By coinnews 
00:00 Speaker A
Over half of Americans are planning to take a trip this summer. That’s according to a new study from Deloitte, but these travelers are planning cutting down on how much they spend as their economic concerns lead them to right size their trips. Joining me now to discuss the summer travel trends he’s seeing. We’ve got Brian Terry who is the Deloitte Global Aviation Leader. Brian, good to have you here with us. Why are you seeing travelers cut back on their spending right now?
00:43 Brian Terry
Uh first thank you very much for having me today and appreciate the opportunity. Um as we look at the travel market, you’re correct our our data shows that more than half of Americans 53% are planning to travel this year. That’s up 5 percentage points over last year. However, the way they’re traveling and the amount of money they’re looking to spend um has softened. I think we saw some of this naturally coming out um in the February and March time frame and our when we first went to field uh our survey at the end of March and we saw a noticeable decline in further softening in our April uh fielding as well. Um prior to April we saw people planning to actually spend 13% more than they were last year. Um in April that had declined to only 1% more. Um and the way they’re looking to cut back is in through many different factors. One is taking uh fewer trips or shorter trips. um or staying in different type of lodging facilities such as um fewer stays and destination properties, more in hotels um and rentals, etc. Um we’re also seeing uh the focus mostly be on the pullbacks in the domestic market, uh domestic leisure specifically. Um for those travelers who are looking for international trips and more premium travelers, um that demand still is relatively strong relative to last year.
03:15 Speaker A
Interesting. So what are the perhaps fluctuations in the data, are the changes the delta depending upon age and the demographic?
03:41 Brian Terry
Uh great point. So if we look at where who’s traveling, uh higher income individuals and families those with household incomes above 100,000 are are really representing the majority of growth in travel. We’re also seeing growth from Gen Z and we’re starting to see um some pull back from the Baby Boomers. Um so it’s that combination of higher income individuals and families um who have the ability and desire to travel as well as the Gen Z income uh Gen Z population who may not have the same level of income at this stage, um but their focus and desire on on the experience economy is reflected in their desire for travel.
04:53 Speaker A
And so, are we driving places more? Are we continuing to fly? What is perhaps the biggest decision factor that you’re seeing? We only have a few seconds.
05:07 Brian Terry
Um little little bit little bit of both. So we’re seeing more trips uh relative uh to the overall pie by auto. But we are also seeing a lift or forecasting a lift in air travel as well. Um up 2% uh year over year.
05:43 Speaker A
Brian, thanks so much for breaking this down. Hope you get some good R and R and traveling for yourself as well.
05:51 Brian Terry
Thank you and you have a great weekend as well. Thank you.