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Tourism record? Travel spending will increase by 28% next year

Date: June 15, 2024 Time: 15:53:41

All the data from tour operators, travel agencies and hotel chains point to a record in the arrival of tourists to Spain this year, to leave behind the times of the pandemic and the fear of traveling. The annual arrival of foreigners in search of good Spanish weather will exceed 84 million in the best past years, but with a goal on the horizon that could go even higher. This year, the second edition of the Outpayce report on travel spending habits of the Amadeus payment platform has been carried out, which shows that global forecasts for next year mark an increase of 28%.

Spain, along with France and the United States, is one of the priority tourist destinations, with which it came to account for a great deal of this increase in travel spending, especially if we take into account that, according to the study data, almost half (47%) of the population where the platform operates considers that traveling at least once a year is one of their most important priorities.

Despite the poor economic situation in the world in general, with inflation and rising rates at the forefront, tourists “will spend 28% more” in the coming year, according to the study on consumer priorities in his travels. This increase of more than 10% compared to the previous year refers mainly to the preference of consumers for international trips over national ones (with 36%) or any other type of discretionary spending.

But in this analysis, there are two countries that stand out in their national trips, and that maintain a distance between international and internal trips of less than 10 points, such as the United States and France. In the case of the European country, there is only “a gap of 6 percentage points”, while in the United States, the difference is “3 percentage points”. Otherwise, the rest of the countries that make up this study have figures “greater than 10 percentage points and, in some cases, greater than 20,” the report highlights.

Savings, the main method of financing

To deal with consumer spending to make these trips, there are different methods. Among them, it stands out requesting a loan, managing payment through savings, or requesting an advance on the payroll, according to the project on the priorities in consumer travel spending. In this sense, research on this sector clarifies doubts regarding these expenses, where the first option regarding loans has been reduced in broad strokes, reaching 33%, compared to 75% last year. Thus, the rest of the consumers prefer to cut “spending in other areas” rather than go into debt. As for paying through savings, almost half (40%) will finance their trips this way and almost 3 out of 10 will try a little harder for a while and work harder.

In this context, and following the report on spending priority, tourists will spend up to almost a third more than the previous year, although this data must also take into account the rise in prices that the sector. Therefore, the “average expected spend” is up to $3,422, “which is an increase of $753 per consumer.” Specifically, people belonging to an age group between 35-54 years, will spend more money “3,752 dollars per person”, after them, those over 55, with more than 3,400 dollars, followed by the group between 18- 34 years old, “who on average intend to spend $3,062.” As an exceptional case in this report, the UK will count the over-55s as the group that will spend the most.

It should be noted that despite the different situations that the world economy is going through, people prefer traveling as an almost essential activity. In addition, he decides to carry out different actions that facilitate his travels, that is, save and even work more to achieve his goal of living new experiences, something that “suggests a general leap in consumer confidence,” according to the report analyzed.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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