The “vast majority” of consumers (84%) are prioritising travel within their personal budgets despite macroeconomic issues, research by European OTA eDreams Diego shows.
As many as 81% UK respondents to a global survey highlighted the importance of travel within their household budgets.
Only 4% of UK respondents and 3% of those globally said they did not think it was important to budget for travel.
The statistics come from a study of 10,000 consumers globally, including 2,000 respondents from the UK.
Cost effectiveness remains the top priority for travellers across all age groups, with an average of 64% prioritising it in the UK and 55% globally.
“Baby Boomers exhibit a greater inclination towards prioritising cost in trip planning, with 69% of global respondents aged over 45 years and 59% in the UK focusing on this aspect,” the study said.
“In contrast, responses from younger generations indicate a decreased emphasis on cost as other considerations take precedence in line with changing generational priorities.
“Specifically, 52% of those under 34 years old globally – 58% in the UK – prioritise cost as a key factor in their travel decisions.”
Health and safety considerations emerged as “significant factors” in travel planning, likely influenced by the experiences of the pandemic.
Almost half (48%) of respondents across all age brackets in the UK, and 51% globally, said this was a key consideration.
This was even more pronounced with the younger age group (18-24) which ranked safety considerations (52% globally, 56% UK) almost on a par with cost of travel (54% globally, 58% UK).
The survey revealed that younger people are far more likely than older generations to make decisions about how and where they travel based on digital connectivity or social inclusiveness.
More than a quarter (27%) of respondents aged 18-24 highlighted brands and destinations that offer socially inclusive experiences as a top consideration when planning their trips compared to only 17% of over 65s.
In the UK, 11% of Baby Boomers prioritise social inclusivity and values when considering their travel choices, while this rises to 21% in the case of Millennials and Gen Z’s.
Company chief executive Dana Dunne said: “We are in an era where travellers values are evolving rapidly shaped by the big matters of our time, from technology to hybrid work or a once-in-a-generation pandemic.
“Since our flagship brand eDreams was founded 25 years ago, we’ve seen travellers’ priorities change significantly, particularly with technology putting an almost limitless amount of choice at their fingertips.
“As we look to the future, this data provides a fascinating insight into what will matter most to travellers as the next generation of socially inclusive and digitally native consumers reach the peak of their spending power.
“While we are seeing a generational shift in values around these issues, we are also continuing to see travel remain incredibly important to consumers of all ages.
“We expect demand for travel to remain strong, so this data really highlights why it’s vital that we continue to innovate and provide new experiences that excite future generations of travellers.”
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