Last updated on 9 May 2020
Uncertainty surrounding the coronavirus pandemic has caused nearly half (48%) of Americans to cancel their summer travel plans for this year leading to more distress for the travel industry. Additionally, 1 in 6 Americans also said they would wait a full year before traveling again.
Nearly half of those with an upcoming trip lost money on nonrefundable costs.
Unfortunately, canceled travel isn’t the only thing causing trouble for the travel industry. In a recent survey by ValuePenguin, 43% of Americans said they feel more negatively about the industry as a whole and will change their behavior as a result. Here’s what our survey found:
46% of those who had upcoming travel plans lost money on nonrefundable deposits and cancellation fees, averaging $854.30 per person. Most of the lost costs came from airline tickets (59%) and hotel rooms (44%).
The coronavirus pandemic is changing consumers’ views about travel. Forty-three percent feel more negatively about the industry as a whole, and many will change their behavior as a result. For example, 55% said they’re less likely to take a cruise once the pandemic is over, and 52% are more fearful of overseas travel.
1 in 4 Americans are planning a celebratory trip once the threat of the coronavirus disappears, especially millennials, Gen Xers, parents of children under 18 and six-figure earners.
40% of consumers said they’re more likely to purchase travel insurance for future trips due to the coronavirus. However, 18% said the health crisis made them less likely to consider insuring their future trips.