More U.S. adults were considering international travel in May. After several months of decline, there was a 5-point increase in those who said they expect to travel internationally in the next 12 months. Consumers are looking beyond domestic travel, but pre-departure testing requirements are likely still deterring some would-be travelers from making plans.
Price considerations fell for both transportation and accommodation. While price remains the top priority when booking, there were notable declines for both the transportation and accommodation categories, signaling that consumers are prepared to pay high prices for summer travel regardless of negative macroeconomic trends.
The share of frequent business travelers expecting to travel within the next four to six months jumped 10 points month over month. At the same time, those who expect to never travel for work again fell 7 points, signaling potential growth in business travel toward the end of the summer and beginning of fall.
A few key insights include:
- Gen Z is more likely to get travel inspiration from social media than older generations
- 46% of Gen Z saying they draw inspiration from TikTok (double that of Millennials)
- 45% of Gen Z draw inspiration from YouTube, similar to Millennials (40%) but significantly more than older generations (24% of Gen X and 13% of Baby Boomers)
- Gen Z is more likely than other generations to say they’d like to book a trip abroad
- About half of all Americans, spanning different generations, set money aside specifically for travel
- Along with older generations, 89% of Gen Z would rather splurge on a hotel than a flight, and 64% would rather put money towards an excursion during the trip rather than a fancy meal, also in line with other generations.
