April 28, 2022
Rising Prices Have Some Travelers Taking Less Trips and Reconsidering Their Vacation Plans
New leisure travel research from TravelBoom indicates that 30% of travelers could change their plans due to rising costs
Myrtle Beach, S.C., April 26, 2022 — TravelBoom Marketing, the leading data-driven digital marketing agency for hotels, resorts and vacation rental companies, today releases the results of its latest research study on the impact of inflation on travel. The study was fielded in early April with over 2,000 frequent travelers responding. Key findings from the study show:
- 30% of respondents state their vacation plans will change this year due to rising costs.
- Nearly 61% will take fewer leisure trips compared to 2021.
- Rising gas prices will either moderately or significantly impact 65% of travelers.
- Completely canceling a booked vacation is not out of the question for 1/5 of leisure travelers.
- COVID still pays a role in the travel decision process. While the number of travelers concerned with COVID has dropped significantly, nearly 30% of travelers consider it a major concern.
“While we are seeing a giant boom in travel and ADR for many of our clients, we believe this research suggests that there is some softness developing in the industry overall due to rising prices, especially gas prices,” said Pete DiMaio, Chief Operating Officer at TravelBoom. “The data in this study suggests that 30% of the rooms currently booked are at risk of being canceled, so we are encouraging our clients to get out in front of this with offers such as free gas cards and other promotions.”
TravelBoom maintains a consumer panel of over 250,000 active leisure travelers. During the COVID-19 Pandemic, TravelBoom conducted extensive consumer sentiment studies on the impact of the pandemic on travel. This most recent study focuses on the impact of inflation on leisure travel. The full results of study are free and can be found here.
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TravelBoom specializes in developing and executing customized data-driven marketing solutions that drive direct bookings and growth for its clients. With over 25 years of experience in digital marketing for travel and hotels, TravelBoom leverages advanced data science and analytics to uncover insights and develop strategies that greatly enhance results for its clients and reduce reliance on third-party channels. TravelBoom is also the host of the world’s #1 ranked Hotel Marketing Podcast and its quarterly Traveler Sentiment Study both of which can be found at www.travelboommarketing.com.