5W Consumer Culture Report Reveals Rising Interest in Spending on Travel and Experiences
Travel and experiences rank as the third most splurge-worthy category for consumers in 2024 (45%), with a notable 7% increase over last year.
NEW YORK, March 28, 2024 /PRNewswire/ -- 5WPR, one of the largest independently owned PR firms in the U.S., reveals in its latest consumer culture report data that indicates a rising consumer interest in splurging on travel and experiences this year and responses that suggest consumers plan to spend most of their disposable income to support their splurge behavior in this category.
Travel and experiences rank as the third most splurge-worthy category for consumers in 2024 (45%), with a notable 7% increase over last year.
Consumers under 44 years old are the demographic the most likely to plan on splurging when spending in this category, with 35 to 44-year-olds leading the way (58%) followed by 25 to 34-year-olds (54%). The youngest consumers, aged 16 to 24, are close to teetering into the majority looking to splurge as well, with 49% of consumers from this generation responding they tend to splurge on travel and experiences.
"Travel and experiences are big-ticket items, so it's not surprising for consumers to be looking to save when and where they can," said 5WPR Co-CEO, Dara A. Busch. "This year's noticeable increase in their interest to splurge, especially from younger generations who are just coming into their spending power and distributing their income across multiple industries, speaks to the value they're seeing in travel and experiences. And, for companies in the space, this perception of value comes directly from brand messaging."
When shifting their attention to overall spending, consumers ranked travel and experiences as the third category where they spent most of their disposable income in 2023 (30%). When asked to predict their 2024 spending, the consumers ranked the category as the first, overall, where they believe they will spend most of their income (41%).
Consumers under the age of 34 are those who report they believe they are likely to spend most of their income this year on travel and experiences.
"It's the brand's job to turn wanderlust into a booked trip or experience. Despite predictions, plans change, and consumers often don't end up allocating as much of their income as anticipated, particularly given the challenge of selling something seemingly intangible," added Busch, "To remain a priority to consumers and their wallets, targeted communication that emphasizes the industry's value is essential to mainlining its priority status in consumer spending."
The research was conducted by Censuswide, an independent market research consultancy, with a nationally representative sample of 2,005 US consumers between the 28th and 30th of November 2023. Censuswide is a member of the British Polling Council and abides by and employs members of the Market Research Society. All survey panelists are double opted-in, in line with the MRS code of conduct and ESOMAR standards.
About 5WPR
5WPR is a full-service PR agency in NYC known for cutting-edge programs that engage with businesses, issues, and ideas. Founded by Ronn Torossian 20 years ago, 5W has been named a top US and NYC PR Agency by leading industry publication O'Dwyer's, as well as awarded Agency of the Year in the 2023 American Business Awards®, and continuously brings leading businesses a resourceful, bold, and results-driven approach to communication. The agency has more than 300 professionals serving clients in B2C (Beauty & Fashion, Consumer Brands, Entertainment, Food & Beverage, Health & Wellness, Travel & Hospitality, Technology, Nonprofit), B2B (Corporate Communications and Reputation Management), Public Affairs, Crisis Communications and Digital Marketing (Social Media, Influencer, Paid Media, SEO). In addition to its business accolades, 5W was named to the 2024 Digiday WorkLife Employer of the Year list. For more information and to join our team visit 5W Careers.
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SOURCE 5W Public Relations
