Consumers are looking for ways to travel on tighter budgets. Many are ditching first-choice options like flights for cheaper ones, like long-haul bus rides. Others are just staying home.
Travel demand fell in the second half of last year, when even high-income households spent less on hotel rooms, Morning Consult recently found. It’s the latest sign that consumers are making tough choices when they run out of affordable substitutes for everything from airline tickets to eggs.
“All the additional costs associated with traveling — eating out, airfare, gas costs, items to be bought before the trip — are causing more consumers to walk away instead of making the purchase,” said Deni Koenhemsi, head of economic analysis at Morning Consult.
Those who aren’t walking away are increasingly tweaking their plans.
“I definitely have made some changes to travel based on pricing, timing, etc.,” said Ken Tran, 36, who works in marketing in New York City. He’ll often drop down a star rating on hotel bookings for short trips or hunt for Airbnbs for longer ones.
