Top researchers at Travel Weekly Virtual Summit see travel as holding up as far as frequency of trips - but shorter stays and less spending the rule
Three top researchers in travel spoke at Travel Weekly's most recent Virtual Summit, which focused on family travel. Here's a snapshot of what they had to say:
Stanley Plog, chairman of BestTripChoices.com:
The need for people to get away is very strong. Inquiries are increasing and bookings will follow those inquiries.
Only 8% of consumers have actually cancelled a trip.
Leisure is the place to be; there are more longterm problems with business travel.
Group travel will come back but incentive travel will be a challenge.
When it comes to discounting, 30% seem seems to be a magic number. 50% off is a huge driver.
Peter Yesawich, chairman of the Y Partnership
63% of respondents to a February survey were planning to take an overnight trip in the next six months compared to 60% a year ago. . Of those who said they would change the way they travel, 87% said they were going to book a packaged vacation to save money, and 84% said they were going to spend less. "Bundling is in. Unbundling is out."
"Americans will be trading down but not out. That's why the steep declines in luxury travel."
A slight majority say they are going to shorten their trips - explaining why hotel occupancies have plunged despite consumers continuing to travel. "The great marketing challenge in 2009 is not to try to convince them to take a trip they're otherwise planning to take, but coming up with creative ideas to extend the length of the stay."
"Perceived affordability" of travel has shot up by 97% from October to February as Americans got the message that "just about everything is on sale."
Consumer don't like to cut down on quality on vacations. There is more trading down in business travel.
The only real growth in recent year has been multi-generational travel, presenting a remarkable opportunity for agents.
Lorraine Sileo, vice president of research for PhoCusWright
Online agencies recent steps to drop air booking fees temporarily could drive more traffic to their websites.
Younger travelers are spending more on online travel and reacting differently to promotions and deals. They respond to photos, videos and other visual media.
Sites like Facebook and Twitter have great promise for travel agents but research hasn't yet drawn a corollary between people using social media and making travel decisions.
Ipsos Mendelsohn and American Express Publishing-Harrison Group OfferFreshInsight on Consumer Behavior in 2010
According to new studies from two blue-chip research sources, Ipsos Mendelsohn and American Express Publishing - the affluent are not only ready to travel -- they are frequently going to spend more on it. While the Ipsos study focused on intent and American Express Publishing on mindset, they both point to a surge in affluents taking to the road (Amex sees an increase of 6 to 8% in spending on all luxury categories).Interestingly, both studies agree on a positive attitude despite lingering concerns about the economy. Here's a look at the highlights of both 2010 studies.
LuxuryTravel 360 has long looked to the affluent as a burgeoning market in business and leisure travel, fueling growth in more affordable, common sense luxury - less glitz and glamour, but ready to pay extra for memorable family experiences and genuine local culture.
