Travelers Plan To Lower Their Budgets In 2014, Survey

Sixtly-one percent of global travelers plan to spend the same amount or less on travel in 2014, according to one of the key findings of the TripBarometer by TripAdvisor.

Tripadvisor’s accommodation and traveler survey reveals the leading travel and hospitality industry trends, according to over 19,000 travelers and over 10,000 accommodation business owners around the world.

“The TripBarometer has revealed useful insights into the travel economy based on varied consumer confidence and industry perspectives,” said Brooke Ferencsik, director of communications at TripAdvisor.

According to the survey, respondents said they would make sacrifices on various factors in order to save money for travel: 52 percent will limit nights out, 43 percent will not eat out , 39 percent will limit spending money on clothes, 31 percent will cut back on smoking cigarettes, 28 percent will not buy gifts, 19 percent will not spend money on home improvements, 16 percent will not donate to charity and 13 percent will spend less on groceries.

Among the respondents who plan to spend more on travel in 2014 are travelers from Africa (59 percent), South America (48 percent), Central America (47 percent), Middle East (46 percent), Asia (42 percent), Australasia (38 percent), Europe (36 percent) North America (35 percent) and the United States (35 percent).

Tripadvisor respondents who plan to spend more on travel in 2014.

Eighty-five percent of global travelers who responded to the survey plan to travel in their home market.

In regards to the the reason as to why they plan to travel in their home market this year, 42 percent of respondents said they wanted to “Discover their own country,” 29 percent said they wanted to “visit family,” and 27 percent said they wanted to “save money.”

Hoteliers

Tripadvisor’s survey showed that European hoteliers are less optimistic (56 percent) about making a profit in 2014 than hoteliers from other continents.

Confident about their future profitability are hoteliers from Central America (79 percent), United States (77 percent),  North America (74 percent), Asia (74 percent), South America (72 percent), Middle East (72 percent), Africa (70 percent) and Australasia (67 percent).