The cost of travel continues to increase, but that isn’t dampening the enthusiasm of people looking to get away.
The Visa Global Travel Intentions Study, released last month, revealed trends from 2023 and expectations for 2024.
The study showed 73% of travelers surveyed were aware prices increased 4.4% on average. But only 6% said that was enough to deter them from jumping on a plane or hitting the road.
From April to June 2023, the study surveyed 1,357 U.S. adults who had traveled overseas for leisure at least once in the past year and intended to do so in the coming year.
In addition to accepting rising prices, the study found travelers were looking to relax (47%) more than anything else. Thirty-five percent wanted to explore something new, while 33% were seeking adventure.
Respondents said they spent, on average, $4,204 per trip, with most of that amount (60%) going toward purchases at destinations. Those purchases were made 85% of the time with the person’s main domestic credit card, even when traveling internationally.
Although so many people use their cards, cash is still the preferred payment choice, the survey found. However, travelers said using paper currency stressed them out because of theft potential, currency exchanges and having money left over. Nearly a quarter of respondents said they were compelled to make another purchase to use up their foreign cash.