Travel has surged post-COVID and there are no signs of it slowing, despite rising costs, Visa found in the 2023 U.S. edition of its “Visa Global Travel Intentions Study.” Toe note: According to U.S. Travel Association’s recent “Travel Price Index,” travel costs have increased 4.4 percent and while most Americans surveyed by Visa (73 percent) notice an increase in costs, only 6 percent of travelers plan to cancel or delay their plans.
American international travelers surveyed took an average of three international trips for around seven days, with Gen Z spending the most time away at more than eight days. Respondents also spent an average of $4,204 per trip, with more than 60 percent of total spend purchases at destinations leading travelers to budget more for on-site needs. When it comes to how travelers spend money in destinations, digital wallets “have become an integral aspect of the travel experience” for 74 percent of travelers. While cash is still the preferred payment option, theft, cost of conversion and leftover cash are top stressors for travelers.
According to the survey, travelers prioritized trips for relaxation (47 percent), exploring something new (35 percent) and seeking adventures (33 percent). Looking forward, Australia, Canada, France and the United Kingdom are top destinations for 2024.
Good to know: The survey found 60 percent of travelers are willing to pay a higher price to enjoy the flexibility to accommodate changes in their trip plans. It also found that 76 percent of travelers will choose eco-travel options if they are available at the same price or cheaper than alternative options, specifically when considering accommodations.
Methodology: The study was conducted between April and June 2023 and included 1,357 U.S. adults who had traveled overseas for leisure at least once in the past year and intend to do so again in the next year.
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