Deloitte holiday travel outlook shows rising intent but tighter spending

Shifting patterns among high-income and younger travelers reshape the holiday travel landscape

Holiday travel demand is expected to rise this season, but the Deloitte Holiday Travel Survey shows a clear shift toward more conservative spending. Many travelers plan to take fewer trips, shorten their stays, and reduce budgets despite strong enthusiasm for getting away. High-income households, once the most resilient segment, are now showing the sharpest pullback in spending intentions. At the same time, younger generations are becoming a larger share of holiday travelers, signaling evolving expectations for how, where, and why people travel during the peak season.

Key takeaways

• Higher travel participation but leaner behavior: More than half of respondents plan to travel between Thanksgiving and early January, yet both the number of trips and average budgets have declined.
• Financial sentiment has weakened: A growing share of travelers report feeling worse off financially than last year, influencing more cautious trip planning and spending.
• High-income travelers are cutting back: Households earning $100,000 or more are showing the biggest shift toward cost-conscious travel, with most planning to adjust budgets downward.
• Younger generations are gaining share: Gen Z and millennials now represent roughly half of all holiday travelers, with millennials continuing to spend the most among age groups.
• Digital inspiration and AI planning tools are rising: Short-form social video is increasingly influential for Gen Z, while generative AI usage for trip planning has grown substantially since last year.
• Luxury travel remains an outlier: A significant minority of travelers still meet “luxury traveler” criteria and continue to prioritize premium flights, high-service hotels, and loyalty-driven benefits.

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