The need to get away is driving cut backs in other elements of our lives and debt according to the latest TripBarometer from reviews giant TripAdvisor
The research, which is run twice a year, shows despite doom and gloom over the economy (only a third of global travellers are optimistic about 2014), travel remains a priority.
Key findings include:
- most global travellers plan to spend less in 2014, 61% say less or the same as in 2013, although those from emerging markets believe they will spend more
- Americans emerged as least likely to spend more on travel in 2014 compared to other regions
- many travellers are using credit to fund their trips - 62% of travellers from South America and 60% of those from Central America say they will fund all or part of their trip using credit. This compares to 24% of European travellers.
- 88% say it's worth sacrificing other things for travel such as nights out, meals out and clothes.
Despite the pessimistic outlook from consumers, hoteliers appear more confident with 66% optimistic about profitability in 2014 and confidence highest in the Americas, Asia and Africa.
As a result, more than half of hoteliers plan to push up rates this year, a 27% increase on 2012 according to the survey.
In addition, hoteliers say they plan to increase investment in various areas such as small renovations 47%, marketing spend 47% and staff training 38%.
The research was carried out online by Edelman Berland in June/July 2013 and included more than 30,000 respondents including some 10,000 accommodation business owners and almost 20,000 adults who have booked travel online and taken a trip in the past year.