Rising travel costs to shape 2024 summer vacation plans

Jul 15 2024 Travel trends

A recent survey by Real Research, an online survey app, has unveiled crucial insights into how travelers are planning their summer vacations for 2024 amidst soaring travel costs. Despite the economic hurdles, a significant 73% of respondents intend to travel this summer, while 27% are opting to stay put.

Impact of high travel costs

The survey highlights that 7 out of 10 respondents anticipate that the high costs of hotels and flights will significantly influence their vacation plans. Specifically, 75% of respondents indicated that they are somewhat likely to very likely to alter their travel destinations due to these elevated prices. In contrast, 20% felt it somewhat unlikely, and 5% found it highly unlikely that these costs would impact their plans.

Preference for travel experiences

In a notable shift towards the experience economy, over two-thirds of the respondents expressed a preference for spending on travel experiences rather than material goods. This aligns with Michelle Meyer, Chief Economist at Mastercard, who stated that consumers are increasingly willing to pay higher prices for enriching experiences. In support of this trend, 66% of respondents are willing to spend more on travel experiences despite the high costs, while 34% remain hesitant.

Popular summer destinations for 2024

When asked about their preferred summer travel destinations, the top choices were diverse and spread across the globe. Tokyo, Japan leads the list with 22% of respondents favoring it, followed by Santiago, Dominican Republic (15%), and London, UK (12%). Other popular choices include Rome, Italy (11%), Barcelona, Spain (8.58%), and Athens, Greece (8%).

Shifts in travel preferences

Given the rising costs of hotels and flights, consumers are adapting their travel plans. Cruises have emerged as a popular alternative, with cruise spending up 16% from 2019. Nearly 46% of respondents consider cruises an ideal vacation option, compared to 39% who still prefer pricey hotels, and 15% who would opt for other alternatives.

Influencing factors for travel destinations

The survey also delved into what factors influence travelers' destination choices. Environmental sustainability and eco-tourism opportunities topped the list at 19%, followed closely by recommendations from family and friends (18%), and the cost of travel (10%). Other significant factors include the safety and security of the destination (9%), scenic attractions and natural beauty (9%), and weather and climate (8%).

The 2024 summer vacation landscape is notably shaped by rising travel costs and a growing preference for enriching experiences over material goods. Despite financial challenges, many travelers are determined to explore new destinations, with a significant number adjusting their plans to maximize value, whether through cruises or other cost-effective options. This trend underscores a resilient travel spirit and a clear shift towards prioritizing memorable experiences.