Very Strong “Willingness To Travel” Results Bode Well For Continued Industry Recovery
FOR IMMEDIATE RELEASE
Contact: Mike McCormick 267.262.2041
June 20, 2023 (Washington, DC) – Over 7 in 10 travelers (74% of business travelers and 71% of leisure travelers) have at least one trip planned in the coming months, according to the latest monthly Traveler Confidence Index developed by Travel Again. In addition, travelers posted strong “willingness to travel” numbers for domestic and international travel at double the previous levels. Combined, these results are very positive leading indicators for future travel demand.
“These survey results indicate the travel industry is ready to transition to the next phase of our recovery by the end of 2023 as originally forecasted,” said Travel Again Co-Founder Mike McCormick. “The recovery is being led by leisure travel demand, but meeting, events and general business travel are gaining momentum as travel budgets increase and employees get back to the office in person for work.”
“We are pleased to see the significant progress in the survey results. This shows that the current increase in travel demand that suppliers are experiencing is not just a short-term phenomenon,” said Travel Again Co-Founder Ed Silver.
Takeaways from the June 2023 special edition of this study are:
Overall, traveler confidence has made steady gains led by Leisure Travelers but still has room for improvement as the recovery continues.
Roughly 7 in 10 travelers (64% of business travelers and 69% of leisure travelers) have a high degree of confidence in traveling.
Most travelers have a more optimistic outlook, with 70% of business travelers and 80% of leisure travelers reporting they feel COVID will have less or the same impact on the quality of their life in 2023 compared to 2022.
The Business Traveler Confidence Index improved to 3.75, equal to the highest previous levels measured during COVID, but is likely impacted now more by other non-COVID related factors. The Leisure Traveler Confidence Index has reached a new high mark (4.05), indicating a high confidence level.
Both Leisure travelers (92%) and Business Travelers (86%) posted very strong "willingness to travel" numbers for domestic travel, which supports the current strong domestic airline booking demand results and outlook.
Leisure travelers continue to be more bullish on international travel than their business travel counterparts, with a strong majority (73%) saying they would travel internationally in the next six months if they could afford it, while 62% of business travelers are willing to travel internationally in the next 90 days if asked by their companies to do so. Both levels are very encouraging indicators for future international travel booking demand.
Traveler Confidence Index: The Business Traveler Confidence Index almost reached its previous highest level since measurement began at 3.75. The Leisure Traveler Confidence Index has moved to 4.05, which indicates virtually no remaining concerns for traveling both domestically and internationally.
Travel Again has developed the Traveler Confidence Index assessing confidence levels in both the business and leisure traveler to guide the prioritization of future travel industry initiatives by measuring the impact on traveler confidence. This special 16th edition focuses on U.S. traveler sentiment to benchmark our industry's progress as we transition from Phase 1 to Phase 2 of the recovery.