travelhorizons™ Survey Reveals Significant Rise in Leisure and Business Travel Intentions and Current Interest in Visiting Cuba
The year ahead is looking good for the travel industry, according to the latest travelhorizons™ survey released by marketing services firm MMGY Global. The January 2015 survey, of 2,300 U.S. adults, reports that 68 percent plan to take at least one leisure trip during the next six months, a significant increase over the level recorded in 2014, when 64 percent reported such intentions. The survey also reveals a continued positive outlook for business travel, and profiled current interest in vacation travel to Cuba.
Leisure Travel Intentions Up Due to Financial Factors
Leisure travel Intentions are up four percentage points over the same time in 2014, with seven in ten (68%) U.S. adults planning to take at least one leisure trip during the next six months. Several financial factors that typically depress demand for leisure travel services show a dramatic decline over the previous year as well. The most noteworthy changes include the decline in travelers’ concerns about the price of gas and the value of the U.S. dollar against major foreign currencies.
Reflecting the increase in travel intentions, the Traveler Sentiment IndexTM (TSI), which measures U.S. adults’ interest in travel, time for travel, personal finances available for travel, affordability of travel, quality of service, and safety of travel, has ascended to the highest level recorded since the survey’s inception, the first quarter of 2007. Driving this increase are positive intentions with respect to the perceived affordability of travel and the availability of personal finances for travel, suggesting that U.S. travelers are feeling more confident about their personal finances.
Due to the improving economy, business travel intentions have risen dramatically as well, recording a nine percentage points increase over last year, with 32 percent of U.S. adults now expecting to take at least one business trip during the next six months. This figure has more than doubled over the previous five years, from just 15 percent in 2010.
Other Caribbean destinations are likely to face immediate, strong competition as greater access to Cuba is now available to American travelers. With fewer travel restrictions, Cuba appears to be drawing interest away from other island destinations. Specifically, the survey findings report that 46 percent of U.S. travelers who are likely to travel to a Caribbean destination during the next two years would be willing to change their vacation plans to visit Cuba instead.
For more information about these insights, or to obtain a copy of the full travelhorizons™ report, visit http://www.mmgyglobal.com.
TravelhorizonsTM is a quarterly survey of Americans’ travel intentions viewed through the lens of emerging economic, social and political developments. This iteration of the nationally representative survey of 2,320 pre-qualified adults was conducted from January 22-29, 2015. Statistical estimates are subject to a 95 percent level of confidence.
About MMGY Global
MMGY Global is the world’s largest and most integrated global marketing firm with more than 35 years of experience in the travel, hospitality and entertainment industries. The award-winning agency maintains a global communications practice in all marketing channels, serving many of the world’s premier travel and tourism brands. MMGY Global is author of acclaimed industry research (including the Portrait of American Travelers®) that identifies the habits and preferences of travelers – insights that serve as the foundation for its marketing strategy. For more information, visit www.mmgyglobal.com.