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An improving economy means higher consume confidence and the chance to finally indulge in a vacation — good news for travel companies across sectors and regions.
Leisure travel is back on the rise and Americans are less worried about the financial consequences of a vacation.
This is according to MMGY Global’s survey of 2,324 people that found two-thirds of American adults plan to take at least one vacation in the next six months.
Although this is essentially unchanged from the 70 percent of Americans planning a trip at the same point in 2013, it is several percentage points better than numbers recorded over the past seven years.
Even more indicative of the improving travel landscape is consumers’ rising confidence in job security and managing travel costs.
Of the 14 factors that have the potential to hurt demand for leisure travel, all experienced a double-digit decline over the past year.
For example, respondents were 12 percent less likely to worry about job loss, 17 percent less likely to worry about the rising cost of health care and 13 less likely to worry about the cost of eating out.
|Finacial Factor||% 2013||% 2014||Change|
|Expectation of Job Loss||52||40||-12|
|Price of Air Travel||54||38||-16|
|Price of Gas||52||38||-14|
|Credit Card Debt||53||38||-15|
|Price of Cruises||48||37||-11|
|Expectation of Salary Drop||52||36||-16|
|Cost of Eldery Parent Care||44||34||-10|
|Cost of Healthcare||50||33||-17|
|Cost of Theme Parks||46||33||-13|
|Value of Investment Portfolio||42||33||-9|
|Declining Value of Dollar||47||30||-17|
|Stock Market Volatity||42||31||-11|
|Price of Lodging||43||28||-15|
|Price of Dining Out||39||26||-13|