by Donald Wood
Last updated: 12:57 PM ET, Mon May 10, 2021
A new study found that Millennials looking for a luxury travel experience are at the forefront of rebounding United States traveler confidence.
According to TripAdvisor and Accenture's The Future of Travel report, traveler confidence is on the rise among all age groups, but there has been a spike in high-income Millennials spending big on travel this year. An estimated 37 percent are planning to spend more than $5,000 on an upcoming luxury trip.
The survey also found that of the respondents who did not take a trip in 2020, 61 percent said they are comfortable doing so in 2021. Those who traveled last year are booking ahead for 2021, with 41 percent already having their vacation planned.
U.S. travelers in the higher income brackets are getting more adventurous in their plans, with 54 percent of respondents earning more than $50,000 considering domestic air travel for their next trip. Another 34 percent of people earning $100,000 or more have already booked a vacation for 2021.
"Throughout this pandemic our research and insights have always shown us consumers' resilience and wanderlust to travel," TripAdvisor general manager Christine Maguire said. "In this latest joint report, it's fantastic to see U.S. traveler confidence returning, especially to destinations further afield."
"What is also encouraging for brands and destinations is that, among those planning to spend more than $5,000 on their next trip, as many as 62 percent have not yet made a booking -- and they are eager to spend more on travel than ever before," Maguire continued. "For brands, the opportunity is there to attract the purchasing power of this audience now."
The data also suggests 87 percent of respondents who have already booked travel have opted for a trip of three nights or more. Of those yet to book a trip, 77 percent are also planning a break of three nights or more.
The beach remains the number-one choice for most age and income segments (30 percent) planning their next trip, but there is a renewed interest in the city break (25 percent) as a vacation option for U.S. travelers.
While different demographics have different approaches to spending during vacations and destinations to visit, 45 percent of respondents said relaxation is what they are seeking on their next trip.
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