(Lebanon, N.H. – October 21, 2024) Inflation in the U.S. is cooling off and it’s contributing to fewer postponed or canceled trips, according to a survey of the world’s most experienced travelers. The Bureau of Labor Statistics Consumer Price Index reported inflation dropped to a three-year low compared to the 9% inflation rate in 2022. 

The lower inflation rate appears to contribute to increased travel. The Fall 2024 Global Rescue Traveler Sentiment and Safety Survey revealed that more than eight-out-of-10 travelers (83%) did not cancel or postpone their travel plans due to inflation in 2024. More importantly, the 12% who pointed to inflation as a reason for canceling or postponing international trips this year is a dramatic 40% decrease compared to the same period in 2022 when a fifth of travelers said inflation prompted trip terminations.

“This decline in travelers putting off trips suggests that lower inflation and a stabilizing economy encourages more travel, especially among people with financial sensitivities,” said Dan Richards, CEO of The Global Rescue Companies and a member of the U.S. Travel and Tourism Advisory Board at the U.S. Department of Commerce.

Travel desire continues to grow, becoming an increasingly higher priority for individuals since before the pandemic. More than half of travelers surveyed (53%) said travel is a higher priority, reflecting a 71% jump compared to six months ago when less than a third of respondents (31%) said travel was a higher priority today than pre-pandemic. “For many, the prolonged inability to travel ignited a new appreciation for exploring the world, fueling travel urgency and desire to make up for lost time,” Richards said.

The value of travel experiences continues to overshadow material possessions. Nearly eight-out-of-10 travelers (79%) revealed their overwhelming preference for travel experiences over commercial goods and physical assets, reflecting a 13% increase compared to survey results six months ago. “Travelers are trekking in Peru instead of trading in a Toyota for a Tesla. The societal shift toward valuing experiences over things has been gaining momentum for years, and continues to accelerate,” Richards said.

The robust recovery of the travel sector continues. According to the survey, 95% of respondents have already traveled in 2024, a result consistent with the 7% increase in 2024 TSA passenger travel volumes compared to the same period in 2019.

“This ongoing travel surge signals stable traveler confidence in travel safety and a resurgent desire to explore the world. To keep pace, officials at popular and new destinations need to manage the tourism resurgence and growth through responsive staffing, setting visitor limits, promoting off-peak travel, improving infrastructure, educating tourists and involving residents in tourism planning,” Richards said.

###

Contact

Bill McIntyre at bmcintyre@globalrescue.com or +1 (202) 560-1195 (phone/text) for more information.

About the Global Rescue Traveler Sentiment and Safety Survey

Global Rescue, the leading travel risk and crisis response provider, surveyed more than 1,100 current and former members between October 1-20, 2024. The respondents revealed a variety of behaviors, attitudes and preferences regarding current and future travel.

About Global Rescue

The Global Rescue Companies are the world’s leading provider of medical, security, evacuation and travel risk management services to enterprises, governments and individuals. Founded in 2004, Global Rescue has exclusive relationships with the Johns Hopkins Emergency Medicine Division of Special Operations and Elite Medical Group. Global Rescue provides best-in-class services that identify, monitor and respond to client medical and security crises. Global Rescue has provided medical and security support to its clients, including Fortune 500 companies, governments and academic institutions, during every globally significant crisis of the last two decades. For more information, visit www.globalrescue.com.