Heading into the holidays, businesses and retailers gear up for another season of magic. Between holiday get-togethers and winter escapes, what’s in store for tourism?
Based on an October survey of 1,000 adults 18 and over, Longwoods International, a leading travel and tourism research firm, predicts travel this holiday season will be comparable to 2023. Thirty percent of travelers, up from 24 percent in July, say inflation will greatly impact their travel decisions in the next 12 months.
“Higher costs due to inflation and perceptions about the relative strength of the economy and job market appear to be making travelers more cautious about holiday travel planning when compared with 2023,” said Amir Eylon, president and CEO of Longwoods International. “If these trends continue as we get closer to the holidays, we can expect holiday travel and spending to be relatively flat for 2024.”