Uncertainty surrounding the coronavirus pandemic has caused nearly half (48 percent) of Americans to cancel their summer travel plans for this year leading to more distress for the travel industry. Additionally, one in six Americans also said they would wait a full year before traveling again.
Unfortunately, canceled travel isn’t the only thing causing trouble for the travel industry. In a recent survey by ValuePenguin, 43 percent of Americans said they feel more negatively about the industry as a whole and will change their behavior as a result. Here’s what our survey found:
• 46 percent of those who had upcoming travel plans lost money on nonrefundable deposits and cancellation fees, averaging $854.30 per person. Most of the lost costs came from airline tickets (59 percent) and hotel rooms (44 percent).
• The coronavirus pandemic is changing consumers’ views about travel. Forty-three percent feel more negatively about the industry as a whole, and many will change their behavior as a result. For example, 55 percent said they’re less likely to take a cruise once the pandemic is over, and 52 percent are more fearful of overseas travel.
• One in four Americans are planning a celebratory trip once the threat of the coronavirus disappears, especially millennials, Gen Xers, parents of children under 18 and six-figure earners.
• 40 percent of consumers said they’re more likely to purchase travel insurance for future trips due to the coronavirus. However, 18 percent said the health crisis made them less likely to consider insuring their future trips.
View the full report here.
ValuePenguin.com is a personal finance website that conducts in-depth research and provides objective analysis to help guide consumers to the best financial decisions. It is a division of LendingTree.