Consumers are hot to travel—which means companies in the travel industry would be wise to look for growth opportunities, according to a recent report by senior partner Ben Ellencweig and coauthors, in collaboration with Skift Research. When asked how they intend to splurge over the next three months, consumers ranked travel behind only restaurants and groceries. Travel companies could look to technology innovation, particularly AI, to improve customer experiences and create value.
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A horizontal bar graph shows where consumers say that they intend to splurge in the next 3 months, as a percentage of respondents. Splurges are, from largest to smallest: restaurants, 40%; groceries, 35%; travel, 32%; apparel, 31%; beauty/personal care, 30%; footwear, 27%; out-of-home entertainment, 23%; electronics for home or self, 21%; jewelry, 20%; items for home, 20%; fitness, 17%; household essentials, 17%; and vehicles, 15%.
Source: McKinsey ConsumerWise Global Sentiment Data, Aug 2023.
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To read the report, see “The promise of travel in the age of AI,” September 27, 2023.