18th October 2022 – Today, data from GWI’s newly-launched Travel data set shows that the travel sector is undergoing a renaissance after being hard-hit during the pandemic, with 64% of travelers planning an overseas holiday in the next 12 months and around 90% saying that a domestic trip is on the cards. However, consumers are airing on the side of caution post-pandemic, with 38% of holidaymakers saying being able to cancel or rebook a holiday for free is the most important factor when choosing their next trip.
At the same time, the cost of living crisis and worries about an incoming recession are also impacting attitudes to travel, with July 2022 GWI Zeitgeist data showing that 36% of consumers are price-conscious about their vacations.
The data from GWI Travel also shows that people want to ensure they’re getting the best possible holiday for their money, with proper research an integral part of the process - with social media, word-of-mouth and reviews a key part of this. Just over a quarter of vacationers say they use consumer review sites to research and plan their trips, ahead of things like travel blogs, price comparison websites, and travel agents. For Gen Z however, social media plays a bigger role in influencing destination decisions, with Gen Z 44% more likely than other generations globally to say social media influences their thoughts about where to travel to.
Chief Research Officer at GWI, Jason Mander added, “The data really demonstrates that while we’re keen to get back to our regular holidays, whether at home or abroad, travelers are still tentative. Brands should take note and offer flexibility while also demonstrating the overall value of what they’re offering”.
There’s also some surprising generational breakdowns. All generations are keen to travel again but have different views on how they want to do it. Value-for-money is more important to baby boomers globally, with 57% highlighting this as a key factor for them whereas millennials are open to paying more for flights and travel overall to improve their experience. Millennials globally are also far more likely to go overseas for their holidays, with three quarters saying they plan to travel abroad over the next 12 months. This is no surprise when considering that UK millennials are the generation to say that holidays are very or extremely important to them (42%).
GWI Travel has been launched in response to major changes in the travel industry. It covers 10 key travel markets, including the US, UK, Singapore and China, providing a view of every stage of the purchase journey, from inspiration to reviews. GWI Travel is a one-stop-shop for all travel consumer data, helping brands and agencies to better understand their audience, elevate their marketing, and drive sales.
CEO and Founder of GWI, Tom Smith, said “While many people have jumped back into traveling after the disruption of the past couple of years, the ways in which we now live and work post-pandemic are heavily impacting the expectations of consumers. That’s exactly why we have created a travel specific data set - to help our customers stay on top of these ongoing changes and really understand what people want and need.”
GWI Travel can be accessed here.