The latest weekly survey conducted by Deloitte examining the connection between personal safety and economic vulnerability has found consumers are feeling increasingly confident about travel as the COVID-19 vaccine distribution continues.
According to the survey, more than 50 percent of U.S. adults say they expect to be fully vaccinated within the next six months, and the proportion of U.S. adults saying they feel safe staying in a hotel or flying have reached the highest levels since April 2019, at 46 percent.
Among the vaccinated, 70 percent said they feel safe staying in a hotel and 54 percent feel safe flying, and more than half (53 percent) say they're likely to spend more money on travel over the next month.
The increasing consumer confidence is good news for the travel and hospitality sectors, which have seen severe, prolonged declines in business since the start of the pandemic.
"After being virtually homebound for the last year, the vaccine rollout is providing consumers with an increased sense of safety, meaning they are ready to get back on the road and in the air. Travel intentions across all categories have increased, which should be welcome news for restaurants, hoteliers, airlines and a host of other consumer and hospitality-focused businesses who have been preparing for this shift with increased safety measures to instill confidence for the long-term," says Rayma Murali, principal, Deloitte Consulting LLP and U.S. hospitality leader.
Although some of these numbers instill confidence in a recovery around the corner, consumer spending and habits may not return to pre-pandemic levels for some time.
Post-pandemic, 35 percent of consumers say they will eat at restaurants less frequently than they did previously, while 37 percent say they will fly less frequently, and 36 percent will spend less time in hotels. However, near-term things look a bit better, with 38 percent saying they expect to stay in a hotel sometime in the next 3 months, the highest level since the pandemic began, Deloitte says. On top of that, nearly one-third (30 percent) say they plan on taking a domestic flight in the next quarter.
"While this early-spring time period would usually be filled with spring break trips, many upcoming vacations have been canceled, or are in doubt, because of the pandemic. However, consumers are beginning to look post-vaccination. With pent up travel demand, we expect that many consumers look forward to the ability to travel freely, and responsibly, once again," says Anthony Jackson, principal, Deloitte & Touche LLP and U.S. airlines leader.
Deloitte's survey queried at least 1,000 Americans between Jan. 22-27.
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