US travelers still planning trips throughout the year
Wednesday, June 6, 2012
While the economy may be unsteady, it is still failing to impede Americans from embarking on their summer travels. According to recent research from Travel Leaders Group, nearly 94 percent of respondents said they plan on taking at one leisure trip throughout the year.
"The fact that nearly 94 percent of consumers polled nationwide indicate they will be taking at least one leisure trip this year - up from 89 percent last year - is very positive news for the American economy," said Barry Liben, CEO of the Travel Leaders Group.
When planning their trips for the remainder of the year, U.S. travelers have some price limitations they plan to follow when booking their flights. The survey found nearly 82 percent of travelers said their tipping point for an airline ticket to travel somewhere in the country is between $200 and $500.
"Consumers taking our survey were very willing to share their 'tipping point' on airfare, which is a reminder that everyone in the travel industry needs to clearly define the value in each and every aspect of a traveler's itinerary," said Liben. "Consumers will readily pay if their needs are exceeded and they see great value in what they are purchasing."
While a tipping point is clearly defined for many Americans, their travel budgets have not changed very much from the previous year. Eighty-two percent are changing their travel budgets and only 1 percent are spending the same.
When creating their travel budgets, Americans need to factor how much they are planning to spend on their living accommodations. One option travelers have is serviced apartments, which provide leisure travelers with spacious living quarters.
The economy is also forcing travelers to tighten their budgets, and some may be changing their plans to make them more affordable. FoxNews.com recently created a list of some of the most expensive cities to visit, which cash-strapped travelers may want to stay away from.
According to the news source, Oslo, Norway, was voted the world's most expensive city for the sixth consecutive year. The news source references data from UBS research, which found the cost of living in Oslo is 40 percent higher than New York City.