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Report Finds Half of Americans Will Travel More in 2024 Than in 2023
From globe-trotting treks to local escapes, the new year promises a diverse travel landscape for Americans. Our recent survey on American travel trends found many are prioritizing travel in 2024 while keeping a close eye on budgets.
Many Americans are prioritizing travel in 2024, with 50% planning to travel more in the new year than they did in 2023. While 90% plan to take a trip, 85% will travel out of state, and 38% plan to travel internationally. For some, the trips aren’t all pleasure, as 1 in 4 will be traveling for business. In a world where you can always be connected, 1 in 5 Americans are planning to take a workcation in 2024. Workcations are trips that combine a vacation with remote work. Gen X are the most likely to take this type of trip in 2024, followed by millennials. Many Americans are also opting to stay close to home in 2024 with 46% planning to take a staycation.
When it comes to how Americans will travel, 63% will be hitting the road, and 67% will fly. Among those who aren’t flying, the top reason is cost. The main reasons for traveling in 2024 include relaxation, visiting friends and family, and adventure.
Another new American travel trend for 2024 is surprise trips. More than half of Americans (52%) are interested in taking a surprise trip where all of the details, including the destination, are a surprise until departure.
How are Americans Budgeting for Travel in 2024?
Traveling can come at a cost, and 54% of Americans say the current economy is impacting their travel plans. In fact, 2 in 3 are budgeting for travel in 2024, with the average person putting aside $5,300. When comparing our year over year data, 52% of Americans are putting aside $4,000+ in 2024 for travel vs. 24% who were planning on putting aside $4,000+ in 2023. Americans are looking for other ways to save in the travel industry, with 58% using points or travel rewards to cover travel expenses in 2024. Nearly half (48%) prioritize travel when making financial decisions and budgets.
For some, the cost of travel is already having an impact on their 2024 plans as 15% have canceled or postponed a trip planned in the new year.
Finances aren’t the only thing concerning travelers in 2024, 42% worry about delays and cancellations and 17% say the worry of travel delays prevents them from traveling altogether.
Travel demand can change during certain times of the year, and it’s no secret many Americans love to travel after winter ends. In fact, more than 1 in 10 (13%) are planning a spring break trip, with the average person willing to spend $2,700 on their travels. Looking back to 2023, 21% of Americans were willing to spend $2,001+ on spring break, while 37% are willing to spend $2,001+ on spring break in 2024.
Americans’ Top Travel Destinations in 2024
People living in certain areas are looking to adventure more than others. By analyzing U.S. State Department data, we identified the states most eager to travel in 2024 based on the number of passports issued per 100,000 in 2023. The state most eager to travel is New Jersey. The Garden State is followed by Massachusetts, Hawaii, New York, and California. Also in the top 10 are Connecticut, Maryland, Colorado, Washington, and Florida.
The top travel destinations among Americans in 2024 include Florida, California, New York, Japan, and Nevada. Texas, Hawaii, North Carolina, Mexico, and Illinois round out the top 10 destinations. As for accommodations, 72% plan on staying in a hotel in 2024, with 1 in 3 planning to stay in a vacation rental home.
Nearly 3 in 5 (58%) prefer staying in hotels, and 49% believe hotels offer the best value. Among vacation homeowners, 38% plan to rent out their property in 2024.
If you have a vacation home or are planning on buying in 2024, learn more about how a 1031 Exchange can help preserve your assets when selling and buying investment properties. Then check out our blog on How to Buy Your Vacation Home with a 1031 Exchange. Investment Property Exchange Services, Inc. (IPX1031), is the nation’s largest and most secure 1031 Qualified Intermediary.
Methodology
In December 2023, we conducted a survey of 1,007 people from across the U.S. about their travel plans for 2024. Among respondents, 49% identified as male and 49% as female with an average age of 41.
To find the states where the most passports have been issued per capita, we analyzed U.S. State Department data from fiscal year 2023.
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Fair Use
When using this data and research, please attribute by linking to this study and citing IPX1031.
Read more:
America’s 2023 Travel Outlook
Most Desired Airbnb Destinations in Every State
How to Buy Your Vacation Home with a 1031 Exchange
1031 Exchange and Defer? Or Sell and Pay Taxes?
Survey: Do Airbnb Guests Trust Their Hosts?
Best Large Cities to Buy Investment Property 2020
