Yahoo Finance 84% of Consumers Choose Travel as Their Top Budget Priority, Reveals Research From Leading Subscription Platform eDreams ODIGEO
Market research conducted with 10,000 global consumers on the occasion of the 25th anniversary of eDreams confirms that travel remains a priority within shoppers’ personal budgets in 2024.
While travel is key for all age groups, the data also reveals that future generations of travelers will have new values that dictate where and how they travel.
Inclusivity and social values, a priority for young travelers: 44% of Americans under 24 years highlight the importance of social inclusivity in destinations and brand choices, compared with only 27% of those over 65.
Always online: staying connected while traveling is a top consideration for 35% of American consumers under 24, contrasting with a mere 7% of those over 55.
Health, safety and geopolitical considerations shown to be very important in the post-pandemic era: 50% of people in the US ranked safety as a top consideration when traveling.
BARCELONA, Spain, February 06, 2024--(BUSINESS WIRE)--New market research commissioned by leading travel subscription company eDreams ODIGEO on the occasion of the 25th anniversary of its flagship brand eDreams reveals that the vast majority of consumers (84%) are prioritizing travel within their personal budgets in 2024.
In the US, respondents provided similar answers with nearly 8 out of 10 highlighting the importance of travel within their household budget. Only 5% of US respondents said they didn’t think it was important to budget for travel.
The statistics come from a study of 10,000 global shoppers, including 2,000 respondents from the US. The study was conducted by research firm OnePoll.
Changing values: future generations redefine travel priorities
The data also reveals how travelers’ priorities and values are likely to change over the next 25 years in line with generational shifts such as the rapid development of new technologies. For example, the survey revealed that younger people are far more likely than older generations to make decisions about how and where they travel based on digital connectivity or social inclusiveness, giving a powerful insight into what will matter most to travelers in the decades to come.
Health and safety are a top priority for US travelers. 50% of respondents across all age brackets in the US, and 51% globally, said this was a key consideration. Notably, this was even more pronounced with the older age group (over 55s) which ranked safety considerations (63% US) almost on a par with the cost of travel (69% US).
Cost-effectiveness remains a key concern for travelers across all age groups, with an average of 42% prioritizing it in the US and 55% globally. Notably, Baby Boomers exhibit a greater inclination towards prioritizing cost in trip planning, with 69% of global respondents aged over 45 years and 64% in the US focusing on this aspect. In contrast, responses from younger generations indicate a decreased emphasis on cost as other considerations take precedence in line with changing generational priorities. Specifically, 52% of those under 34 years old globally (32% in the US) prioritize cost as a key factor in their travel decisions.
Social inclusivity and values: Worldwide, 27% of respondents aged 18-24 highlighted brands and destinations that offer socially inclusive experiences as a top consideration when planning their trips compared to only 17% of over 65s. In the US, 29% of Baby Boomers prioritize social inclusivity and values when considering their travel choices, while this rises to 44% in the case of Millennials and Gen Z’s.
Digital connectivity: Similarly, 20% of Gen Z’s globally highlighted the importance of digital connectivity for communication and work while traveling as a top priority, compared with 7% of over 65s. This suggests increased prevalence of flexible and remote work among the younger generations, as well as the importance of sharing travel experience on social networks. Interestingly, male shoppers show a higher interest in staying connected during their trips, with 40% expressing this compared to 23% of their female counterparts. These generational traits are even more pronounced in the US. Only 7% of over 55-year-olds noted the importance of digital connectivity, while this was a top consideration for 35% of 18 - 24-year-olds.
Dana Dunne, CEO of eDreams ODIGEO said: "We are in an era where travelers’ values are evolving rapidly shaped by the big matters of our time, from technology to hybrid work or a once-in-a-generation pandemic.
Since our flagship brand eDreams was founded 25 years ago, we’ve seen travelers’ priorities change significantly, particularly with technology putting an almost limitless amount of choice at their fingertips. As we look to the future, this data provides a fascinating insight into what will matter most to travelers as the next generation of socially inclusive and digitally native consumers reach the peak of their spending power.
"While we are seeing a generational shift in values around these issues, we are also continuing to see travel remain incredibly important to consumers of all ages. We expect demand for travel to remain strong, so this data really highlights why it’s vital that we continue to innovate and provide new experiences that excite future generations of travelers."
A quarter of a century of change in travel
The research from eDreams ODIGEO and OnePoll indicates that the global travel sector is likely to witness significant shifts over the next few decades, particularly with regards to consumer preferences. However, this anticipated period of change follows directly on from a quarter of a century which has seen the travel industry evolve beyond all recognition.
Unparalleled growth: Over the last 25 years, the travel industry has witnessed significant and continued growth. According to the International Civil Aviation Organization (ICAO), 1.56 billion passengers flew on airplanes worldwide in 1999. This number increased to 4.9 billion in 2023, representing a growth of 157%. 1
The era of online travel: The biggest game-changer for the global travel industry in the 21st century has been the rapid evolution of technology. The foundation of eDreams, Europe’s largest online travel agent, 25 years ago today marked the commencement of the universalization of online travel. According to a report by IATA, only 5% of travel bookings were made online in 1999. In 2023, this figure increased to 70%, representing an increase of 650% in 25 years.2
Similarly, in 1999 the share of mobile bookings for travel was virtually zero. Mobile internet was still in its early stages of development, and few people had access to it. In 2023, this figure increased to 75%3.
From transaction to subscription: The latest revolution in the travel industry is the emergence of subscription-based travel retailing. Millions of travelers have shifted from a traditional transactional approach to embracing a subscription-based model for their travels. eDreams was the first business to pioneer a subscription service in the travel sector through its Prime platform, which now has over 5.2 million members.
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Survey methodology
The statistics in this press release are based on a survey of 10,000 global consumers carried out by OnePoll. The survey was undertaken in eight countries including the UK, USA, France, Germany, Italy, Portugal, Spain and Sweden.
About eDreams ODIGEO
eDreams ODIGEO is the world’s leading travel subscription platform and one of the largest e-commerce businesses in Europe. Under its four renowned online travel agency brands – eDreams, GO Voyages, Opodo, Travellink, and the metasearch engine Liligo – it serves more than 20 million customers per year across 44 markets. Listed on the Spanish Stock Market, eDreams ODIGEO works with nearly 700 airlines. The business conceptualised Prime, the first subscription product in the travel sector which has topped 5.2 million members since launching in 2017. The brand offers the best quality products in regular flights, low-cost airlines, hotels, dynamic packages, cruises, car rental and travel insurance to make travel easier, more accessible, and better value for consumers across the globe.
1 Global outlook for air transport, IATA, 2023, Annual Report of the Council, 1999, International Civil Aviaton Organization (ICAO)
2 World Air Transport Statistics, IATA, 2023
3 Digital Consumer Trends, 2023. Deloitte
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Contacts
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