- Travelers make financial sacrifices for trips.
- Travel ranks above material purchases.
- 88 percent say trips are worth the cost.
AMERICANS WHO REGULARLY travel are willing to make financial sacrifices to pay for trips, viewing travel as important for quality of life, according to Booking.com. Approximately 88 percent say their travel expenses are worth it after returning home.
The Booking.com survey found that 68 percent of travelers prefer to cut back on day-to-day expenses to fund travel. Another 69 percent feel less guilty about spending on travel than on other purchases, while 84 percent consider travel an investment in their quality of life.
“Travel continues to be a priority, even as people reassess their spending,” said Ian Ackland, Booking.com managing director for Americas. “Unlike material goods, travel offers enduring memories and a profound sense of wellness that enrich one’s life significantly.”
Travelers are also making financial trade-offs to take trips, the study said. Nearly half, or 48 percent, have taken on additional work or a side job to afford a trip, while 39 percent have charged a trip without knowing how they would pay it off. Another 36 percent have hidden the cost of a trip from a partner.
According to the report, flexible payment options are common among travelers. About 69 percent have used installment plans or buy-now-pay-later services, while 24 percent say they would be likely to forgo travel if such options were unavailable.
Despite these trade-offs, 46 percent spent more than planned on their most recent trip, while 94 percent say certain experiences made the trip worth every penny. About 36 percent have avoided checking their bank account or credit card balance after returning home.
Travel ranks above material purchases for many Americans. Around 80 percent say travel brings more satisfaction than buying material goods.
The survey showed that travelers do not define value by the lowest price. About 87 percent say cheap travel can sometimes end up being expensive, while 90 percent say a good trip is not always the cheapest one. Avoiding hassles matters to 90 percent, while 67 percent value memorable experiences and 67 percent value relaxing without worry.
Financial confidence and convenience also matter. About 90 percent say it is important to feel they made good financial choices during a trip, while 90 percent say convenience is an important part of the travel experience.
AAA Travel's recent booking data shows Seattle, Orlando and Boston leading Labor Day destinations, while national parks and Alaska cruises also attract travelers.
