Nearly half of those with an upcoming trip lost money on nonrefundable costs, averaging more than $800.
NEW YORK, April 27, 2020 — Uncertainty surrounding the coronavirus pandemic has caused nearly half (48%) of Americans to cancel their summer travel plans for this year leading to more distress for the travel industry. Additionally, 1 in 6 Americans also said they would wait a full year before traveling again.
Unfortunately, canceled travel isn’t the only thing causing trouble for the travel industry. In a recent survey by ValuePenguin, 43% of Americans said they feel more negatively about the industry as a whole and will change their behavior as a result. Here’s what our survey found:
- 46% of those who had upcoming travel plans lost money on nonrefundable deposits and cancellation fees, averaging $854.30 per person. Most of the lost costs came from airline tickets (59%) and hotel rooms (44%).
- The coronavirus pandemic is changing consumers’ views about travel. Forty-three percent feel more negatively about the industry as a whole, and many will change their behavior as a result. For example, 55% said they’re less likely to take a cruise once the pandemic is over, and 52% are more fearful of overseas travel.
- 1 in 4 Americans are planning a celebratory trip once the threat of the coronavirus disappears, especially millennials, Gen Xers, parents of children under 18 and six-figure earners.
- 40% of consumers said they’re more likely to purchase travel insurance for future trips due to the coronavirus. However, 18% said the health crisis made them less likely to consider insuring their future trips.
View the full report: https://www.valuepenguin.com/news/americans-cancel-travel-coronavirus
ValuePenguin recently conducted an online survey of more than 1,200 Americans, with the sample base proportioned to represent the overall population. The survey was fielded using Qualtrics.
