Fewer deals, higher prices: Here are the travel trends for 2023 – Yahoo Finance

Fewer deals, higher prices: Here are the travel trends for 2023 – Yahoo Finance

Pack those suitcases and pull out your passport for 2023.

In spite of inflation and the rising cost of travel, 6 in 10 (58%) American adults plan on taking a vacation within the next six months, according to MMGY Travel Intelligence’s new survey, which polled over 4,500 adults.

Nearly half (49%) of the 24,000 adult travelers in a recent Booking.com survey said they expect to be more extravagant in their spending habits, over half of travelers (53%) plan to balance that out by saving money on off-season destinations.

Travelers also are increasingly interested in going abroad, somewhere sunny, or places focused on self-care, but they likely will find higher prices and fewer deals in 2023.

“Early indicators point to strong travel demand in 2023,” Hayley Berg, lead economist at Hopper, a travel booking app, told Yahoo Money. “A whopping 80% of Hopper customers planning to travel will spend the same, or more, on travel next year.”

Here’s what to expect next year.

Strong travel demand is talking off for 2023. 6 in 10 (58%) American adults plan on taking a vacation within the next six months. (Photo Credit: Getty Creative)

International trips will take off, particularly to Asia

In fact, 25% of U.S. adults who expect to travel in the next six months aim to travel internationally, up from 19% this same time last year and the highest percentage seen in the past three years, according to the MMGY report.

One reason: foreign destinations are increasingly open after COVID shutdowns and restrictions.

“Tour operators report seeing a strong demand for travel in 2023 — a combination of pent-up demand and a renewed interest in travel,” Catherine Prather, president of the National Tour Association, told Yahoo Money. “Now that international travel is reopened and people are getting more comfortable with going overseas, there is a resurgence of long-haul travel.”

Today, 62% of searches made for flights in 2023 are for international destinations, compared with 55% of searches made at the same time last year, according to Hopper.

What’s most striking for 2023 is the surge in interest in travel to Asia.

“As most countries in Asia have almost fully reopened to tourism late this year, trans-Pacific destinations are increasingly on travelers’ agendas,” according to Hopper data. Among the top 10 trending international destinations for Americans — Tokyo, Ho Chi Minh City and Bangkok — with airfare averaging around $1,200 per round trip ticket.

KAYAK’s data backs this up:

“Travelers will be flocking to bucket-list destinations in Southeast Asia, Australia, and New Zealand in 2023, likely because these destinations have (finally) re-opened to visitors,” the researchers found. Top destinations include Ho Chi Minh City, Vietnam; Taipei City, Taiwan; Auckland, New Zealand; Singapore, and Melbourne, Australia.

Shopping street in Shibuya, near Hachiko Square, Tokyo, Japan. (Photo Credit: Getty Creative)

Fewer last-minute deals, more higher prices

In general, the upsurge in travel demand means that the days of booking a cheap flight or hotel room at the last minute may now be in the rearview mirror.

One reason for the changing tides: On domestic routes, airlines have …….

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