Updates 08/25/2023: Ohio's Travel Industry and Current Travel Research
THE AVERAGE SPEND FOR AMERICAN TRAVELERS DECLINES; TIKTOK IS NOT THE ONLY PLATFORM BEING USED TO RESEARCH DESTINATIONS
Key findings from Destination Analyst, fielded July 2023:
- 50% of American travelers anticipate being better off financially next year compared to now.
- Excitement for travel remains high with 83% of American travelers reporting they are taking a trip in the next 12 months.
- In January of this year, American travelers reported they were expected to spend $4,677 on leisure travel over the next 12 months. Since then, travel budgets have declined to $3,505 – the lowest average since October 2021.
- 43% of American travelers say that high prices deterred them from traveling in July.
- As of August, 36% of the population say it is a bad time to spend on travel compared to 30% saying it is a good time.
- Yet, fears of a recession continue to decline with only 49% reporting their fear.
- How popular is TikTok when planning a trip? When asked how travel destinations could best reach American travelers, 15% cited TikTok.
- However, TikTok is not the only tool American travelers are using. One-third of American travelers now say they regularly listen to podcasts, up from 28% just six months ago.