Booking.com Reveals How the Impact of Coronavirus is Leaving Travelers Vying for Value
The global pandemic put an immediate halt on travel, and while restrictions have started to ease in many parts of the world, the financial legacy of Coronavirus (COVID-19) will linger for much longer. As people tighten their purse strings, travelers will demand greater value and reassurance when it comes to future travel plans.
Travelers from LATAM are expected to be the most price-conscious region, with 84% of Brazilians, 77% of Colombians, 76% of Mexicans and 74% of Argentinians all taking a closer look at the price point. But travelers from Asia will also be more mindful of costs moving forward with both Thai (78%) and Vietnamese (76%) travelers also planning to prioritize price. Those least likely to be price conscious were those from Denmark (34%), Netherlands (37%) and Germany (38%).
As finances top the priorities list, travelers will shift their choice of destination too, with many once sought-after destinations falling off the ‘bucket list’. Two in five (40%) travelers say they will opt for a discounted trip to a place they wouldn’t have otherwise chosen, rather than paying more for a dream destination. This money-saving sacrifice appeals most to Thai (58%), Indian (57%) and Vietnamese (55%) travelers.
We’ll also see value placed on immediacy with over half of global travelers (53%) favoring a trip they could afford in the short-term rather than saving for a dream trip with more uncertainty. This short term price priority appeals most to travelers from Thailand (72%), Vietnam (68%) and Brazil (63%).
But traveler demand for value will run deeper than simply the price tag. Nervousness around the prospect of having to cancel a trip means flexibility will be key with three-quarters (74%) of global travellers saying travel platforms need to add value by increasing transparency about cancellation policies, refund processes, and trip insurance options.
As 2021 rolls closer and closer, the way travelers plan to experience the world is going to continue to evolve. No matter the evolution though, one thing is for sure: travelers will be prioritizing value more than ever.