International tourism spending in 2024 is expected to hit record levels, with USD3.2 trillion forecast to be spent on in-destination spending. As the summer travel season heats up in the northern hemisphere, millions of travellers will be seeking destinations that fit their particular preferences. These choices differ greatly based on cultural background, generation and socioeconomic status – among many other factors. Understanding consumer behaviour is crucial for travel and tourism players to tailor services, identify emerging trends and adapt to market shifts. From airlines to lodging and attraction companies, businesses are evolving in sustainable and digital transformation, and adopting generative AI.
Alternatively, value for money is not as relevant for Gen Z or millennials, who highly appreciate quality and personalised experiences. However, according to Euromonitor’s Voice of the Consumer: Travel Survey, 50% of Gen Z respondents pointed out parents as common travel partners, meaning they might not be solely responsible for travel expenses. Millennials and Gen X consumers value family-orientated destinations and all-inclusive hotels, whose transparent price policy helps with budgeting. These destinations also offer a variety of leisure activities to suit both children and adults, leading to a strong value for money proposition.
By understanding travellers’ varied preferences and behaviour, tourism market players can better target them through tailored/personalised services that align with their lifestyles. In the long term, consumer survey data enables companies to make informed decisions for sustainable growth, embracing consumer loyalty tracking, personalised marketing strategies and product development.
More about the Voice of the Consumer: Travel Survey
As travel industry is expected to grow in the following years, it is important for companies and brands to understand consumer preferences, lifestyle habits, as well as their path to purchase experience across the globe.
To effectively help businesses, we worked with our in-house industry experts and analysts alongside key players within the industry to create the Travel Survey, which covers a wide array of topics and key trends in 40 countries.
Key Questions the Voice of the Consumer: Travel Survey Answers
- How does the frequency of domestic and international trips vary across countries?
- What are the main spending priorities, considering high- and low-income consumers?
- What travel features are consumers willing to pay more?
Euromonitor International's Consumer Insights Offering
Euromonitor designs consumer survey in-house, using input from research experts and clients. Our offering includes nine annual Voice of the Consumer tracking surveys, which can be explored in the Survey dashboard and in the data download tool for in-depth analysis. These capabilities live in Passport, Euromonitor’s one stop shop for industry, economies and consumer data. Connect with our team to learn more.
Read our article, Reimagining Tourism: Top Three Travel Trends in Asia Pacific 2024, for more analysis on travel trends.
Download our new white paper, Global Economic Forecasts 2024 Outlook | Mid-Year Update, for economic analysis on inflation, labour markets and supply conditions worldwide.