1、Leisure,Tourism and Travel|Summer|June 2024Travel Trends StudyWelcome to Travel TrendsThe Travel Trends report,elaborated by Simon-Kucher,provides insights about the behavior of the Leisure,Travel and Tourism industry.Simon-Kuchers study provides powerful insights every 6 months that can be converte

2、d into tangible actions for companies to steer their strategy.Discover nowSimon-Kucher|Travel Trends StudyTravel Trends Study:from boom to bust as travelers budget and needs diversifySource:Simon-Kucher Travel Trends Study.Survey conducted in April 2024,Global respondents n=5443Budget growth varies

3、significantly by country ranging from 4%to+9%.Growth will be primarily driven by baby boomers with greater purchasing power.The youngest travelers,with less average budget per trip are seeking international trips three times more than Baby Boomers and Gen X.85%are more likely to travel solo.Luxury t

4、ravelers engage in travel twice as frequently than other travelers,exhibiting+50%interest in recognized brands and personalization.Over 25%of business travel bookings will be through OTAs.Bleisure continues on the rise with 60%of customers that wish to extend their stay if motivated with the right p

5、erks.Mass destinations will need to address overcrowding concerns as 75%of respondents say overcrowding would influence negatively their decisions.Travel budgets will encompass both expansion and contraction,contingent upon client profile and source country.Gen Z and Millennials crave spontaneous ex

6、perience-based trips.Luxury travelers on the rise,are seeking tailored options within high reputation brands.Corporate customers display tendency for booking outside of corporate travel programs.Seventy percent of travelers across all generations prioritize sustainability when booking trips.Polarize

7、dtravel budgetYounger generations shape industry trendsPersonalized luxury:the new standardThe digitalization of the business travelerDestinationsustainabilitySimon-Kucher|Travel Trends StudyOur Travel Trends study reached out to+5.400 respondents,covering the following demographics:Source:Simon-Kuc

8、herDemographicsGenderMale:50%Female:50%Other:0%IncomeHigh:11%Moderate:46%Low:43%France:GermanyNetherlands:Spain:United Arab Emirates:United Kingdom:United States:Country in scope%of respondentsby age group18-25 years:18%26-41 years:33%42-57 years:32%58+years:17%Simon-Kucher|Travel Trends Study818982

9、425825415996982Q20:What is your households expected total spend on leisure holidays?Source:Simon-Kucher Travel Trends Study.Survey conducted in April 2024,Global respondents n=54439%19%7%10%1%GlobalBaby Boomers(age 58+)Gen X(age 42 to 57)Millennials(age 26 to 41)Gen Z(age 18 to 25)Leisure budget gro

10、wth comparison vs last year by generation%variation vs last year5Travel budgets to rise by up to 9%,driven predominantly by baby boomersThe global leisure budget is expected to rise by 9%in 2024,primarily fueled by Baby Boomers,who plan to boost their travel expenditure by 19%.Younger generations,wi

11、th more restricted spending capacity,still show significant,growing interest to travel in the upcoming season(more trips,but with less budget per trip).Simon-Kucher|Travel Trends Study1|Polarized travel budgetFrance and Germany:only countries facing leisure budget reduction in 2024Leisure budget gro

12、wth is spread unevenly across countries.Average projected budgets are increasing,largely driven by a strong desire to travel within the United States.However,France and Germany are expected to see their budgets shrink,with respondents estimating around 4%decline in spending,marking a shift in the co

13、untries trends observed in previous years.15.2%9.9%4.6%3.6%2.8%-3.5%-3.9%Leisure budget growth comparison vs last year by country%variation vs last year6Simon-Kucher|Travel Trends StudyQ20:What is your households expected total spend on leisure holidays?Source:Simon-Kucher Travel Trends Study.Survey

14、 conducted in April 2024,Global respondents n=54431|Polarized travel budget(1):Number of leisure trips in June,July and AugustQ6:How many times per month do you intend to travel for leisure in 2024?Source:Simon-Kucher Travel Trends Study.Survey conducted in April 2024,Global respondents n=5443Summer

15、 leisure trips1per respondent and generation#trips per month on summer season7Baby Boomers(age 58+)Gen Xers(age 42 to 57)Millennials(age 26 to 41)Gen Zers(age 18 to 25)0,90,41,50,72,41,52,81,9x2,5DomesticInternationalGen Z to embark on more budget-friendly trips despite lower budgetsDespite smaller

16、budgets,Gen Z travels more often and for less.Their preference for experiences over possessions and savvy tech use helps them find budget-friendly options.Their spontaneity and flexibility with last-minute bookings make affordable travel feasible,maximizing their adventures within financial limits.S

17、imon-Kucher|Travel Trends Study2|Younger generations shape industry trends72%78%34%45%30%32%34%23%15%21%9%13%PriceLocationPositive reviewsFacilities/amenitiesSpecial promotionsHotel brand reputationCancellation policiesExperiences offeredSustainabilityLow tourist volumesPersonalizationLoyalty progra

18、msQ23:How important do you consider the following attributes when you book a trip?Source:Simon-Kucher Travel Trends Study.Survey conducted in April 2024,Global respondents n=544375%74%48%49%41%35%39%32%19%20%16%17%71%71%58%51%43%42%37%41%27%24%26%23%64%62%64%46%37%40%33%41%27%21%21%23%Baby Boomers(a

19、ge 58+)Gen Xers(age 42 to 57)Millennials(age 26 to 41)Gen Zers(age 18 to 25)8Gen Z and Millennials prioritize experiences and sustainability over older generationsTravel preferences are evolving among younger generations,particularly for Gen Z and Millennials.The youngest also rely more on reviews t

20、o inform their booking decisions,seeking for personalized,authentic experiences and responsible travel practices that align with their values.Key trip booking decision drivers by generation%drives my decisionSimon-Kucher|Travel Trends Study2|Younger generations shape industry trendsQ18:How far in ad

21、vance do you tend to book your accommodation?Source:Simon-Kucher Travel Trends Study.Survey conducted in April 2024,Global respondents n=5443Likelihood to book trips two weeks or less in advance%per generation923%26%29%30%Baby Boomers(age 58+)Gen Xers(age 42 to 57)Millennials(age 26 to 41)Gen Zers(a

22、ge 18 to 25)+32%The younger generations are+30%more likely to spontaneously book tripsYoungest generations are showing a trend towards spontaneity in their travel habits.They are 30%more likely to book trips just two weeks in advance compared to older generations.This shift indicates a preference fo

23、r flexibility and last-minute decisions,reflecting their dynamic lifestyles.Simon-Kucher|Travel Trends Study2|Younger generations shape industry trendsQ5:How often do you plan to travel domestically and/or internationally within the next 6 months?Source:Simon-Kucher Travel Trends Study.Survey conduc

24、ted in April 2024,Global respondents n=5443Intention to go solo traveling at least once within the next 6 months%of respondents10Gen Z&Millennials are+80%more likely to engage in solo travelingSolo travel is on the rise,particularly among Gen Z and Millennials,with a whopping 85%more inclined to emb

25、ark on solo adventures compared to older generations.This shift reflects a desire for independence and personalized experiencesThis trend highlights a fundamental change in how younger generations approach and experience travel,emphasizing self-discovery and individual freedom.Simon-Kucher|Travel Tr

26、ends Study13%24%Baby Boomers&Gen Xers(age 42 to 58+)Gen Zers&Millennials(age 18 to 41)+85%2|Younger generations shape industry trendsBoom in premium travel:luxury travelers will do x2 trips than mass travelersDemand for luxury travel continues to accelerate,with affluent travelers embarking on inter

27、national and domestic trips at double the rate of other segments.This surge outscores the increasing demand for high-end experiences and exclusive destinations.Driven by rising disposable incomes and a focus on personalized services,the luxury travel industry is flourishing.(1):Number of leisure tri

28、ps in June,July and AugustQ6:How many times per month have do you intend to travel for leisure in 2024?Source:Simon-Kucher Travel Trends Study.Survey conducted in April 2024,Global respondents n=5443Domestic and international trips by traveler type#trips in the summer season1111.83.3Other travelersL

29、uxury travelers1,02,3x2InternationalDomesticSimon-Kucher|Travel Trends Study3|Personalized luxury:the new standard78%69%42%38%37%35%30%28%26%23%16%14%78%69%42%38%37%35%30%28%26%23%16%14%PriceLocationSpecial promotionsFacilities/amenities offeredPositive reviewsCancellation policiesExperiences offere

30、dHotel brand reputationSustainabilityLow tourist volumesPersonalizationLoyalty programsQ23:How important do you consider the following attributes when you book a trip?Source:Simon-Kucher Travel Trends Study.Survey conducted in April 2024,Global respondents n=544372%68%40%45%49%36%33%33%23%23%18%20%7

31、1%76%40%55%57%39%41%46%23%20%22%20%59%74%39%60%60%37%44%52%30%22%33%24%EconomyMidscaleUpper scaleLuxury12Luxury travelers seeking for tailored options and brands with high reputationDriven by a rising demand for unique experiences and reputable brands,luxury travelers have elevated their expectation

32、s for exclusivity.They emphasize on the quality of hospitality amenities and favor destinations with positive reviews 60%of respondents cite reviews as influential factors in their decision-making process.Key decision drivers by traveler type%drives my decisionSimon-Kucher|Travel Trends Study3|Perso

33、nalized luxury:the new standard1321%14%13%17%19%16%14%29%38%33%37%36%30%29%22%18%20%22%24%20%24%27%29%34%24%22%35%33%Directly(brands website)Directly(calling the hotel)OTAs(Online Travel Agencies)Travel AgencyBooking channel preferences for corporate trips by country%of respondentsMore corporate tra

34、velers are booking via online travel agenciesCorporate travelers prefer online travel agencies(OTAs)for bookings due to their convenience and wide variety of options.OTAs provide competitive pricing,comparative value analysis and attractive loyalty programs,making them a more and more popular choice

35、 for corporate travelers.Simon-Kucher|Travel Trends StudyQ11:When you travel for leisure,what channel are you planning to use?,Q13:When you travel for corporate,what cannel are you planning to use?Source:Simon-Kucher Travel Trends Study.Survey conducted in April 2024,Global respondents n=54434|The d

36、igitalization of the business travelerNever,22%Sometimes,38%Yes,frequently,26%Yes,always,14%20%17%16%13%10%9%8%7%Promotional discountComplimentary upgradeFree extended breakfastDiscounts in dining,SPAExclusive amenitiesAdditional activitiesLoyalty incentivesEventsKey activation measuresQ25:When you

37、travel for work,do you tend to extend your trip towards leisure?,Q26:Which of these options would influence you most into extending your stay?Source:Simon-Kucher Travel Trends Study.Survey conducted in April 2024,Global respondents n=5443Frequency of extending business stays for leisure%of global po

38、pulation14Simon-Kucher|Travel Trends Study64%of business travelers could extend their business trips for leisure staysOver 60%of business travelers occasionally extend their trips for leisure,while 14%always do so.Incentives such as promotional discounts,complimentary upgrades,and extended breakfast

39、 offerings can encourage corporate travelers to extend their stays(bleisure).Offering these perks can enhance guest and drive longer bookings at minimal cost.4|The digitalization of the business travelerResearch reveals a cross-generational inclination towards destinations blending sustainability wi

40、th a reduced tourist influx.The survey indicates that over 70%of travelers prioritize sustainable travel,while 75%opt for destinations offering less crowded atmospheres.This trend stems from an increasing awareness of the environmental impact of mass tourism and a yearning for more authentic travel

41、experiences.Q23:How important do you consider the following attributes when you book a trip?Source:Simon-Kucher Travel Trends Study.Survey conducted in April 2024,Global respondents n=544370%30%25%75%Drives my decisionNot interestedSustainabilityLow volume destinationsPreference for sustainable and less crowded destinations%drives my decision15Simon-Kucher|Travel Trends StudyOver 70%of travelers favor sustainable and less crowded trips5|Destination sustainabilitywww.simon-