Majority are willing to tap into savings to get away while one-quarter see vacation as essential
DÜSSELDORF, GERMANY - May 16, 2024 - Global hotel search platform trivagoreleased new insights from its annual consumer travel survey, identifying key shifts in the evolving landscape of consumer travel and the perceived impact of vacation on mental health. Proprietary search data from trivago also reveals the top destinations and average hotel prices for the summer travel season ahead.
Survey findings indicate a strong correlation between travel and well-being with 78% of U.S. travelers affirming that regular vacations have a positive impact on their mental health. For 65% of respondents, the primary purpose of vacation is relaxation, while 39% specifically aim to improve their mental well-being overall.
Additionally, 33% of travelers seek escapism through travel. These findings underscore the therapeutic value of travel, providing a much-needed break from the stresses of daily life and offering a chance for rejuvenation.
Priorities: Vacation Budgeting and the Art of Savvy Spending
Despite the challenges of a rising cost of living, recent research from McKinsey's ConsumerWise Report identified travel as a more popular splurge category in Q1 2024, ahead of apparel and beauty, which it trailed in the last quarter of 2023.
In fact, according to trivago's survey, more than half (54%) of U.S. consumers are ready to dip into their savings to embark on summer travels, down from 76% in 2023. This indicates heightened price sensitivity as does the 71% who have meticulously compared prices for vacation accommodations to secure the best deals.
For nearly a quarter (24%) of respondents, vacations are deemed essential, highlighting the value placed on travel experiences. Yet cost remains a critical factor in decision-making, with 68% carefully considering costs when selecting their accommodations.
Notably, respondents between the ages of 18 to 26 emerge as the frontrunners in embracing travel, with 32% expressing a strong likelihood and 45% indicating a moderate inclination to dip into their savings.
Consumers are ready to prioritize their savings, forgoing nonessential purchases to travel with 45% willing to give up new clothes for six months and 33% prepared to give up their daily cup of coffee outside the home for a year.
Work and Play: The Rise of Bleisure Travel
In the evolving landscape of travel, the concept of 'bleisure' continues to gain traction as consumers strive for a harmonious blend between work and leisure. trivago's data reveals that 36% of men are embracing this trend by adding leisure time onto their business trips, compared to 15% of women.
However, even amidst leisurely pursuits, the boundaries between work and play blur, with 66% of men more likely to engage in work-related activities during vacations, such as responding to emails and taking work calls, compared to 25% of women. This shift reflects a growing desire among travelers to strike a balance between professional commitments and personal relaxation.
Summer Travel Trends
Consumers are looking to stay closer to home this summer as search data shows the top three destinations are in the US. Las Vegas tops the list followed by New York and Myrtle Beach. This can be attributed to room rate trends which dropped by 13% in Las Vegas and on average, decreased 2% across other US cities.
International destinations including London, Cancun and Playa Bavaro increased by an average of 4%, while Paris and Rome decreased by 9% and 13% respectively. For those seeking what's next in affordable options, trivago data revealed the top five cheapest destinations based on an average room rate of less than $156: Bangkok (Thailand), Laughlin (Nevada), Kissimmee (Florida), Varadero (Cuba) and Las Vegas (Nevada).
Search data also revealed what's most important for travelers when it comes to lodging with top filters including hotel (vs. alternative accommodation), a rating of excellent (8.5+), and free breakfast followed by four- and five-star ratings. Pet friendly hotels beat out those with a pool.
| Top 10 Destinations | Avg. price per night | +/- 2024 vs 2023 |
| 1. Las Vegas | $156.58 | -13% |
| 2. New York | $320.18 | -2% |
| 3. Myrtle Beach | $383.91 | -3% |
| 4. London | $383.50 | +3% |
| 5. Orlando | $355.29 | -1% |
| 6. Cancun | $342.43 | +5% |
| 7. Playa Bavaro | $332.89 | +6% |
| 8. Paris | $278.19 | -9% |
| 9. Rome | $256.99 | -13% |
| 10. Ocean City | $162.97 | -2% |
Methodology: Hotel search conducted by US travelers on trivago.com in the 90 days prior to April 25, 2024, for travel period June, July, and August 2024.
Media Contact:
naomi.mnyamana@trivago.com
About trivago
trivago N.V. (NASDAQ:TRG) is a global hotel and accommodation search platform. We are focused on reshaping the way travelers search for and compare different types of accommodations, such as hotels, vacation rentals and apartments, while enabling our advertisers to grow their businesses by providing them with access to a broad audience of travelers via our websites and apps. Our platform allows travelers to make informed decisions by personalizing their search for hotels and providing them with access to a deep supply of relevant information and prices. Our search platform forms the core of our user experience and can be accessed globally via 53 localized websites and apps available in 31 languages. As of March 31, 2024, we offered access to more than 5 million hotels and other types of accommodation in over 190 countries.
About the Survey
The survey was deployed online and ran from March 20-26, 2024, polling a sample of 2,000 US adults aged 18+ going on vacation in the following twelve months.
Forward looking statements
This press release contains certain forward-looking statements. Words, and variations of words such as "believe," "expect," "plan," "continue," "will," "should," and similar expressions are intended to identify our forward-looking statements. These forward-looking statements involve risks and uncertainties, many of which are beyond our control, and important factors that could cause actual events and results to differ materially from those in the forward-looking statements. For additional information factors that could affect our forward-looking statements, see our risk factors, as they may be amended from time to time, set forth in our public filings with the Securities and Exchange Commission. We disclaim and do not undertake any obligation to update or revise any forward-looking statement in this press release, except as required by applicable law or regulation.
As used herein, references to "we", "us", the "company", or "trivago", or similar terms shall mean trivago N.V. and, as the context requires, its subsidiaries.
