Road to Recovery Index - Travel Facts
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Travel Will Come Back
First half of 2020 will go down in history as one of the most trying times for the travel industry. As we enter June, there are signs for optimism. Social distancing measures are being eased across the country and consumers are eager for a getaway.
Travel Facts At A Glance
Based on our forecasting, travel spend declined by 81% in April compared to pre-COVID levels and May numbers showed a slight, but meaningful, 10% improvement.
While consumers are eager for their first trip, post-shutdown travel plans will look very different from our lives before COVID.
Implications for Business Executives
By understanding and anticipating changes in spend behaviors, businesses can adapt their communication and product strategy to align with consumer needs.
Our monthly Road to Recovery Index research provides:
- Accurate $ Spend forecasting: We combine actual credit and debit spend with forward looking sentiment to derive accurate forecasts that will help you plan for the near future. In April and May, our Travel Spend forecasts were within +/- 2% of actual Spend.
- Ongoing & anticipated shift in consumer behaviors. For travel, our data will help you understand how consumer plans are changing over time.
- Product communication & innovation intelligence. Leveraging our Pi-360 platform, we can identify the exact features, benefits, rewards, and overall mix of incentives that will drive share of wallet primacy and deeper engagement with your customers.
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About The Futurist Group
The Futurist Group helps identify what’s next in payments, using modern technology, frictionless consumer engagement, and intelligent analytics to provide answers to the most important and forward-looking questions about the future of payments. Dedicated to the financial services space, The Futurist Group was founded by an experienced team of professionals from consumer intelligence, fintech, banking, analytics, and payments.
About Pi-360
A proprietary Product Innovation Intelligence Platform that maps and analyzes the entire competitive landscape through the lens of ongoing and structured consumer reviews. Imagine knowing everything that you need to know about your competitor’s products, emerging innovation, and consumer needs without waiting for research.
Read About Our Road to Recovery Index: The best predictors of future outcomes combine behavioral and economic data with consumer sentiment. This is why we are partnering with Kantar Behavioral Payments Tracking and Pollfish to help our clients evaluate the near-term impact of COVID-19 on consumer expenditures. By combining actual spend patterns with economic and consumer sentiment data, we are creating forward-looking analytics that provide deeper context for where we are today and the path that we will need to take on the Road to Recovery.
