The global pandemic put an immediate halt on travel, and while restrictions have started to ease in many parts of the world, the financial legacy of Coronavirus (COVID-19) will linger for much longer. As people tighten their purse strings, travelers will demand greater value and reassurance when it comes to future travel plans.
Digital travel leader, Booking.com reveals that 62% of travelers believe they will be more price-conscious when it comes to searching and planning a trip following Coronavirus, while 68% expect travel companies to support their future travel plans via discounts and promotions.
Travelers from LATAM are expected to be the most price-conscious region, with 84% of Brazilians, 77% of Colombians, 76% of Mexicans and 74% of Argentinians all taking a closer look at the price point. But travelers from Asia will also be more mindful of costs moving forward with both Thai (78%) and Vietnamese (76%) travelers also planning to prioritize price. Those least likely to be price conscious were those from Denmark (34%), Netherlands (37%) and Germany (38%).
As finances top the priorities list, travelers will shift their choice of destination too, with many once sought-after destinations falling off the 'bucket list'. Two in five (40%) travelers say they will opt for a discounted trip to a place they wouldn't have otherwise chosen, rather than paying more for a dream destination. This money-saving sacrifice appeals most to Thai (58%), Indian (57%) and Vietnamese (55%) travelers.
We'll also see value placed on immediacy with over half of global travelers (53%) favoring a trip they could afford in the short-term rather than saving for a dream trip with more uncertainty. This short term price priority appeals most to travelers from Thailand (72%), Vietnam (68%) and Brazil (63%).
But traveler demand for value will run deeper than simply the price tag. Nervousness around the prospect of having to cancel a trip means flexibility will be key with three-quarters (74%) of global travellers saying travel platforms need to add value by increasing transparency about cancellation policies, refund processes, and trip insurance options.
As 2021 rolls closer and closer, the way travelers plan to experience the world is going to continue to evolve. No matter the evolution though, one thing is for sure: travelers will be prioritizing value more than ever.
To delve deeper into Booking.com's predictions for the Future of Travel, including how vital travelers find value in the future, visit https://www.booking.com/articles/category/future-of-travel.html.
Part of Booking Holdings Inc. (NASDAQ: BKNG), Booking.com's mission is to make it easier for everyone to experience the world whenever it's safe to do so again. By investing in the technology that helps take the friction out of travel, Booking.com seamlessly connects millions of travelers with memorable experiences, a range of transportation options and incredible places to stay - from homes to hotels and much more. As one of the world's largest travel marketplaces for both established brands and entrepreneurs of all sizes, Booking.com enables properties all over the world to reach a global audience and grow their businesses. Booking.com is available in 44 languages and offers more than 28 million total reported accommodation listings, including more than 6.4 million listings of homes, apartments and other unique places to stay. No matter where you want to go or what you want to do, Booking.com makes it easy and backs it all up with 24/7 customer support.