Europeans remain confident in their travel spending power in 2024, despite continued cost of living pressures across the continent, according to a new report from Accor, the world’s leading hospitality group.
The report is based on a survey of 8,000 travelers from seven European countries, with more than half (54%) believing they will have more money to spend on travel in 2024 than they did in 2023. However, only 11% of respondents said so. They spend less.
People in Poland are the most confident in their travel spending power this year compared to last year, with 64% expecting an increase in their budget, compared to just 7% expecting a decrease. was. German travelers are the second most confident (61% vs. 13%), and even in Italy, the least confident of the seven countries, more travelers (44%) expect their budgets to increase. Almost four times as many travelers (12%) expected a reduction in travel costs.
The number of planned overseas leisure trips has increased slightly from last year, and the number of overseas trips that combine business and leisure, such as “workcation” and “bleisure” trips, is also expected to increase. With increasingly flexible working patterns, employers want to give their employees more freedom to travel than ever before, with a remarkable one in five (19%) European travelers expects to take at least one combined work and play trip in 2024.
The southern European hotspot remains at the top of European traveler lists, with one in four (23%) planning a trip to Spain this year, followed by Italy (18%), France (16%) and Portugal and Greece (13%). %). Outside of Europe, 16% of European travelers are planning a trip to North or Central America this year, and the same percentage are planning a trip to Asia.
Cost pressure despite confidence
Although spending overall has increased, finances are not far from consumers’ minds. As a result of inflation and rising costs of living, the majority (87%) are taking steps to cut costs wherever possible. From choosing more affordable accommodation (27%) to cutting back on spending (27%), cost-cutting measures are likely to shape travel plans for the year ahead.
climate awareness
Seven in 10 (71%) travelers say sustainability is important to their travel decisions. Among the European countries sampled, Italian travelers pay the most attention to eco-friendly travel, with 82% claiming that having sustainable options is important to their decision-making process. This is followed by Spain (78%) and Poland (77%), with UK travelers lagging behind (61%).
Three in four travelers (77%) say climate concerns have a real impact on their travel and booking behavior. Actions people are taking include traveling less frequently (11%); I fly less (14%). We are actively seeking sustainable accommodation providers or tour operators (10%).
However, despite good intentions, travelers believe there are barriers to making sustainable travel choices, such as conflicting cost pressures cited by 38% of respondents and a perceived lack of information (23%). I am aware that there is.
peak season becomes longer
Climate change is also partially contributing to another trend. Avoiding peak seasons. One in three (32%) of respondents across Europe say they intentionally take holidays outside of peak season to cut costs. Meanwhile, one in five (19%) expect them to do so to avoid the risk of a heatwave like the one seen in southern Europe last summer.
As a result, some warm-weather destinations may see longer tourist seasons, and some travel companies are already offering vacations in warm-weather destinations.
sphere of influence
Travelers rely first on recommendations from friends and family when deciding where to go on vacation, with 35% saying recommendations from friends and family influence their vacation plans, followed by 29% looking at TripAdvisor and hotel recommendations. They answered that they are influenced by online reviews such as websites.
Loyalty is also important. Trusted carriers and brands are essential to people’s choices, with 17% citing them as an important factor. For her 6% of respondents, being a member of a particular accommodation provider or travel agency’s loyalty program is also important.
One in six people (16%) are influenced by the appearance of a TV show or movie. The trend of ‘set jetting’ – visiting TV and movie filming locations on holidays – is a result of the influx of tourists visiting landscapes made famous by shows such as ‘The White Lotus’ and ‘Game of Thrones’. It has become common. Some travel companies are creating TV-inspired itineraries and experiences to generate interest.
Approximately 12% of respondents are influenced by their appearance on social media. This is the same people who are influenced by advice from travel agents.
Hotel Heaven
Hotels are the most popular holiday accommodation type for European travelers, with two-thirds (65%) planning to check in in 2024. When choosing a hotel, cost and location are, of course, the most important factors. But travelers are also attracted to hotels that offer great in-person service, with 21% citing it as an important factor when booking a stay. Other booking factors include great food and drink (37%), great atmosphere (17%), and a preference for local destinations (11%).
Other insights and trends revealed in the report include:
Solo travelers: 17% of European travelers plan to travel solo in 2024. Pets: 9% of vacationers plan to take their pets with them. Deeper connection: 36% of respondents say it’s important to immerse themselves in the local culture and community they visit while on vacation, and 13% say they need to feel like they’re actively contributing to the destination . Recharge your body and soul: For 44% of travelers, rest and relaxation is the most important thing on vacation, and 15% currently need a vacation because of an uneven work-life balance. 36% say it is important to choose a trip that allows them to maintain their physical and mental health and forget about stress. Concerts, competitions and carnivals: 9% of travelers make trips that focus on food and beverages, such as wine tastings or food festivals. 9% for music events such as concerts – similar to the Taylor Swift effect that is boosting hospitality around the world. 6% plan to travel around sporting events, with the 2024 Paris Olympics and Paralympics at the top of the list as this year’s major sporting highlights. Road, rail and water: 19% are planning a road trip this year, 9% are planning a boat or cruise, and 3% are planning a luxury rail trip. 2024 looks set to be a strong year for European travel as consumers prioritize European travel over other discretionary spending despite continuing macroeconomic and geopolitical challenges . The report highlights several important themes, none more important than the climate crisis. Consumers are interested in how travel companies address sustainability issues, and this will become increasingly important in their travel choices over time.
The study also highlights other important long-term trends. Consumer interest in wellness will continue. Breasure will continue. The travel industry must have a strategy to meet these evolving needs, capture this significant demand, and stay ahead of the competition. Patrick Mendes, CEO, Accor Europe and North Africa, Premium, Midscale and Economy
Download the full Europe on the Move: Insights into Travel Plans in 2024 report here: Accor European Travel Trends (accoreuropeantrends.com)
About Accor, the world’s leading hospitality group
Accor is one of the world’s leading hospitality groups, with more than 5,300 properties and 10,000 food and beverage venues in 110 countries. The group has one of the most diverse and fully integrated hospitality ecosystems in the industry, with more than 40 luxury, premium, midscale and economy hotel brands, entertainment and nightlife venues, restaurants and It encompasses bars, branded private residences, shared accommodation, concierge services and services. – Work space etc. Accor’s unrivaled position in lifestyle hospitality, one of the industry’s fastest growing categories, is led by Anysmore, a joint venture in which Accor holds a majority stake. Ennismore is a creative hospitality company with a global collection of brands built by purpose, entrepreneurship, and founders. Accor boasts an unparalleled portfolio of distinctive brands and his more than 260,000 team members worldwide. Members can benefit from the company’s comprehensive loyalty program, ALL – Accor Live Limitless. It’s your daily lifestyle companion that gives you access to a wide range of benefits, services and experiences. Through our Planet 21 – Acting Here, Accor Solidarity, RiiSE and ALL Heartist Fund initiatives, we are committed to promoting business ethics, responsible tourism, environmental sustainability, community participation and diversity. We focus on promoting positive behavior through gender and inclusivity. Founded in 1967, his Accor SA is headquartered in France and listed on the Euronext Paris Stock Exchange (ISIN code: FR0000120404) and his OTC market (ticker: ACCYY) in the United States. For more information, visit group.accor.com or follow Accor. twitterFacebook, LinkedIn, Instagram.
Elliot Mitchell
Accor
