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Chart of the Month: Understanding Consumer Trends in Vacation Planning

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International tourism spending in 2024 is expected to hit record levels, with USD3.2 trillion forecast to be spent on in-destination spending. As the summer travel season heats up in the northern hemisphere, millions of travellers will be seeking destinations that fit their particular preferences. These choices differ greatly based on cultural background, generation and socioeconomic status – among many other factors. Understanding consumer behaviour is crucial for travel and tourism players to tailor services, identify emerging trends and adapt to market shifts. From airlines to lodging and attraction companies, businesses are evolving in sustainable and digital transformation, and adopting generative AI.
Chart showing important travel features in 2024According to Euromonitor International’s Voice of the Consumer: Travel Survey, fielded January to February 2024, global consumers frequently look for value for money, relaxation and safe destinations. Baby boomers particularly seek cost-effective options, as they tend to be more budget-conscious, especially due to macroeconomic challenges and the cost-of-living crisis worldwide.

Alternatively, value for money is not as relevant for Gen Z or millennials, who highly appreciate quality and personalised experiences. However, according to Euromonitor’s Voice of the Consumer: Travel Survey, 50% of Gen Z respondents pointed out parents as common travel partners, meaning they might not be solely responsible for travel expenses. Millennials and Gen X consumers value family-orientated destinations and all-inclusive hotels, whose transparent price policy helps with budgeting. These destinations also offer a variety of leisure activities to suit both children and adults, leading to a strong value for money proposition.

By understanding travellers’ varied preferences and behaviour, tourism market players can better target them through tailored/personalised services that align with their lifestyles. In the long term, consumer survey data enables companies to make informed decisions for sustainable growth, embracing consumer loyalty tracking, personalised marketing strategies and product development.

Read our article, Reimagining Tourism: Top Three Travel Trends in Asia Pacific 2024, for more analysis on travel trends.

Download our new white paper, Global Economic Forecasts 2024 Outlook | Mid-Year Update, for economic analysis on inflation, labour markets and supply conditions worldwide.

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