While consumers are experiencing tighter budgets in the current inflationary environment, overall travel demand remains resilient. Laura Lindsey, Skyscanner Global Travel Trends Expert, joins Rich!
In response to this value-seeking behavior, Lindsay highlights several destinations that appeal to budget-conscious travelers, including Croatia, Southeast Asia and Nassau, Bahamas. Despite being value-conscious, he notes that individuals are prioritizing experiences, „We’ve seen a huge rise in what we call affordable luxury, where people are turning 5-star accommodations into maybe 3. Or 4-star somewhere else.”
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This post was written by Angel Smith
Video transcript
When we think about places people go, here’s what you see in Skyscanner’s data.
Now what pops up and fades a little bit.
So the good news is that I can tell you some great value places.
Therefore, we have seen the price drop of very popular destinations like Croatia.
Therefore, both Split and Dubrovnik experience a 24% and 22% price drop respectively.
Yes, from the US, this is great news for all those thinking about a European summer.
Well, we see a 23% price drop closer to home somewhere like Nassau in the Bahamas.
So, we may have heard earlier about price increases as the price increases and post-pandemic, freight is back, and travel is becoming more normalized.
We see prices falling in many ways.
you know
This is particularly interesting.
When I was talking with the Delta CEO at Bastian, we were talking about these latest quarterly results here.
It also comes back to where more affluent consumers still have strength, and where they prioritize spending, where you see spending more on the travel experience is where there are additional add-ons or accessories. What purchases are people willing to make if they feel like they maximize their travel experience?
All in all, you’re absolutely right, this experience is what people really invest in.
So they are considering things like whether or not to upgrade their flight or spend a little more money on accommodation.
For example, we’ve seen a huge rise in something we call low-cost luxes, which is where people are looking for places where they can get five-star accommodations, yes, three or four stars somewhere else.
And we’re looking at places in Southeast Asia that are growing in popularity, for example, where you can find luxury accommodations that will take you away from everyday life.
So you are absolutely right on this point
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