7/10  Say High Travel Costs Will Impact 2024 Summer Vacations

Real Research, an online survey app, revealed that 73% of the respondents plan on traveling this summer 2024, and 27% do not plan on doing so.

Highlights:

• 7 out of 10 respondents found it likely that high hotel and flight prices would impact their 2024 summer vacation plans.
• Over two-thirds prefer spending money on travel experiences rather than on material goods.
•  66% said they are willing to spend more on travel experiences, even if it means paying higher prices.

2024 Summer Vacation Plans

Respondents were asked which one of the top 10 trending summer travel destinations was likely to be the most visited by travelers.

Their answers were, Tokyo, Japan (22%), Santiago, Dominican Republic (15%),  London, UK (12%), Rome, Italy (11%), Barcelona, Spain (8.58%), Athens, Greece, (8%), Cancun, Mexico (8%), Punta Cana, Dominican Republic (6%), San Juan, Puerto Rico, (5%) and Orenjasted, Aruba (5.14)

High Rates of Hotel and Flights

Respondents were asked, “How likely are high prices for flights and hotels to impact your travel destination choices?” Due to the high rates of hotel and flight prices, 75% (somewhat likely: 38.62 + 36.32) of respondents found it likely that these factors would impact their 2024 summer vacation plans.

However, 20% of respondents found it somewhat unlikely that the high rates of hotel and flight prices would impact their 2024 summer vacation plans, and 5% found it highly unlikely.

Consumers in the Experience Economy

In the experience economy, consumers are largely price-tolerant and willing to spend more on experiences than material goods,” says Michelle Meyer, Chief Economist at Mastercard.

In light of her statement, 66% of respondents said they are willing to spend more on travel experiences, even if it means paying higher prices, and 34% said otherwise.

Consumer Adaptation

Consumers are adapting by choosing cruises over pricey hotels. According to Mastercard, cruise spending in 2024 is up 16% from 2019, due to the perceived value of a vacation at sea.

46% of respondents said a cruise would be the ideal option for them as a vacationing consumer,  39% would choose a pricey hotel, and 15% would rather choose “other” options.

Factors Influencing Travel Destinations

Respondents were asked what factors influence their decisions when choosing a travel destination for the summer. Environmental sustainability and eco-tourism opportunities (19%), recommendations from family and friends (18%), and the cost of travel (10%) were the highest factors.

Safety and security of the destination (9%), scenic attractions and natural beauty (9%), weather and climate (8%), and access to natural activities and historical landmarks (8%) followed on the list. Cost of accommodation (7%), activities to do (7%), and the availability of flights and transportation complete this list of travel destination factors.

Read Also: 29.87% Prefer Beach and Island Vibes for Their Travel Destinations

Travel Experiences vs. Material Goods

Finally, the survey on the 2024 summer vacation plans revealed that 68.48% of respondents prefer spending money on travel experiences rather than on material goods, and 32% do not.