurement capabilities (up from 69% in 2023).
- However, only 38% say they evaluate the holistic ROI of their marketing efforts by measuring traditional and digital marketing together.