Latest Results in from American Express Spending & Saving Tracker
(Dive Travel Business News - October 18, 2011) -- With the U.S. holiday season beginning with American Thanksgiving in November, the latest American Express Spending & Saving Tracker Survey has been released. According to the new study, holiday travel will remain flat from 2010 with three in ten Americans planning to travel this upcoming holiday season. However, the survey also indicates holiday travel spending will rise about 8 percent this year, with forty-two per cent of travelers expecting to increase their holiday travel budget compared to last year. The average family of four intends to spend $2,636 on holiday travel, or $659 per person, an increase of nearly $200 from last year.
Survey results show 21 percent are taking a longer trip, 19 percent are staying in better accommodations and 17 percent are traveling with more people. Twelve percent are choosing a more-expensive destination and 6 percent are flying first or business class.
Making memories is clearly important to the travelers in this latest survey. Nearly one quarter of respondents ranked having new experiences higher than extending their stay (18% of respondents). When asked which travel experiences they would be most interested in trying, consumers ranked outdoor adventure first (19 percent), followed by a mystery vacation (16 percent), culinary-focused experience (13 percent), holistic spa retreat (12 percent), volunteerism trip (5 percent) and a ski holiday (4 percent).
In some circles, travel is now being seen as a form of creative gift-giving. More than one quarter of consumers have received and given a vacation as a gift. Many affluents and young professionals similarly have given a vacation as a gift (41 percent and 38 percent, respectively).
While having a memorable experience ranked third in making the decision to travel (11%), budget (40 %) remains the key decision making factor when making holiday travel plans followed by the lure of the destination itself (25 %).
On average, most Americans book their holiday travel three months in advance. However, 21 percent will book less than a month before their trip, with the vast majority of late bookers (73 percent) waiting until one week or less before holiday vacation. Late-bookers are also more likely to purchase using online travel engines and drive to their destinations. The majority of consumers will pay for travel with credit or charge cards, and 26 percent of travelers are turning to rewards points or miles as a primary way to pay for all or part of their trip. Fifty-six percent of Americans do not plan to travel this holiday season, significantly down from 61 percent in 2010.
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http://www.travelpulse.com/amex-survey-predicts-increase-in-holiday-trav...
http://online.wsj.com/article/BT-CO-20111017-711045.html
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