402. Exploring 2024 Holiday Travel Trends and Consumer Insights, with Jonathan Kletzel

On this episode of Destination on the Left, Jonathan Kletzel, the Travel, Transportation, and Logistics Sector Leader at PwC, shares insights from the recently released PwC Holiday Outlook. This report examines holiday spending across various consumer segments and industries. We focus on travel trends for the 2024 holiday season and discuss the differences in spending among different generations.

What You Will Learn in This Episode:

• How Jonathan became interested in specializing in the travel sector
• Some of the valuable interests revealed by the PwC Holiday Outlook study
• What trends Jonathan is identifying for 2024 holiday travel, with an emphasis on steady travel demand compared to the previous year
• How generational differences impact spending on travel and experiences, particularly among Gen Zs and Millennials
• Why there is a drop in concerns about travel disruptions and what that might mean for travelers and suppliers
• Sustainability in travel and how that is influencing industry practices

Dissecting Generational Travel Trends

The holiday season is always interesting when it comes to understanding travel behaviors across different generations. PwC’s report revealed that Gen Z and millennials continue to invest heavily in travel experiences, prioritizing them over material gifts. In contrast, Gen X and Baby Boomers are more inclined towards convenience and practicality, seeking ways to make their lives easier rather than more exciting.

The study has also shown a fascinating mix of spending priorities influenced by economic pressures. While some consumers plan to maintain or even increase their travel budgets, others, particularly those feeling the pinch of the current economic climate, are looking for ways to budget wisely throughout the year to afford holiday travel. Interestingly, more travelers are opting to stay with friends or family, which shows that people are trying to blend making economic choices and having meaningful experiences.

Rising Importance of Digital and Sustainable Choices

We’ve all noticed the broader consumer push for sustainability, which is a priority for younger generations, particularly Gen Z. Airlines and hotels, are responding to this demand by offering more eco-friendly options and transparent information on carbon footprints. From water bottle refill stations in airports to eco-conscious hotel room services, the industry is making ever-bigger strides in meeting consumer expectations for sustainable travel options.

Preparing for a Successful Holiday Travel Season

One of the most reassuring findings from PwC’s Holiday Outlook is that the intention to travel for the holidays remains stable compared to 2023. This is great news for travel suppliers and destinations, as it shows there is still a steady demand. Jonathan also points out that there has been a significant decrease in concerns around travel disruptions this year. This could be attributed to suppliers catching up to post-COVID travel demands and improving operational efficiencies. Nevertheless, holiday travelers should still be prepared for potential disruptions due to factors outside the industry’s control, like weather!

Resources:

Website: https://www.pwc.com/us/en.html LinkedIn: https://www.linkedin.com/in/jonathan-kletzel-256372/ Holiday Outlook 2024: https://www.pwc.com/us/en/industries/consumer-markets/library/holiday-outlook-trends.html

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