Financial situations worsening for consumers has been widely discussed amid the COVID-19 pandemic. However, many consumers managed to bypass this financial squeeze and have incidentally become efficient savers. This trend should not be overlooked by tourism companies which need to realize that not all travelers will be wanting a budget-friendly option for their next holiday, says GlobalData, a leading data and analytics company. With saved cash that has accumulated during the pandemic, many travelers may be planning to spend more than usual on their next trip. According to GlobalData’s survey, when global respondents were asked if they were concerned about their personal financial situation, 13% stated that they were ‘not concerned’. Although this is still significantly less than the 34% that stated they are ‘extremely concerned’, it means that over one in ten of the global travel market could be financially unaffected by the pandemic and have even saved a considerable amount. ADVERTISEMENT Ralph Hollister, Travel and Tourism Analyst at GlobalData, comments: “Many of the travelers that make up this 13% are likely to be white-collar workers that can work effectively at home. Due to spending the vast majority of their time being confined to their homes in the past year, the urge to travel would have built up. This urge, combined with a significant increase in savings, could mean that many of these travelers will have developed a ‘treat yourself’ mentality, to combat the impact of the pandemic which has increased boredom and frustration for many. This mentality…
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