GeckoGo announced the results of their recent travel survey of 1162 travelers worldwide.
Global consumers are worried about the economy...but are going ahead with their travel plans
While 43% of survey respondents answered that they felt "terrible" about the current economic environment, only 15% have canceled their trips. Fifty-one percent of travelers plan to fly the same amount this holiday season, with 22% planning to travel more than last year.
Americans worried by economy more than rest of world...travel plans affected to a higher degree
68% of Americans felt "terrible" about the current economic environment, and 22% have canceled their trips. 40% of Americans plan to fly less this holiday season, and 44% plan to spend less money on their next vacation.
Travel insurance is considered a necessity by many and is the least affected by the economy
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In fact, 10% of respondents are more likely to purchase travel insurance due to the economic situation. Only 7% of respondents would cut travel insurance before other expenses such as accommodation, activities, trip length, and food. Sixty-three percent of consumers purchase travel insurance at least sometimes when they travel, and 32% purchase it all the time. 42% consider emergency medical and dental coverage to be the most important reason for purchasing travel insurance.
Travelers will cut back on accommodations first
27% said they would reduce accommodation spending first, with 24% saving by staying in more modest accommodations.
Most are still traveling but are looking for additional cost saving measures
30% will spend more time travel planning as a means of saving money, while 31% plan to travel during off-peak season. Fifty-one percent of Americans say "looking for travel deals" is a key way to save money.
Holidays are for family time
Sixty-six percent of respondents usually visit their relatives over the holiday season, with 70% planning to see their relatives the same amount as last year, and another 13% more than last year.
Spending plans stay the same for majority
Sixty-eight percent of all respondents plan
