NEW
YORK, March 28, 2024 /PRNewswire/ -- 5WPR, one
of the largest independently owned PR firms in the U.S., reveals in
its latest consumer culture report data that indicates a rising
consumer interest in splurging on travel and experiences this
year and responses that suggest consumers plan to spend most of
their disposable income to support their splurge behavior in this
category.
Travel and experiences rank as the third most splurge-worthy
category for consumers in 2024 (45%), with a notable 7% increase
over last year.
Consumers under 44 years old are the demographic the most likely
to plan on splurging when spending in this category, with 35 to
44-year-olds leading the way (58%) followed by 25 to 34-year-olds
(54%). The youngest consumers, aged 16 to 24, are close to
teetering into the majority looking to splurge as well, with 49% of
consumers from this generation responding they tend to splurge on
travel and experiences.
"Travel and experiences are big-ticket items, so it's not
surprising for consumers to be looking to save when and where they
can," said 5WPR Co-CEO, Dara A.
Busch. "This year's noticeable increase in their interest to
splurge, especially from younger generations who are just coming
into their spending power and distributing their income across
multiple industries, speaks to the value they're seeing in travel
and experiences. And, for companies in the space, this perception
of value comes directly from brand messaging."
When shifting their attention to overall spending, consumers
ranked travel and experiences as the third category where they
spent most of their disposable income in 2023 (30%). When asked to
predict their 2024 spending, the consumers ranked the category as
the first, overall, where they believe they will spend most of
their income (41%).
Consumers under the age of 34 are those who report they believe
they are likely to spend most of their income this year on travel
and experiences.
"It's the brand's job to turn wanderlust into a booked trip or
experience. Despite predictions, plans change, and consumers often
don't end up allocating as much of their income as anticipated,
particularly given the challenge of selling something seemingly
intangible," added Busch, "To remain a priority to consumers and
their wallets, targeted communication that emphasizes the
industry's value is essential to mainlining its priority status in
consumer spending."
The research was conducted by Censuswide, an independent market
research consultancy, with a nationally representative sample of
2,005 US consumers between the 28th and 30th of November 2023. Censuswide is a member of the
British Polling Council and abides by and employs members of the
Market Research Society. All survey panelists are double opted-in,
in line with the MRS code of conduct and ESOMAR
standards.
About 5WPR
5WPR is a full-service PR agency in NYC known for cutting-edge
programs that engage with businesses, issues, and ideas. Founded by
Ronn Torossian 20 years ago, 5W
has been named a top US and NYC PR Agency by leading industry
publication O'Dwyer's, as well as awarded Agency of the Year in the
2023 American Business Awards®, and continuously brings leading
businesses a resourceful, bold, and results-driven approach to
communication. The agency has more than 300 professionals serving
clients in B2C (Beauty & Fashion, Consumer Brands,
Entertainment, Food & Beverage, Health & Wellness, Travel
& Hospitality, Technology, Nonprofit), B2B (Corporate
Communications and Reputation Management), Public Affairs, Crisis
Communications and Digital Marketing (Social Media, Influencer,
Paid Media, SEO). In addition to its business accolades, 5W was
named to the 2024 Digiday WorkLife Employer of the Year list. For
more information and to join our team visit 5W Careers.
Media Contact
Roxanne Ducas
VP Marketing & Communications
rducas@5wpr.com
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SOURCE 5W Public Relations