According to the Amex Trendex, a monthly trend report from American Express, the way consumers think about travel has shifted: Two-thirds (67 percent) say their definition of taking a vacation has changed this year and note making changes to their travel purchases and behaviors in order to safely travel. Additionally, consumers surveyed in the U.S. are shifting their focus toward financial wellness, with the majority saying they are saving more.
Despite the COVID-19 pandemic, travel continues to play an integral role in consumers’ lifestyles; nearly half (44 percent) of consumers surveyed would be willing to give up certain everyday experiences and services, like using their cell phone, to be able to travel safely and comfortably outside of the U.S. right now. In fact, 91 percent of respondents say that the ability to travel is important to their overall happiness.
With that said, coronavirus has changed the perception of what a vacation entails: Nearly half (44 percent) are willing pay more for a hotel where you can easily socially distance and 66 percent have decided to travel or are considering traveling in a “travel pod” of a select group of friends and family members. Similarly, nearly nine in 10 (86 percent) say the ability to travel is important to maintaining healthy relationships with family and friends.In addition, as a result of the pandemic, 39 percent of consumers say they have explored local destinations that they wouldn’t have gone to otherwise.
Regarding Millennials, nearly half (46 percent) are planning to take either the same amount of vacation days as last year or are planning to take even more days off in 2020. More than one-third (38 percent) are planning to take “mental health days.”
It’s worth noting that the Amex Trendex report found that more than half (57 percent) of consumers surveyed are more concerned about their finances since the beginning of the COVID-19 pandemic: 62 percent are making more of an effort to save for the short term and 65 percent are saving more for the long term.
The Amex Trendex is a new, trend index that tracks how consumers, small businesses, and merchants are feeling about spending, saving, traveling and more. Data will be sourced on a monthly basis in the U.S. and bimonthly globally, including in the U.K., Australia, Japan, Mexico and Canada. This online poll was conducted by Morning Consult between August 18-20, 2020 among a national sample of 2,000 general population travelers with a household income of at least $70,000 and defined as adults who traveled by air at least once in 2019.
Source: Amex Trendex