This week, American Express Travel released its latest Amex Trendex report, which helps to reveal how global consumers' spending, travel and celebrations for the upcoming holiday season are being planned more prudently this year.
Among consumers in the seven countries surveyed, more than half of those polled (52 percent) were forced to cancel their holiday plans last year due to dangerous COVID-19 variants, so 48 percent are prioritizing out-of-town gatherings to make up for the time with loved ones they missed in 2021. In keeping with those priorities, 52 percent of respondents said they plan on staying home in the few weeks leading up to the holidays to ensure they stay healthy.
While they're eager to make up for lost time and intend to stick with their travel plans, gift shopping and other celebratory activities, this year's consumers are being impacted by record-level inflation and rising costs affecting just about every aspect of life. As a result, they're keen to make sure they spend their time and money on goods and experiences that really matter.
Key Takeaways:
Consumers Are Being Careful With Their Time and Money
- 77 percent of participants said they're choosing more thoughtful gifts over luxury items this holiday season.
- 58 percent said they want to start or restart a tradition of traveling during the holiday season.
- While 78 percent of participants agreed they want to be more selective in their purchases this year, 77 also agreed they would spend more if it meant getting the right gift.
- 72 percent of those global consumers prefer to shop at small businesses in order to find more personalized and unique gifts.
They're Focusing on Themselves and Their Communities
- 59 percent of consumers surveyed agreed they want to buy themselves a gift this holiday season.
- 77 believe it's more important today than ever before to support small businesses during the holidays.
- 72 percent intend to dine out at their favorite local restaurants to further support small businesses and 76 percent said they tip 10 percent more than usual during the holidays.
They're Favoring Experiences Over Goods When Shopping
- 62 percent agree they would rather purchase experiences as gifts for their friends and family rather than physical, material gifts.
- 51 percent of respondents said they plan to spend money dining out in restaurants to celebrate the holidays this year.
Top Holiday Travel Destination Types:
This year, beaches (41 percent) and city centers (32 percent) were revealed to be the top destinations among global consumers who are interested in traveling this holiday season. The top holiday destination types in the U.S. specifically are:
- Beach: 35 percent
- Mountain: 29 percent
- City Center: 27 percent
- Local: 27 percent
- Desert: 10 percent
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