The latest consumer culture report from 5WPR reveals a growing trend among consumers to prioritize spending on travel and experiences in their annual budgets. Key findings from the report include:
1. Increasing Interest in Travel and Experiences: In 2024, travel and experiences rank as the third most sought-after category for splurging, with 45% of consumers expressing interest. This marks a notable 7% increase compared to the previous year.
2. Strong Propensity Among Younger Demographics: Consumers under 44 years old show the strongest inclination for splurging on travel and experiences. Specifically, 58% of those aged 35 to 44 lead the pack, followed by 54% of 25 to 34-year-olds, and 49% of 16 to 24-year-olds.
3. Shift in Spending Priorities: While travel and experiences ranked as the third most significant category for spending disposable income in 2023, consumers now anticipate allocating most of their income towards this category in 2024. This shift is particularly evident among consumers under the age of 34.
4. Importance of Brand Messaging: The report highlights the role of brand messaging in influencing consumer perceptions of value in travel and experiences. Effective communication targeted towards consumers is crucial for maintaining the priority status of this category in consumer spending.
The research was conducted by Censuswide, an independent market research consultancy, using a nationally representative sample of 2,005 US consumers. The findings suggest a notable shift in consumer behavior towards prioritizing travel and experiences in their discretionary spending, particularly among younger demographics.
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