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Long Vacations in the United States Vol 1 - The Market
Mintel, Feb 2005, Pages: 100
The U.S. vacation and leisure travel market reached $115.3 billion in 2004, the highest rate for the reporting period of 1999-2004. Economic woes and the terrorist attacks of 2001 caused declines in the market in 2001 and 2002, but with the economy stabilizing and the threat of terrorism diminishing consumers are returning to travel. Baby Boomers are recognized as the biggest target demographic, and as they age into retirement so increases the time available for them to take longer trips.
The main challenge the industry faces is getting consumers to take trips longer than 5 days, with many of the promotions currently available being geared toward the last minute, short break traveler. The Internet presents the ideal opportunity for this, with an increasing number of U.S. households connected. Continual advancements in technology will enable a greater level of ease for researching and booking travel online. Competition among online providers will keep pricing down, a plus for the budget conscious traveler.
Another challenge is the perceived image of the airline industry. While price wars keep costs down, with that comes the risk of flight disruptions due to factors such as labor disputes. Low-cost carriers continue to be a threat to major airlines, and consumers have indicated that they are willing to pass on perks in order to save money on flights.
Mintel’s report includes a thorough analysis of the leisure traveler. This includes an evaluation of top concerns and priorities when choosing arilines, a breakdown of preferences and behavior by demographic characteristics, and statistics of purchasing frequency. A five-year market forecast estimates the future of the market, with a statistical forecast of market performance until 2009 and an outline of demographic and travel trends.
For the purpose of this report, vacation or leisure travel is defined as a domestic trip of five or more nights away from home with at least one night of paid accommodation (i.e. staying in a hotel or bed and breakfast or cruise ship). The analysis focuses mainly on commercial accommodation for hotels, motels and bed and breakfasts. In addition, where applicable, self-catering accommodations will be discussed (cabins, camping).
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