SAN FRANCISCO, CA – WeTravel – leading booking and payment management software for multi-day travel businesses – launched its second-annual What’s Ahead for Travel Bookings and Payments Report uncovering travel consumer expectations in 2024, and how consumer expectations will impact travel businesses.
Analyzing survey responses from more than 600 global travel businesses and comparing against survey data from 2022, the Report finds that external factors like mobile technology adoption, flexible work arrangements and climate and economic conditions are driving consumers to spend more on the customized itineraries, with more ways to instantly book and pay.
In 2024, the surveyed travel businesses claim that, unlike post-pandemic travel that was customized for smaller groups and private transportation and accommodation, consumers are now customizing itineraries to localize and broaden in-destination experiences – willingly spending more on luxury travel, culinary adventures, and wellness escapes, especially in lesser-known destinations. The high-price ticket items aren’t deterring bookings; instead, travel consumers are choosing to pay instantly, with the most-common booking lead time being less than one month before departure, and the majority of travelers paying the total trip cost at checkout.
“The travel industry has navigated constantly-shifting consumer preferences since the pandemic, which instantly changed how the world travels. While the era of revenge travel that followed Covid closures and all the preferences attached to the era have tapered, WeTravel’s Report finds travel spending is only increasing, with more focus on immersive, interpersonal and integrated experiences,” said Zaky Prabowo, WeTravel’s chief operating officer and co-founder. “From the way travelers create trips to how they pay for a homestay tip, technology is changing in travel, which is making it easier than ever for travel to be local. Thankfully, travel businesses have technology to support their operations in managing more customized, instantly-purchased itineraries – from travelers across the globe.”
More detailed findings from the Report, include:
“While the collected data on how travel consumers are spending–and what they’re spending more on–is valuable knowledge for the industry as we head into product development season, it also helps travel businesses anticipate how to manage their website and operations to service these preferences” said Prabowo. “For travel businesses, more spending, at a quicker pace can mean increased revenue, but it can cause logistical and operational issues on the ground. If travel businesses can be prepared for what their travelers want in 2024, the better relations they’ll have with all their stakeholders – and the more revenue they’ll welcome into their business.”