NATIONAL REPORT—This year, consumers are shopping for the holiday experience. Travel combined with entertainment and holiday gatherings equals a merry season.
Consumers plan spend more than 50% of their holiday budget on travel and entertainment this year, according to a PwC report. Many, especially Hispanic parents and high-earning millennials, will host holiday gatherings for friends and family. All in all, opportunities abound for travel, hospitality, and entertainment companies to capture wallet share this holiday season.
This year’s holiday travel outlook:
- About a third of consumers plan to travel this holiday season, spending approximately $1,437 each or 54% of their total holiday budget.
- 44% of consumers with incomes of $65,000 or more will travel this holiday season, spending more than 3x on travel as consumers with incomes below $65,000.
- Almost 10% of consumers will give gifts of travel to family and friends.