The travel industry continues to enjoy a renaissance despite economic headwinds.
The most recent research from MMGY Travel Intelligence's Portrait of American Travelers Summer Edition found that Americans are determined to travel this summer. Sixty-five percent of U.S. travelers intend to take a leisure trip in the next six months despite obstacles present in today's travel environment, according to results of the survey.
"Even in the face of inflation and higher gas prices, most Americans are telling us they're still eager to venture out this summer," said Chris Davidson, Executive Vice President of MMGY Travel Intelligence. "Though we did observe some erosion in the travel intentions of Americans at the lower end of the income spectrum, spending intentions are up this quarter overall and COVID-19 has finally faded as a material barrier to travel."
However, cost is still one of the most significant barriers to travel this summer, eclipsing concerns over COVID-19.
The data showed that gas prices will impact travel for nearly eight in 10 active leisure travelers.
At this point, however, Americans are not canceling trips but modifying them. Forty-eight percent said that they are traveling close to home, 35 percent said that they are decreasing their spending on entertainment and shopping and 30 percent are making meals rather than eating out.
Other key findings from the Portrait of the American Travelers survey showed that the travel industry was continuing to recover.
The perception of safety continues to improve domestically and internationally. According to the survey, the perceived safety of domestic travel is up 7 points from one year ago while international travel is up 12 points year over year.
Interest and likelihood to take an international trip has increased and is finally returning to pre-pandemic levels.
Younger travelers, travelers with children and travelers with incomes of more than $100,000 are the groups most interested in traveling internationally during the next two years, and Europe and the Caribbean are the most popular destinations of interest.
For the latest insight on travel around the world, check out this interactive guide.
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