Although most economists have declared the Great Recession over, its specter continues to weigh heavily on the minds of consumers. They have moderated their spending behavior across many categories, yet spending on travel -- seemingly the epitome of discretionary spending -- continues to attract nearly a quarter of a trillion dollars each year. The Great Recession notwithstanding, the average American traveler took four leisure trips during the past year and spent more than $3,500 on leisure travel services.

Brighter Days Ahead

The data suggest the U.S. leisure travel market has finally stabilized and, in fact, portend a modest increase in demand for the year ahead. Sixteen percent of leisure travelers expect to take more overnight trips in the coming year, while 14% intend to take fewer. Among affluent households (annual income above $125,000), 20% plan to take more leisure trips, while only 9% stated an intention to take fewer.

It should come as no surprise that the prevailing economic environment has adversely affected virtually everyone's travel style. Among those who expect to cut back on travel spending, the top reasons are all economic. Even among affluent travelers, economic factors represent the primary barriers to traveling more.

Leisure travel is hardly the sole target of household budget-cutting, however. Eighty-one percent of travelers are now "looking closely at every spending category to see where we can save," and 70% are "buying fewer big-ticket items now than they did a year ago." Virtually every indicator of resourcefulness in the shopping process continues to trend upward, including coupon use, buying generic brands and shopping to get better deals.

But the impact of the economy has not been entirely negative. In fact, a majority of travelers point to some way in which today's economic challenges have actually improved their lives, including:

• Reaffirmed priorities: 86% agree that "these difficult times have helped me to focus on the things that matter most in my life."
• Confidence from challenges met: 86% agree that "I have done a good job of making my household more fiscally responsible."
• A strengthened family unit: 80% agree that "I find that despite the recession I've grown closer with my family."
• Sharpened shopping skills: 79% agree that "I have become a much smarter shopper thanks to today's economic situation."

A New Resourcefulness

Today's consumers are perhaps best described as newly resourceful. They are not dour or bitter. They have reaffirmed their priorities, focusing on family and friends rather than consumption and acquisition. While they see many difficult challenges unfolding for society, remarkably they have maintained their optimism (two-thirds are optimistic about their personal future, vs. one-third who are optimistic about the future of America or the world).

Even more counterintuitive, in a trend we call "rational exuberance," they are actually happier now than 10 years ago.

This mindset has profound implications for leisure travel in the years ahead. Value expectations are exceptionally high. The increasingly resourceful consumer has decided to practice a more aggressive form of arbitrage with travel suppliers in order to access the best fares. Every purchase is made only after considerable due diligence. Ultimately, travelers are looking for experiences that will add to their sense of happiness and that of their families.

Tribal Behavior

Our analysis of the data also included a statistical clustering technique that allowed us to discern groups that display common patterns. These groups of leisure travelers were defined strictly by their attitudes, not their demography (age, income, gender, etc.), to reveal the underlying values and motivations unique to each cluster.

Four different "tribes" of leisure travelers emerged as a result:

•Sensationals make up 28% of all leisure travelers and are the youngest of the four segments (mean age of 40). They tend to be professional singles and couples with a preference for action/the club life. They also favor adventure and outdoor vacations, clothing-optional/spa destinations and travel primarily to play. They are particularly receptive to travel deals discovered through flash emails.

• Familias represent 23% of all leisure travelers. They are family-vacation-oriented, represent the second-youngest segment by age (mean of 42), reside in dual-income households with children under 18 and are package-travel-oriented. Their preferences include theme parks, predictable experiences, cruises and beach vacations. They are safety-conscious and are smart comparison shoppers.

• Touristers represent 23% of all leisure travelers. They are happily married and the second-oldest group (mean of 47), entrepreneurial/driven to succeed and favor "no-mistake" travel. They view travel as an opportunity to learn. They take the most trips and spend the highest amount per trip. Their travel preferences index highly on family visits and high-end global destinations.

• Extraordinaires make up 26% of all travelers and are the oldest tribe (mean of 52).

More than one-third (36%) are grandparents. They tend to be wealthy empty-nesters seeking urban cultural experiences with a particular interest in museums and the theater. City, European and other foreign destinations index highly in terms of their preferences. They have a penchant for boutique hotels and resorts.

I invite you to read on and discover the New American Traveler and hope you find the journey both enlightening and, eventually, profitable. Should you wish to order a complete copy of the survey results, please visit the Publications section of www.ypartnership.com.  

This report appeared in the July 26 issue of Travel Weekly. To view the survey in its entirety, click here.