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While Price Conscious, US Consumers See Vacation’s Positive Impact on Mental Health By Investing.com

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Majority are willing to tap into savings to get away while one-quarter see vacation as essential

DÃœSSELDORF, GERMANY “ May 16, 2024 “ Global hotel search platform trivago (NASDAQ:) released new insights from its annual consumer travel survey, identifying key shifts in the evolving landscape of consumer travel and the perceived impact of vacation on mental health. Proprietary search data from trivago also reveals the top destinations and average hotel prices for the summer travel season ahead.

Survey findings indicate a strong correlation between travel and well-being with 78% of U.S. travelers affirming that regular vacations have a positive impact on their mental health. For 65% of respondents, the primary purpose of vacation is relaxation, while 39% specifically aim to improve their mental well-being overall.

Additionally, 33% of travelers seek escapism through travel. These findings underscore the therapeutic value of travel, providing a much-needed break from the stresses of daily life and offering a chance for rejuvenation.

#Priorities: Vacation Budgeting and the Art of Savvy Spending
Despite the challenges of a rising cost of living, recent research from McKinsey’s ConsumerWise Report identified travel as a more popular splurge category in Q1 2024, ahead of apparel and beauty, which it trailed in the last quarter of 2023.

In fact, according to trivago’s survey, more than half (54%) of U.S. consumers are ready to dip into their savings to embark on summer travels, down from 76% in 2023. This indicates heightened price sensitivity as does the 71% who have meticulously compared prices for vacation accommodations to secure the best deals.

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For nearly a quarter (24%) of respondents, vacations are deemed essential, highlighting the value placed on travel experiences. Yet cost remains a critical factor in decision-making, with 68% carefully considering costs when selecting their accommodations.

Notably, respondents between the ages of 18 to 26 emerge as the frontrunners in embracing travel, with 32% expressing a strong likelihood and 45% indicating a moderate inclination to dip into their savings.

Consumers are ready to prioritize their savings, forgoing nonessential purchases to travel with 45% willing to give up new clothes for six months and 33% prepared to give up their daily cup of coffee outside the home for a year.

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