Travel Enthusiasm Defies Rising Costs, Visa’s 2023 Study Reveals

Travel remains robust post-COVID, showing no signs of slowing, despite the escalating costs, according to the 2023 U.S. edition of the “Visa Global Travel Intentions Study.” Contrary to the 4.4 percent increase in travel costs reported by the U.S. Travel Association’s recent “Travel Price Index,” only 6 percent of surveyed Americans, out of the 73 percent who acknowledged rising costs, plan to cancel or delay their travel plans.

On average, American international travelers took three international trips lasting around seven days. Notably, Gen Z spent the most time away, averaging more than eight days per trip. The respondents spent an average of $4,204 per trip, with over 60 percent of total expenditures dedicated to on-site needs at destinations. Digital wallets have become a crucial aspect of the travel experience for 74 percent of travelers, even though cash remains the preferred payment option, with concerns about theft, conversion costs, and leftover cash being top stressors for travelers.

The survey highlighted that travelers prioritize trips for relaxation (47 percent), exploring something new (35 percent), and seeking adventures (33 percent). Looking ahead, Australia, Canada, France, and the United Kingdom are predicted to be top travel destinations for 2024.

Interestingly, the survey revealed that 60 percent of travelers are willing to pay a higher price for the flexibility to accommodate changes in their trip plans. Moreover, 76 percent of travelers would opt for eco-travel options if they are available at the same price or cheaper than alternative options, especially when considering accommodations.

The study, conducted between April and June 2023, included 1,357 U.S. adults who had traveled overseas for leisure at least once in the past year and intended to do so again in the next year.