Consumers More Confident About Having
Enough Money to Take Leisure Trips
|Washington, DC -- September 30, 2004
- The Travel Industry Association of America’s (TIA) quarterly Traveler
Sentiment Index showed a slight increase of 1.6 percent in the third quarter
versus second quarter 2004. The overall index now stands at 99.0, up from
97.4. The primary reasons behind the increase are twofold—more consumers
than last quarter are confident about having enough money to take leisure
trips and more consumers are interested in taking pleasure trips.
“The economy is growing and many consumers feel optimistic about their financial prospects,” remarked Dr. Suzanne Cook, senior vice president of research for the Travel Industry Association of America. “The good news for the travel industry is that travel demand is improving, but consumers are experiencing higher travel prices because of it.”
Among all five index components, the
index measuring consumers’ ability to travel based on personal finances
experienced the biggest increase (+5.1%), rising to 89.9. It’s now higher
than it was in the last two quarters of 2002 and all of 2003. General interest
in taking pleasure trips continues to rise; now standing at 103.4, the
highest point since the first quarter of 2001. Although consumer perceptions
of the affordability of travel increased 3.3 percent over last quarter
to 99.8, the “affordability” index has dropped considerably compared to
all of 2002 and 2003. This is not surprising, as travel prices have risen
nearly eight percent since January of this year, according to TIA’s Travel
Price Index. The index measuring the ability to travel based on free time
fell slightly to 95.6 over last quarter. The index measuring the quality
of service received while traveling remained stable at 105.3.
When the overall Traveler Sentiment Index is examined on a regional basis, the index for the Northeast shows the biggest increase, rising more than nine percent over last quarter. The index for the West also posted an increase (+3%). The overall sentiment indices for travelers living in the South or Midwest regions show slight declines over last quarter.
Members of the media can obtain TIA’s latest Traveler Sentiment Index report, including additional analysis and charts for each index, by sending an e-mail to email@example.com.
NOTE: TIA’s quarterly Traveler Sentiment Index (TSI) is conducted four times per year and is a running gauge of consumers' interest in leisure travel and their perceived ability to travel. The study consists of five criteria: interest, time, finances, affordability, and service quality. The TSI is based on quarterly interviews with approximately 1,000 U.S. adults who have taken at least one trip in the past year. Each criterion is measured individually and then combined to create an overall index score. The baseline year for the Index is the year 2000.
TIA is the national, non-profit organization representing all components of the $555 billion travel industry. TIA's mission is to represent the whole of the U.S. travel industry to promote and facilitate increased travel to and within the United States.
|Also See:||California, Florida and New York Top Three States in Spending by Domestic and International Travelers / August 2004|
|TIA Report Shows Number of Americans Using the Internet for Travel Planning Remains Stable at 63.8 million / September 2004|