With concerns over the economy and a possible recession top of mind with Americans, a recent survey conducted on behalf of Travel Guard found that Americans are still planning to travel in 2008, but may be altering their trips to cut costs.
A recent nationwide survey of over 300 American travelers who booked at least one leisure trip in 2007 (conducted by RUF Strategic Solutions on behalf of Travel Guard) reported, in spite of the weak economy, 72 percent will not be cutting back on leisure trips they are taking in 2008. Furthermore, 53 percent of those surveyed are not planning to cut back on the quality or length of their trips this year.
While many American travelers are not cutting back on the number of trips they plan to take, the survey did find that 47 percent of travelers polled do plan to alter the scope of the leisure trips they are planning in 2008 in an effort to save money. For example, 22 percent of those polled say they plan to eat at less expensive restaurants, and 17.2 percent say they will travel closer to home. 16 percent of those polled say they will stay at a less expensive hotel than in the past, while over 10 percent state that they will give up staying at a hotel in favor of visiting friends or family.
"We are encouraged by the survey's findings that Americans are continuing to travel despite economic concerns; however, it is evident that travelers are being more cautious about how and where their money is being spent," said Dan McGinnity, Vice President of Travel Guard. "Travel insurance is an important resource for travelers allowing them to cover financial investments they make for vacations, especially now in a time when money is so top of mind."
Furthermore, of those travelers polled, 75 percent stated that the weak American dollar/exchange rate is their greatest concern as it relates to their 2008 travel plans. However, when asked what impact the exchange rate has on their travel plans, 36 percent stated they plan to travel internationally the same as in past years. 29 percent of those polled are still planning international travel - but not to Europe - while 13 percent are considering 'emerging" destinations, such as South America and Eastern Europe in an effort to save money. Only 25 percent of those polled plan to limit their travel plans to domestic destinations this year.
Ranking second to the exchange rate on the list of travel concerns for 2008 was the rising cost of fuel; however, 56 percent of those surveyed stated that rising gas prices will not have an impact on their travel behavior. 26 percent stated that if prices continue to rise they will consider taking fewer vacations. Only 3.6 percent said they would stop traveling altogether.
When Americans receive the much anticipated tax rebate this year, 30 percent of those polled said they will use it to pay for a vacation this year or in the future, illustrating that travel and leisure is still top of mind for many Americans, despite the current state of the economy.
A typical travel insurance plan, like those sold through Travel Guard, costs between 5 and 8 percent of the total trip cost, but can save some travelers up to thousands of dollars should they need to cancel for a covered reason.
> Americans Still Traveling
> Traveler's Tales
> Best Customer Service Award
> About Us
> FAQs
> More Money; Less Time * updated *
> Travel Supplier Alerts
For agent/broker use only for public distribution or solicitation.