Travel Trends Report from WEX Inc. and Mastercard Decodes Americans’ Wanderlust
February 9, 2024
By: Payment Week
South Portland, Maine —WEX Inc. (NYSE: WEX), a leading provider of corporate payment solutions, in partnership with Mastercard, unveiled today the results of its new consumer survey, 2018 Travel Trends, Attitudes and Usage, which provides insight into Americans’ travel-planning behaviors as well as an outlook on the industry for 2018. The report gauges where consumers are most likely to book travel this year and with whom; presents consumer experience feedback and shares predictions about trends to look for across destinations, planning and booking resources, accommodations and transportation, and spending and payment.
“With this survey, WEX has strived to supply information that will be instructive to our customers in an industry that’s being profoundly altered by technology and by today’s self-directed traveler with an abundance of options at their fingertips,” said Jay Dearborn, WEX’s President of Corporate Payments. “We’ve been able to provide a better sense of where Americans’ habits and preferences for travel planning and spending lie and where the future opportunities await.”
Key takeaways from the report include:
- Decoding Wanderlust in 2018: Most people report that technology has made it easier to book tickets and make reservations, find the best deals and gather information–75 percent of respondents say they plan to take either the same number or more trips in 2018 as they did in 2017, and 67 percent typically book travel online.
- Easy Come, Easy Go: When deciding on a booking method, 72 percent of consumers say they put far more stock into ease of booking than into other considerations, including offers and promotions and personal recommendations.
- Healthy Competition: 86 percent of all travelers consult online travel sources for ideas and information, including review sites (73 percent), sites that offer package deals (39 percent) and social media (36 percent). When it comes to booking, however, 63 and 62 percent book directly with airlines and hotels, respectively.
- Travel Tech: Only 4 percent of our survey respondents anticipate booking a trip through a travel bot or chat bot in 2018, and only 22 percent say they’re even aware of the existence of travel bots. Instead of bots, WEX anticipates that the next big thing in travel tech will be booking by voice.
- Beyond Domestic: 93 percent of survey respondents say they will travel within the U.S. in 2018. However, WEX noted increases in international travel activity, with 62 percent of travelers planning to travel outside of the U.S. in 2018 versus 50 percent in 2017. The most popular destination outside of North America is Europe, with 29 percent of respondents saying they plan to travel there (up from 22 percent in 2017).
“We collaborated with Mastercard on this survey given our common interest in how technology is impacting spending and payment habits,” said Dearborn. “For example, we found that payment options, such as credit cards, debit cards, and digital wallets play a significant role in the decision-making process of millennial and Gen X travelers, which is something for us to consider as we innovate expanded options for our customers.”
The survey was fielded via 25-minute self-administered, web-based interviews conducted from Nov. 17 - 22, 2017, and draws on responses from more than 1,500 respondents across demographic segments including Gen Z, millennials, Gen X and boomers. For more information on the report, including a complete review of the findings, visit https://www.wexinc.com/
About WEX Inc.
WEX Inc. (NYSE: WEX) is a leading provider of corporate payment solutions. From its roots in fleet card payments beginning in 1983, WEX has expanded the scope of its business into a multi-channel provider of corporate payment solutions representing 10 million vehicles and offering exceptional payment security and control across a wide spectrum of business sectors. WEX serves a global set of customers and partners through its operations around the world, with offices in the United States, Australia, New Zealand, Brazil, the United Kingdom, Italy, France, Germany, Norway and Singapore. WEX and its subsidiaries employ more than 2,700 associates. The company has been publicly traded since 2005, and is listed on the New York Stock Exchange under the ticker symbol “WEX.” For more information, visit www.wexinc.com and follow WEX on Twitter at @WEXIncNews.
About Mastercard
Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardAP and @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.
