New study reveals data-backed trends shaping the 2024 travel industry and the true motivations behind today's travelers

NEW ORLEANS, LOUISIANA, USA, June 26, 2024 /EINPresswire.com/ -- Olinger, a leading custom primary market research agency, has released its highly anticipated 2024 Travel Trends Report. This annual insights report offers a comprehensive analysis of the latest trends in the travel industry, providing valuable information to travel brands and agencies about consumer behaviors and preferences.

The 2024 Travel Trends report marks a significant departure from previous years by introducing a detailed analysis of three distinct persona groups – the Live Well Consumer personas: High Impact, Persuadable, and Functional. These personas are defined based on behavior and attitudinal data, offering a nuanced understanding of how different consumer segments approach travel planning and spending.

Key Findings from the Study:

Economic Shifts Felt by Consumers Across the Board — The study reveals notable shifts in economic spending due to the current state of the economy, with 58% of respondents likely to reconsider their vacation plans if prices increase by more than 10%. High Impact Consumers, who have traditionally spent significantly more than on travel ($1,600+ above other personas in the last 12 months), plan to reduce their spending in the coming year, bringing their expenditures in line with Persuadable and Functional consumers. However, High Impact Consumers say they’re still willing to pay more for the very best quality in private car service and car rentals (55%), brand of hotel accommodations (53%), and tours and excursions (40%), despite the current economic outlook.

Travel Advisors Reign Supreme for Booking, Planning and Saving Money — Within the 2024 Travel Trends Report, Olinger asked respondents about their knowledge and usage of travel advisors, and if they find them to be beneficial. Overall, 67% of respondents say that travel advisors can find the best deals for their total vacation, and 74% say travel advisors have knowledge of exclusive experiences otherwise not available to them. While High Impact Consumers utilize traditional travel agents throughout the entirety of their vacation planning, Persuadable and Functional consumers are over 30% less likely to do so, often missing out on potential cost savings and benefits that may aid them during economic uncertainty. This gap may be because 54% of Persuadable and 45% of Functional travelers believe travel agents charge an additional fee to arrange travel for them.

Cruise Industry Lives On — After the COVID-19 Pandemic nearly sunk the cruise industry, all Live Well Consumer personas report an increase in planning future cruise vacations. 47% of High Impact consumers have taken a cruise within the last 24 months, and over 60% of total respondents say they’re likely to book a cruise vacation within the next two years. Norwegian, Princess, and Disney are the top cruise brands for future travel, but others sail closely behind.

Travelers Aren't Sold on AI Just Yet — Throughout 2023 many industries were impacted with the rise of AI, and the travel industry is no different. Many online travel agencies and booking websites have adopted AI-generated review summaries in efforts to streamline key points made within reviews by previous travelers. While the generative technology may be highly-valued and welcomed across e-commerce, travelers are on the fence about its accuracy; High Impact Consumers appreciate AI-generated review summaries (58% find them valuable), whereas Persuadable (21%) and Functional (19%) consumers view these summaries with skepticism.

Implications on the Travel Industry — These findings have significant implications on travel brands, travel advisors, and the travel industry as a whole. The detailed breakdown of Live Well consumer personas enables brands to tailor their communications and offerings to different target audiences more effectively. Travel agencies must also address the misconceptions about their services to capture the attention of Persuadable and Functional consumers.

The report suggests that travel brands can create emotional connections with consumers by aligning vacation experiences with personal values: High Impact consumers seek travel that reflects their values, Persuadable consumers aim to make lasting memories, and Functional consumers prioritize familiarity and value.

A full copy of the report can be found at: https://info.olingergroup.com/travel-trends-2024

About Olinger
Olinger is a custom primary market research agency based in the USA. In 2024, Olinger introduced the industry-changing Live Well™ market research algorithm, providing brands with unprecedented clarity into consumer behaviors and attitudes. Olinger's annual Travel Trends Report focuses on how consumers make vacation decisions and purchases.

Savannah Dalton
Olinger
sdalton@olingergroup.com
+1 504-208-4289
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