February 1, 2023
2023 is shaping up to be a year of uncertainty. Lingering inflation, high interest rates, and soaring credit card debt are combining to put the squeeze on consumers of across all categories.
It’s no different for destinations and travel brands. Even in the best of times, specific audiences are more likely than others to spend on leisure travel.
This is certainly true in 2023. We explored the intentions of travel audiences across multiple age groups and income ranges. Although travel intent is strong overall, as you can see below there’s a noteworthy difference among different income groups.
But income is only half the story. How much travelers are likely to spend is arguably a more important consideration. So, who plans to spend the most? High earning families with children.
According to Slingshot’s recent study of MRI-SIMMONS data, family travelers with household incomes over $100,000 are currently 2.5X more likely than the average leisure traveler segment to spend $5,000 or more on travel in the coming year, despite current economic headwinds.
This is great news for destination and travel brands, as family travel is always a key component of any travel brand’s marketing mix. A family means more plane tickets, more meals, more hotel beds, and more activities. And in 2023, this audience could be more important to travel brands than ever.
Want to know more about who to target in 2023? Contact the travel marketing experts at Slingshot today.