TravelBoom Marketing, the premier data-driven digital marketing firm for hotels, resorts, and vacation rental companies, recently announced the findings of its most recent research study on the impact of inflation on travel. The survey was conducted in early April, and over 2,000 regular travelers participated. The study’s key conclusions are as follows:
- Because of growing expenses, 30% of respondents said their vacation plans will alter this year.
- In comparison to 2021, about 61 percent will take fewer leisure vacations.
- Rising gasoline costs will have a moderate to substantial impact on 65 percent of passengers.
- For one-fifth of leisure travelers, canceling a planned holiday is not out of the question.
- COVID continues to play a part in the trip decision-making process. While the number of passengers concerned about COVID has decreased dramatically, about 30% still consider it a major issue.
“While we are seeing a giant boom in travel and ADR for many of our clients, we believe this research suggests that there is some softness developing in the industry overall due to rising prices, especially gas prices. The data in this study suggests that 30% of the rooms currently booked are at risk of being canceled,” said Pete DiMaio, Chief Operating Officer at TravelBoom