“Americans are even more keen to travel in 2023 than they were last year, but their planning decisions are being guided by anxiety at least as much as they are by excitement. Travel planners are putting great pressure not only on themselves but also on travel providers, of whom planners make great demands even if they don’t put trust in their abilities. However, brands have a host of offerings and strategies available to satisfy today’s fickle travelers.”
– Mike Gallinari, Senior Travel & Leisure Analyst
This Report will look at the following areas:
- What different traveler segments want from their vacations
- Changes in booking habits and expectations
- How travelers feel about brands’ ability to deliver on their expectations
- The factors travelers feel could ruin their trip
- Travel trends still in play and shifts that will have an impact
Collapse All
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Overview
- What you need to know
- This Report looks at the following areas
- Definition
- Market context
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Executive Summary
- Top takeaways
- Market overview
- Figure 1: Total US sales and fan chart forecast of travel and tourism, at current prices, 2017-27
- Figure 2: Vacation outlook, 2023-27
- Key consumer insights
- Figure 3: Vacation planning segments, 2023
- Opportunities
- Vacationers know travel is expensive, but are planning getaways regardless
- Figure 4: Attitudes toward budgeting and spending, 2022
- Longer booking windows favor all-inclusives
- Figure 5: Booking windows, 2022
- Travel insurance will be popular to safeguard plans
- Figure 6: Travel concerns, 2022
- Challenges
- Expectations are high among the most eager travel segments
- Figure 7: Attitudes toward destinations, by vacation planning segment, 2022
- Vacation planners don’t trust brands to be accommodating
- Figure 8: Attitudes toward travel providers, 2022
- Travelers want brands to exceed their expectations
- Figure 9: Attitudes toward destinations, 2022
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Market Size and Forecast
- Travel is on the brink of full recovery
- Figure 10: Total US sales and fan chart forecast of travel and tourism, at current prices, 2017-27
- Figure 11: Total US sales and forecast of travel and tourism, at current prices, 2017-27
- Travel is on the brink of full recovery
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Segment Performance
- Airlines fumble at the goal line
- Lodging is tasked to do more with less
- Cruises see brightness on the horizon
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Market Factors
- Travelers are starting to accept inflation as the new normal
- Figure 12: Travel behaviors due to inflation, 2022
- Inflation is a tougher barrier for younger consumers
- Figure 13: Travel behaviors due to inflation, by generation, 2022
- Luxury travelers can weather price increases
- Figure 14: Travel behaviors due to inflation, by household asset value, 2022
- Labor shortages plague the sector at a bad time
- Travelers are starting to accept inflation as the new normal
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Defining Travel in 2023
- Mintel Trend: Hyper Fatigue
- Uncertainty will affect where we choose to travel
- Travelers are sick of feeling pushed around
- The big consumer demand? Everything
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Competitive Strategies
- Spirit’s seats help the carrier stay relevant and on-trend
- Choice Hotels seeks to scale with vacationer’s buying power
- Booking sites will soon effectively leverage AI
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The 2023 Vacationer – Fast Facts
- We all have travel out of our system, right?
- So how are we vacationing?
- Has the flexibility of remote work and schooling made travel year round?
- Are people feeling confident in booking closer to travel time?
- What are travelers most concerned about?
- Are travelers looking to skimp, given inflation?
- The pressure’s on for providers
- They’re asking a lot of brands, then
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Vacation Planning Segments
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- Figure 15: Vacation planning segments, 2023
- Factors
- Vacation planning segments
- Economical Excursionists (31%)
- Figure 16: Economical Excursionists segment profile, index to all, 2022
- Aspiring Adventurers (25%)
- Figure 17: Aspiring Adventurers segment profile, index to all, 2022
- Static Sightseers (26%)
- Figure 18: Static Sightseers segment profile, index to all, 2022
- Requiring Rovers (18%)
- Figure 19: Requiring Rovers segment profile, index to all, 2022
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Vacation Plans for 2023
- 2023 travelers want to explore new frontiers
- Figure 20: Vacation intent for 2023 and vacations during the first half of 2022, 2022
- Travel segments have varied plans, but the solutions are common
- Figure 21: Vacation intent, by vacation planning segment, 2022
- 2023 travelers want to explore new frontiers
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Planned Vacation Types
- Travel plans are returning to familiar patterns
- Figure 22: Planned vacation types, 2022
- All segments are optimistic about travel
- Figure 23: Planned vacation types, by vacation planning segment, 2022
- Travel plans are returning to familiar patterns
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Vacation Timing
- Summer looks to shine bright, while autumn falls away
- Figure 24: 2023 vacation timing, 2022
- Target Baby Boomers+ for off-peak travel
- Figure 25: 2023 vacation timing, by generation, 2022
- Off-peak travelers may have more interest in upgrades
- Figure 26: 2023 vacation timing, by HHI, 2022
- Summer looks to shine bright, while autumn falls away
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Booking Windows
- Inflation and strong demand have expanded booking windows
- Figure 27: Booking windows, 2022
- Requiring Rovers can be locked down with all-inclusives earlier
- Figure 28: Booking windows, Requiring Rovers consumer segment, 2022
- Inflation and strong demand have expanded booking windows
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Travel Concerns
- Flawless service needs to safeguard what travel insurance can’t
- Figure 29: Travel concerns, 2022
- Segments have specific needs that can be pointedly addressed by brands
- Figure 30: Travel concerns, by vacation planning segment, 2022
- Insurance providers should appeal to moms
- Figure 31: Travel concerns, by vacation-planning segment, moms vs dads, 2022
- Flawless service needs to safeguard what travel insurance can’t
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Attitudes toward Budgeting and Spending
- High costs don’t deter travel as a priority
- Figure 32: Attitudes toward budgeting and spending, 2022
- Travelers indicate a healthy enthusiasm and willingness to pay
- Figure 33: Attitudes toward budgeting and spending, by vacation planning segment, 2022
- Millennials, true to form, are the most eager to make travel happen
- Figure 34: Attitudes toward budgeting and spending, by generation, 2022
- Hispanic travelers are looking for deals
- Figure 35: Attitudes toward budgeting and spending, by race and Hispanic origin, 2022
- Even modest-income consumers plan for travel
- Figure 36: Attitudes toward budgeting and spending, by HHI, 2022
- High costs don’t deter travel as a priority
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Attitudes toward Travel Providers
- Travel brands aren’t seen as sufficiently accommodating
- Figure 37: Attitudes toward travel providers, 2022
- Higher-income travelers feel the least confident in providers’ abilities
- Figure 38: Attitudes toward travel providers, by vacation planning segment, 2022
- Travel brands need to rethink accessibility for the future
- Figure 39: Attitudes toward travel providers, by generation, 2022
- Travel brands aren’t seen as sufficiently accommodating
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Attitudes toward Destination Planning
- It’s up to brands to satisfy demand and alleviate pressure
- Figure 40: Attitudes toward destinations, 2022
- Position brands as stress relievers, not just travel companies
- Figure 41: Attitudes toward destinations, by vacation planning segment, 2022
- Millennials are calling out to brands for help
- Figure 42: Attitudes toward destinations, by generation, 2022
- The desire for travel assistance isn’t limited to one income bracket
- Figure 43: Attitudes toward destinations, by HHI, 2022
- It’s up to brands to satisfy demand and alleviate pressure
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Attitudes toward Travel Trends
- Big this year: new experiences, sustainability and skepticism
- Figure 44: Attitudes toward destinations, 2022
- Expectations are high among the most eager travelers
- Figure 45: Attitudes toward destinations, by vacation planning segment, 2022
- New experiences and sustainability will endure as demands
- Figure 46: Attitudes toward destinations, by generation, 2022
- Dad’s in the (trend) driver’s seat
- Figure 47: Attitudes toward destinations, moms vs dads, 2022
- Big this year: new experiences, sustainability and skepticism
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Appendix – Data Sources and Abbreviations
- Data sources
- Sales data
- Forecast
- Consumer survey data
- Abbreviations and terms
- Abbreviations
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Appendix – The Market
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- Figure 48: US consumer spending and forecast on travel, at inflation-adjusted prices, 2017-27
- Figure 49: Consumer Price Index change from previous period, 2007-2022
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