The data shows that childless couples are leading the way when it comes to travel spending, with dual-income, childless consumers continuing to spend even as other consumers pull back on purchases in this area.
The PYMNTS Intelligence report, “The Last Deal: Family Spending Habits Reveal Retail and Travel Opportunities,” leverages survey data from more than 2,700 U.S. consumers to analyze how retail and travel spending behaviors vary across different household types.
Survey results show that married people without children are spending the most on travel, and their spending has remained the strongest in recent years. In this year’s survey, they spent an average of $620 on travel services last month, down slightly from $634 last year but up significantly from $457 in 2022.
These figures are significantly higher than those for single people, who spent $246, $272, and $216, respectively. That means that single people with no children at home are spending 60% less than married people this year.
Meanwhile, married consumers with children spent $326 on travel in the past 30 days when surveyed this year, down from $361 in 2023 and $389 in 2022, and may not have as much disposable income as their peers without children.
Single consumers with children at home will spend the least on travel, possibly due to the financial constraints that come with supporting a family on a single income: Their average travel expenses will be $238, $257, and $290 in 2024, 2023, and 2022, respectively.
Data in Context
Indeed, travel companies are feeling the decline too: On Thursday (July 25), American Airlines reported that its net income plummeted 46% to $717 million in the second quarter, despite its record revenue of $14.3 billion.
“Our current revenue performance is not where we would like it to be,” CEO Robert Isom said. “We know we can do better, and we are committed to rising to the challenge.”
Similarly, American Express revealed in its earnings call on July 19 that travel and entertainment (T&E) spending increased 7%, but also saw some weakness.
“Some T&E categories, such as airlines and lodging, experienced slower growth compared to the previous quarter,” CFO Christophe Le Cayec said. “At the same time, growth in our largest T&E category, restaurants, remained strong.”
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