The survey, which polled 1,000 Americans on April 1, 2021, revealed that a year of stymied travel led to 38% saying they plan to travel more after the pandemic, with 71% expecting to spend more annually on travel than before the pandemic to make up for lost time. In fact, nearly half (48%) said they are willing to spend more than a full paycheck on a domestic vacation during the second half of 2021, while almost one in four (23%) are willing to spend more than two full paychecks for an international one. When asked how they plan to pay for travel in the second half of 2021, an impressive 22% said they plan to use cryptocurrency to pay for part of their travel.
"This study reveals two key trends: Americans - and, to an extent, the rest of the world - are very bullish on travel in the second half of this year, and an increasingly large number of them want to pay for it in cryptocurrency," said Juan Otero, CEO of Travala.com. "These two appetites are reflected in Travala.com metrics, where we've seen both a record number of bookings and payments made in crypto, which has quickly emerged as a desired payment vehicle amidst a strong crypto market and a surge in places to spend it in the real world. We're eager to get people traveling safely again and to give them more flexibility and freedom with how they pay for it."
Travel Nostalgia and 2021 Plans
As countries begin to reopen their borders, excitement for travel is increasing. This eagerness is already being realized in increased bookings among OTAs, and recent travel data showing a steady rise in global air traffic and an increase in the number of travelers screened through TSA checkpoints over the past weeks. The vast majority (82%) of Americans polled said that traveling has been one of the things they missed the most during the COVID-19 pandemic, citing making memories (61%), escaping work and daily life (58%) and seeing long distance family and friends (52%) as the top experiences they missed.
When asked the occasion for their expected travel in the second half of 2021, Americans listed family reunions (56%), winter holidays (53%) and Thanksgiving (51%) as their top reasons for travel. Additionally, the most popular first vacation post-pandemic will be taken at the beach (41%) and the majority (62%) plan to travel with immediate family. This won't be limited to local travel though, as over one-quarter (26%) indicated that they are very likely to travel out of the country during the second half of 2021.
Crypto and Travel
Following a record year for crypto - which has seen the price of Bitcoin and Ethereum reach all-time highs and pushed the total market value of cryptocurrencies above $2 trillion - an estimated 106 million people globally now hold some cryptocurrency and are seeking more ways to spend it on everyday purchases. The favourable cryptocurrency market conditions, coupled with the pandemic, created the perfect opportunity for Travala.com to exceed expectations and explode in growth. This translated to unprecedented revenue growth for the Binance-backed OTA and a hugely successful equity crowdfunding campaign, which raised 197% of its target.
As travel optimism returns, almost one in four (22%) respondents say they will use crypto to book at least some part of their travel in 2021. Of those who plan to use crypto, they expect to use Bitcoin (70%), USDT (45%), Ethereum (37%) and AVA (35%), Travala.com's native coin, which can be used for payments, loyalty rewards, discounts, exclusive bonuses and more. Travala.com accepts over 40 cryptocurrencies and has seen the rising interest in crypto for travel; in March 2021, 65% of its $1.7 million in bookings were paid with cryptocurrency.
Additional key survey findings include:
- The public events they are most likely to travel for are concerts (52%), sporting events (49%) and theater shows (36%)
- While 90% of respondents plan to travel by car during the second half of 2021, almost half (48%) plan to complete part of their trip by air
- Over one-third (37%) will be using an OTA to book travel
- While 53% of Americans said that COVID-19 set them back in their travel goals, about one-third (31%) also said that it gave them time to do more travel goal setting and 30% indicated that it made them want to travel more.
