TRAVEL IS NOW A HIGHER PRIORITY OVER MATERIAL THINGS, ACCORDING TO NEW RESEARCH

Amid the shifting landscape of post-pandemic life, travel has emerged as a top priority for seasoned travelers, with an increasing number of people placing greater value on travel experiences over material possessions. At least, so says a recent survey conducted among experienced travelers by The Global Rescue Companies, a leading provider of medical, security, evacuation and travel risk management services.

"People are changing their spending habits, taking advantage of remote work models, and beefing up their security precautions in an effort to find ways to travel more often, and for longer durations," said Dan Richards, CEO of The Global Rescue Companies, and a member of the U.S. Travel and Tourism Advisory Board at the U.S. Department of Commerce.

More than a third (39 percent) of those who participated in the 2024 Spring Global Rescue Traveler Sentiment and Safety Survey indicated that they are prioritizing travel more highly today than they did before the pandemic. What’s more, a staggering three-quarters of respondents (75 percent) now regard travel experiences as paramount, surpassing the importance of material belongings. 

The survey also highlighted a notable trend in spending habits, revealing that over 70 percent of participants are opting to reroute their discretionary spending to fuel their wanderlust. Delayed purchases of items such as cars, second homes, event tickets, luxury goods, pricey restaurants, and even getting a pet or starting a family mark a pronounced shift towards prioritizing travel above virtually all else.

“New car sales have dipped, second home ownership has plummeted, jewelry purchases are down and travel continues to increase beyond pre-pandemic levels. People are trading off material possessions for passport entry stamps and the memories that come with traveling boldly,” Richards said.  

Looking ahead, a significant portion of respondents (51 percent) anticipate embarking on more trips in 2024, with 38 percent planning to extend the duration of their journeys. Similarly, 38 percent intend to allocate more financial resources to travel compared to their pre-pandemic habits. 

The survey underscores current optimism surrounding the future of travel, with nearly half of respondents (48 percent) anticipating continued growth in travel volumes. A substantial portion (35 percent) believes that travel growth may stabilize, but it will remain elevated above pre-pandemic levels, whereas one-fifth (20 percent) expect travel will level off and proceed to fall below pre-pandemic levels.

2024-04-22T21:00:01Z dg43tfdfdgfd