Skip to main content

2021 Travel Plans

WASHINGTON–Credit unions that issue cards with travel-related rewards programs may see a mild rebound in 2021, but the volume will remain down significantly from pre-pandemic levels.
Travel Plans

A new survey conducted by Morning Consult and commissioned by the American Hotel & Lodging Association (AHLA) shows consumers are optimistic about traveling again in 2021, with 56% reporting they are likely to travel for vacation this year.

“That represents a significant decline from pre-pandemic levels, when approximately 70% of Americans took a vacation in any given year, according to OmniTrak (TNS) data,” reported the AHLA. “Since the onset of the pandemic, just 21% of survey respondents reported traveling for vacation or leisure, and only 28% reported staying in a hotel. Prior to the pandemic, 58% of survey respondents said they stayed in a hotel at least one night per year for leisure, and 21% stayed at least one night per year for work.”

Other Findings
The survey also found that while consumers remain optimistic about travel, consumer confidence about staying in hotels is tied to widespread distribution of the vaccine: 11% say they will feel comfortable staying in a hotel when vaccines are available to the general public; 20% when a majority of Americans have been vaccinated; and 17% when they are personally vaccinated.
According to the trade group, the recovery of the travel industry is anticipated to take place in three phases: leisure travel, small and medium events, and group and business travel. While recovery will begin in 2021, full recovery is not expected until 2024.

While business travel itself will remain below 2019 levels for some time, business travelers express greater comfort in traveling for any reason compared to adults overall, and they are more likely to say they will travel more in 2021, the AHLA reported.

Role of Vaccines
“Leisure travel demand is projected to begin increasing in Q2-Q3 of 2021 as vaccine distribution increases across the country and consumers can connect with family and friends,” the organization said. “In the year ahead, Americans say they are most likely to travel for a family event such as a wedding or family reunion (51% likely to travel), while many are likel
y to travel over summer holidays, led by the Fourth of July (33%) and Labor Day (28%).”

Comments

Popular posts from this blog

NCOFCU Newsletter

The Bucket Coach is a financial advice book designed by Fire Services Credit Union, Tronto, Canada. and written exclusively for Fire Fighters It's a practical guide for household financial management, including investments, credit and mortgages, and retirement. Developed with contributions from Fire Fighters," NCOFCU Newsletter : " Kevin Connolly Chief Executive Officer    Fire Services Credit Union Phone: 416-440-1294 ext 301  Toll Free: 1-866-833-3285 E-mail:  kevin@firecreditunion.ca 1997 Avenue Rd Toronto, ON M5M 4A3 

Government Shutdown? Credit Unions Know The Drill.

  With three complete government shutdowns and repeated trips to the precipice in the past 25 years, credit unions have had plenty of opportunity to refine how they approach helping members during work stoppages. Read the complete article HERE __ ______________________________________________ Check out NCOFCU's additional features: First Responder Credit Union Academy Podcasts YouTube Mini's Blog Job Board
Updated 2012 NAFCU Credit Union Compliance GPS is Now Available! Written by Steve Van Beek Shameless Plug Alert ! We are very pleased to announce the availability of the Updated 2012 NAFCU Credit Union Compliance GPS . Over the course of the last year, there have been many small tweaks and changes that have made life difficult for credit unions and, specifically, compliance officers (and many others as well). These included technical changes to regulations as well as substantive changes to regulations and regulators . ****READ MORE;  

Banking During and After COVID-19

Before COVID-19, the banking industry was experiencing an unprecedented period of growth and prosperity. Despite increasing consumer expectations and increased competition from non-traditional financial institutions, most banks and credit unions were stronger than at any period since the financial crisis of 2008. In a matter of only a few weeks, the world of banking has experienced a level of disruption that will change everything that had been the norm in financial services. There has not only been a major change in the way financial institutions conduct business but in the way, employees do their work and the way consumers manage their finances. Banks and credit unions must use this time of disruption to consider reinventing themselves from the inside out. It is a time when we need to better understand the way consumers expect their financial institution to support their financial needs. This includes the way banks and credit unions use data, AI, technology and human resources t...

FinCEN Issues Frequently Asked Questions to Clarify Suspicious Activity Reporting Requirements

  Immediate Release October 09, 2025 WASHINGTON  —Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued answers to  four Frequently Asked Questions  (FAQs) to clarify certain requirements related to suspicious activity reports (SARs). By issuing these FAQs, FinCEN is ensuring financial institutions are not needlessly expending resources on efforts that do not provide law enforcement and national security agencies with the critical information they need to detect, combat, and deter criminal activity. FinCEN issued the FAQs jointly with the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency. “SARs should deliver better outcomes by providing law enforcement the most useful information—not by overwhelming the system with noise,” said  Under Secretary for Terrorism and Financial Intelligence John...