Tripadvisor recently published the key findings from their 2024 Experience of Travel Study – with the full edition to be published in January 2024.
Tripadvisor’s 2024 study on the Experience of Travel showed that 67% of travellers surveyed across 7 key markets placed more value on experiences than things. The study saw participation from 5,618 travellers from Australia, France, India, Japan, Spain, the UK, and the U.S.
Key Findings
- Priority is shifting from material possessions to enriching experiences; two thirds of travellers surveyed indicate that they now place more value on experiences over things than they did in the past. Nearly three fourths regard travel as a priority and 95% of respondents would decrease their discretionary spending in other categories to save for their next vacation
- Experiences, travel especially, matter more because they have staying power. Nine in ten respondents said their fulfilling trip provided lasting memories and nearly seven in ten found personal growth.
- All experiential trip components – lodging, dining, and in-destination activities – are graded high in importance, but activities are the frontrunner. Nearly half of respondents rank activities as the top contributor to memorable trips.
On average, survey respondents allocate more than half (54%) of discretionary income to experiences, and 34% now spend more on experiences than things compared to past actions.
The survey found that second only to cost considerations, activities have the greatest influence on destination choice.
Even in an uncertain economic landscape, an extraordinary 95% of respondents are willing to decrease their discretionary spending in other categories to save for their next vacation.
