Terms such as “revenge travel” and “pent up demand” are being thrown around as the travel industry recovers.
And, as travel agencies, online and offline, report their first quarter 2022 results, the scale of the recovery is evident.
Research of Quantum Metrics helps paint a picture of what is happening in the sector.
Conversion rates, for example, have steadily increased, with weekly rates increasing by 36% between January last year and March this year.
Cart abandonment rates are falling as consumers move from thinking about booking to actually booking.
Quantum Metrics says, “Despite inflation and rising gas prices in the first quarter, we are seeing a significant decline in abandoned cart rates in the United States once we hit the start of March.”
In the UK, dropout rates have also improved but remain 42% higher than in 2021, likely due to nervousness over price hikes and the war in Ukraine.
The research goes on to show that 65% have had a trip canceled due to the pandemic, 40% have rebooked in the first months of 2022 and a further 34% plan to do so soon.
Average basket values reflect the desire to invest in travel and have been stable since December 2021.
Average basket values in the US and UK have increased by 26% over the past four months, although consumers are still looking for value.
More than half of consumers (56%) say finding the best price is the number one factor, and 51% check two or three sites to shop around.
Consumers are also turning to other means such as buy it now, pay later and install plans as well as loyalty points to help spread the cost.
Mobile trends are also highlighted in search with over 50% using their devices to research and/or purchase trips, rising to over 75% using them to manage trips or contact customer service.
Desktop bookings remain higher than mobile bookings, with desktop conversions up 24% in Q1 2022.
Quantum Metric data is based on aggregated browsing information across travel industry sites and apps collected from January 2020 to March 2022, while survey responses came from 3,400 consumers split equally between the UK and United States.