Consumers are still traveling, despite high inflation, but they're seeking out cheaper trips, Axel Hefer, the CEO of lodging search platform Trivago, tells Axios.
Consumers are still traveling, despite high inflation, but they're seeking out cheaper trips, Axel Hefer, the CEO of lodging search platform Trivago, tells Axios.Instead of booking trips to Spain, global tourists are favoring cheaper destinations like Portugal, Morocco, and Turkey, Hefer noted.
Cost-conscious global travelers are trading down on lodging too — opting for well-rated two- and three-star hotels that offer a four-star experience.Even as inflation has squeezed families' budgets, they haven't been willing to cut out travel altogether. "What we all learned in lockdowns and learned to appreciate is that travel is actually not discretionary spending … but it's really a basic need,” Hefer said.
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