Complete Story
05/31/2024
05/31/2024: Ohio's Travel Industry and Current Travel Research
AMERICAN TRAVELERS PLAN TO SPEND MORE ON TRAVEL IN THE NEXT 12 MONTHS WITH HYBRID WORKERS ANTICIPATING SPENDING THE MOST. TRAVELERS ALSO SHARE IF THEY ARE USING AD-SUPPORTED PLATFORMS
Key findings from Future Partners, fielded April 2024:
- American travelers who said their current household financial status was better or much better dropped to a seven-month low of 30.2%. Meanwhile, 45.6% of total U.S. travelers anticipate being better off financially next year.
- Gen Z (46.1%) and Millennials (40.4%) are more optimistic about their financial status compared to other generations.
- 32.3% of American travelers said the present is a good or very good time to spend money on travel. 58.6% say that travel spending will be a high priority for them in the next three months.
- Expectation to spend more on leisure travel in the next 12 months increased to 33.6% and the average maximum annual spend for leisure travel in the next 12 months reported this month was $4,826.
- You may want to start thinking about where you are sharing your television ads:
- 7% of American Travelers are using Prime Video's ad-supported tier while 28.2% are paying for the ad-free tier.
- Hulu and Prime Video are the only platforms that have a higher share of U.S. travelers who opt for the ad-supported tier.
- Gen X (37.5%), Millennial (36.9%) and Boomer+ (32.2%) travelers are much more likely to be on ad-supported Prime Video compared to Gen Z (26.4%).
- Hybrid workers have the highest annual travel budget ($6,369) and were the most likely to say they expect to travel more (36.4%) as well as spend more (38.9%) on travel in the next 12 months.
- Visiting friends and family (50.9%), relaxation (45.6%) and escaping the stress of daily life (34.2%) are the most common trip motivators.
