Metric loss

Quantum Metric Benchmark Report Shows Despite Rising Costs, Travel Spending Is Soaring

  • 74% are willing to rebook canceled trips
  • 54% will spend more than expected
  • March conversion rates have doubled since 2020
  • The average value of baskets has increased by 26% in one year

COLORADO SPRINGS, Colorado., May 4, 2022 /PRNewswire/ — Consumers’ desire to travel again has caused weekly booking rates in 2022 to be twice as high as those seen in 2020 or 2021. That’s according to a new travel benchmark report from Quantum Metricsthe ongoing product design platform for customer-centric digital experiences, which combines anonymized platform data and consumer survey responses to uncover this year’s travel booking trends.

As guidelines ease, travel is seeing an expected increase globally. The results show that March 2022 saw the highest traffic volume in more than two years, with a 142% increase compared to March 2020. The increase in bookings is driven by consumers’ desire to make up for lost travel time, especially for the two in three (65%) whose trip was canceled due to the pandemic. The report’s findings show that this leads to significantly higher booking rates than what has been seen in the past two years. Average conversion rates in the United States for March 2022 are double what was seen in 2020, while the UK saw an 84% increase between 2020 and 2022.

Additionally, consumers are “revenging” their lost vacations by expanding their travel budget. Half of consumers (54%) will spend more on their modified trips and one in four (27%) say it will be a significant amount. Average basket values ​​reflect this, with more than 26% increase in basket values ​​in the US and UK in the last four months alone.

“Travel experiences are more emotional than ever, as consumers seek to reclaim the adventure and sense of endless opportunity that comes with booking travel,” said Mario Ciabarra, CEO of Quantum Metric. “For airlines, hotels and other travel brands, it’s important that the digital experience is not only simple, but personalized to the needs of their customers. Brands that can truly understand and empathize with their customers could earn their lifelong loyalty.”

Other findings from Quantum Metric’s annual Travel Benchmarks report include:

  • Consumers are always looking for the best value for money. Half of consumers (56%) say their number one factor in deciding to book is finding the best price or deal. The majority (51%) will review 2-3 sites to make sure they have the best price and one in four (24%) admit they will review as many options as it takes to feel like they have a deal.
  • Mobile is essential to the booking experience. Like retail and other industries, travel has seen mobile adoption skyrocket. On average, mobile drives at least 62% of digital booking activity, and one in three consumers (31%) have at least three travel apps on their phone.
  • Americans mix business and leisure travel. One in three Americans now choose to work while on vacation to save PTO time (33%) or take a vacation as part of a work trip (30%). One in three (36%) have even lied to their boss at work while traveling.
  • Travel anxiety is higher in the UK than in the US Two in three Britons (67%) are more stressed about travel today than they were before the pandemic, compared to half of Americans (55%). Britain’s anxiety comes from worries about plans being canceled by the travel company (34%) or due to misinterpretation of COVID guidelines (33%).

The Travel Benchmark Report results are based on anonymous, aggregated browsing information across a defined list of travel industry sites and native apps collected through the Quantum Metric platform from Jan 2020 by March 2022. Survey responses were drawn from a third-party survey of 3,400 consumers, aged 18 and over, split equally between the US and UK. For more information and to read the full report, visit: quantummetric.com/resources/report/report-charting-the-summer-travel-takeoff/

About quantum metrics
As a pioneer in continuous product design, Quantum Metric helps organizations put customers at the heart of everything they do. The Quantum Metric platform reinforces a customer-centric culture, using quantified empathy to align sales and technical teams to effectively prioritize customer needs based on business impact. Today, Quantum Metric collects information from 20% of internet users worldwide, supporting nationally recognized brands in e-commerce and retail, travel, financial services and telecommunications. In January 2021, Quantum Metric secured its spot as the top tech unicorn of the year with an above $1 billion valuation and a $200 million Series B funding round. For more information on Quantum Metric, visit quantummetric.com.

SOURCE Quantum Metrics