Prosper Insights & Analytics Unveils New Consumer Behavior Data at US Travel’s ESTO2024 Conference in Columbus, Ohio

Saturday, August 17, 2024

At the recent ESTO2024 Conference in Columbus, Ohio, hosted by US Travel, Prosper Insights & Analytics revealed pivotal new findings on “consumer futures,” highlighting changing patterns in U.S. travel behaviors. During a panel called Customizing Travel Experiences Amid Evolving Consumer Trends, Phil Rist, Executive Vice President of Strategy at Prosper, introduced insights detailing how economic factors are influencing Americans’ vacation decisions.

The research pointed out a marked reduction in travel spending among Millennials and Gen Z, driven by increasing living costs and financial instability. These groups are opting to allocate their budgets towards necessities rather than leisure travel. On the other hand, wealthier families are still managing to travel for vacations, with 30% maintaining their travel plans as opposed to just 14% in lower-income brackets, showcasing a distinct divide in travel habits based on economic status.

Additionally, a growing interest in international journeys was noted, suggesting a resurgence in global travel interest. This trend offers the travel sector a chance to promote secure, culturally rich international travel options that resonate with the current consumer preferences.

“Travel companies must adapt to these changing dynamics by offering flexible payment plans and value-driven packages that cater to the needs of price-sensitive consumers,” said Phil Rist during the discussion. “At the same time, there’s a clear opportunity to develop premium travel experiences for high-income households who remain eager to invest in memorable, luxury vacations.”

These insights from Prosper emphasize the critical need for the travel industry to adapt to the varied demands of modern travelers, aiming to stay adaptable and forward-thinking during economic fluctuations.

Prosper Insights & Analytics continues to lead in delivering in-depth analysis of American consumer trends, with over two decades of specialized data on consumer behavior, motivations, and prospective spending.