With saved cash that has accumulated during the pandemic, many travellers may be planning to spend more than usual on their next trip, predicts data analytics and consulting company GlobalData. It’s a trend that shouldn’t be overlooked by tourism companies, which need to realize that not all travellers will want a budget-friendly option for their next holiday.
GlobalData conducted a global survey asking respondents if they were concerned about their personal financial situation. Thirteen per cent stated that they were “not concerned.” Although this is still significantly less than the 34 per cent that stated they are “extremely concerned”, GlobalData notes that this means one in 10 of the global travel market could be financially unaffected by the pandemic and have even saved a considerable amount.
“Many of the travellers that make up this 13 per cent are likely to be white-collar workers that can work effectively at home,” states Ralph Hollister, Travel and Tourism Analyst at GlobalData.
“Due to spending the vast majority of their time being confined to their homes in the past year, the urge to travel would have built up. This urge, combined with a significant increase in savings, could mean that many of these travelers will have developed a ‘treat yourself’ mentality…This mentality could be present as these consumers start planning their next holiday, which could result in them spending more on room upgrades, business class flights and higher quality rental vehicles.”