As the summer heats up, many people start to find their thoughts drifting towards travel. But how much are Americans actually planning to vacation this year? And are there any notable trends or updates from the industry worth keeping an eye on? Here is what we found!
Homesharing and vacation rental markets…
May continue to blossom and grow for the foreseeable future (a topic we’ve touched on in some depth previously). For another, this information suggests that millennials are coming into their own when it comes to booking and planning for vacations. As a younger generation, we will see their tastes continue to redefine travel, vacation, and shared vacation ownership for some time to come.
Vacation budgets are “not growing” this year; however, trip duration is increasing…
According to Forbes, the study also found that vacation budgets are “not growing” this year; however, trip duration is increasing (with the average reaching 1.5 weeks). And along with longer vacations comes more planning. In fact, according to the study, 46% of American travelers “will book their trip at least 4 months in advance.”
The millennial generation “continues to change travel, particularly when it comes to lodging…
Another interesting factor to consider? As Forbes puts it, the millennial generation “continue[s] to change travel, particularly when it comes to lodging.” In fact, per Forbes,
“While only 38% of the people surveyed said they would rent someone’s house or apartment, 59% of Millennials said they would. And while just 20% of those surveyed said they would rent a room in someone’s house, 37% of Millennials would.
Millennials are also much more likely to try new activities when traveling, like camping or staying in a cabin in the wilderness, hosting other travelers, eco-tourism, traveling the world or even just staying in a local’s home. Some 83% of Millennials try such activities versus 67% of the general population.”
For more insights from this fascinating travel study, we encourage you to peruse the full article from Forbes contributor Michael Goldstein, available here.
The article looks at a recent survey from Generali Global Assistance, a travel insurance and safety company. Their annual summer travel study brings some interesting trends and statistics to the fore. For one thing, the study suggests that Americans are particularly eager to travel in 2018. In fact, roughly 68% of Americans plan to head out on a summer vacation according to the study, which is a significant increase from the 61% who planned for a trip in 2016.
What’s more, the global study suggests that Americans are tied with Brazilians as the group most interested in travel, in the entire world. For comparison, the study found that 67% of Chinese consumers planned to vacation over the summer, as did just 64% of those in Europe.
Other Travel Articles of Interest:
Led by Attorney Michael D. Finn with 50 years of experience, the Finn Law Group is a consumer protection firm specializing in timeshare law. Our lawyers understand vacation ownership as well as the many pitfalls of the secondary market of timeshare resales. If you feel you have been victimized by a timeshare company, contact our offices for a free consultation. Know your rights as a consumer and don’t hesitate to drop us a line with any questions or concerns.