In May, 47% of Americans traveled, a 4-percentage-point lift from the same time last year. In addition, 41% of U.S. consumers have already planned to travel and another 30% indicate they are likely to travel this summer, pointing to a very strong summer season for the U.S. travel industry.
However, the possibility of an economic downturn seems more real than ever and is taking its toll on consumer confidence. Concerns about an economy crisis as well as personal financial situations reached the highest since March and April 2020 when the pandemic crippled the entire country. Trickling down to travel, over half of surveyed Americans flagged travel prices this summer are much higher than last summer. Many of them plan to cut cost or alter their travel plans as a result.
Remote work and hybrid work remain stable despite the debate over calling workers back to an office. In May, 23% of surveyed remote workers said they’ve taken long trips of more than 10 days because of the work flexibility, a sign that the “work anywhere” trend will continue to create new opportunities for the travel industry.
What You'll Learn From This Report
- Travel incidences, January 2020–May 2022
- May 2022 travel highlights
- Covid impacted travel, May 2020–May 2022
- Changing consumer sentiments on the economic outlook, February 2020–June 2022
- Consumer attitude on travel prices and its impact on their travel plans
- Consumer intent for 2022 summer travel
- Remote work trend and its impact on travel and mobility