Study: Travelers Will Be More Price-conscious in Covid-19 Times

Photo source: Booking.com

Travelers demand greater value and reassurance when it comes to future travel plans, with 62 percent believing they will be more price-conscious when it comes to searching and planning a trip, a recent Booking.com study reveals.

“The global pandemic put an immediate halt on travel, and while restrictions have started to ease in many parts of the world, the financial legacy of the coronavirus (Covid-19) will linger for much longer,” the digital travel platform said.

According to the study, 68 percent of travelers expect travel companies to support their future travel plans via discounts and promotions.

Travelers from LATAM countries are expected to be the most price-conscious region, with 84 percent of Brazilians, 77 percent of Colombians, 76 percent of Mexicans and 74 percent of Argentinians all taking a closer look at the price point.

Meanwhile, travelers from Asia will also be more mindful of costs moving forward with both Thai (78 percent) and Vietnamese (76 percent) travelers also planning to prioritize price.

Photo source: Booking.com

Those least likely to be price conscious were those from Denmark (34 percent), The Netherlands (37 percent) and Germany (38 percent).

Destination preferences change

As finances top the priorities list, travelers will shift their choice of destination too, with many once sought-after destinations falling off the bucket list. Two in five (40 percent) travelers say they will opt for a discounted trip to a place they wouldn’t have otherwise chosen, rather than paying more for a dream destination.

This money-saving sacrifice appeals most to Thai (58 percent), Indian (57 percent ) and Vietnamese (55 percent) travelers.

Photo Source: Booking.com

We’ll also see value placed on immediacy with over half of global travelers (53 percent) favoring a trip they could afford in the short-term rather than saving for a dream trip with more uncertainty.

This short term price priority appeals most to travelers from Thailand (72 percent), Vietnam (68 percent) and Brazil (63 percent).

But traveler demand for value will run deeper than simply the price tag. Nervousness around the prospect of having to cancel a trip means flexibility will be key with three-quarters (74 percent) of global travellers saying travel platforms need to add value by increasing transparency about cancellation policies, refund processes, and trip insurance options.