Study: European Travelers to Spend Same or More Despite Rising Costs

Despite inflationary pressures and the cost of living crisis, travelers in Europe are still planning to spend more on travel this year, found a study released this week by market research firm IPSOS.

More specifically, 65 percent of travelers in Europe said they would be maintaining or increasing their travel budgets this year compared to 2022.

A closer look at Europe reveals that 62 percent of UK travelers, 73 percent in Germany, 62 percent in Spain, and 52 percent in France will be maintaining or increasing their travel spending.

At the same time, 8 percent of those polled said they would be taking their “trip of a lifetime” in 2024.

For 50 percent of those surveyed, the weather is the second most important factor affecting travel decisions, surpassing transportation costs (42 percent) and experiences on offer at destinations (42 percent).

More specifically, 61 percent of German holidaymakers consider weather important when choosing a travel destination, 45 percent of French travelers, 47 percent of UK travelers, and 48 percent of the Spanish.

The IPSOS report also found that the trend this year at 45 percent is a desire to take a break from busy work life particularly for the French (45 percent), British (41 percent), and German (52 percent) travelers.

Additionally, findings indicate a shift to domestic travel in 2024 with 73 percent of Spanish travelers planning leisure trips in their own country, 75 percent of the French, 73 percent of the Brits, and 63 percent of Germans.

Meanwhile, 55 percent of Europeans plan to travel abroad, with 35 percent hoping to visit a new destination.