The travel industry remains resilient even amid economic uncertainty, as consumers continue to prioritize experiences and leverage flexible work arrangements. This is according to Deloitte’s 2024 Travel Outlook, which examines what is driving continued travel intent. The report is based on Deloitte’s leisure and corporate travel research as well as data from its monthly ConsumerSignals survey.
Key findings include:
Travel is a bigger priority, and it’s no longer about revenge. The idea of “revenge travel” may be dwindling—by the end of last year, just 11 percent of Americans said they were making up for missed trips—but overall, they are placing a larger priority on travel. Across seasons, Americans’ travel spending intentions have shown more resilience than other spend categories, such as retail or automotive.
Travelers want to do things. In another signal of enthusiasm, intent to engage with in-destination activities has climbed. Travelers planning to visit an attraction on their holiday trips jumped from 36 percent in 2022 to 43 percent in 2023.
Laptop lugging continues post-pandemic. The share of travelers who plan to work on their longest leisure trip has surged—from about 1 in 5 in 2022 to 1 in 3 in 2023. These “laptop luggers” take more trips (47 percent) and longer trips (27 percent), and are more likely to look for local activities, visit attractions and take guided tours.
Providers have some work to do. Airlines and hospitality providers need to improve the experiences they offer or risk losing travelers’ attention, according to Deloitte. At a fundamental level, this will likely mean continued investment in back-office technology and generative artificial intelligence (Gen AI) to improve operational efficiency and better align resources to demand.
Access the full report at www.deloitte.com.