April 03, 2024

5W Consumer Culture Report Reveals Rising Interest in Spending on Travel and Experiences

The latest consumer culture report data from independly-owned PR firm 5WPR indicates a rising consumer interest in splurging on travel and experiences this year and responses that suggest consumers plan to spend most of their disposable income to support their splurge behavior in this category.

Travel and experiences rank as the third most splurge-worthy category for consumers in 2024 (45%), with a notable 7% increase over last year.

Consumers under 44 years old are the demographic the most likely to plan on splurging when spending in this category, with 35 to 44-year-olds leading the way (58%) followed by 25 to 34-year-olds (54%). The youngest consumers, aged 16 to 24, are close to teetering into the majority looking to splurge as well, with 49% of consumers from this generation responding they tend to splurge on travel and experiences.

"Travel and experiences are big-ticket items, so it's not surprising for consumers to be looking to save when and where they can," said 5WPR Co-CEO, Dara A. Busch. "This year's noticeable increase in their interest to splurge, especially from younger generations who are just coming into their spending power and distributing their income across multiple industries, speaks to the value they're seeing in travel and experiences. And, for companies in the space, this perception of value comes directly from brand messaging."

When shifting their attention to overall spending, consumers ranked travel and experiences as the third category where they spent most of their disposable income in 2023 (30%). When asked to predict their 2024 spending, the consumers ranked the category as the first, overall, where they believe they will spend most of their income (41%).

Consumers under the age of 34 are those who report they believe they are likely to spend most of their income this year on travel and experiences.

"It's the brand's job to turn wanderlust into a booked trip or experience. Despite predictions, plans change, and consumers often don't end up allocating as much of their income as anticipated, particularly given the challenge of selling something seemingly intangible," added Busch, "To remain a priority to consumers and their wallets, targeted communication that emphasizes the industry's value is essential to mainlining its priority status in consumer spending."

Copyright 2024 5W Public Relations. All rights reserved. From https://www.5wpr.com.

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