Travel spending increased in popular fall tourist destinations
About 60% of Americans planned to travel for a vacation or getaway during the 2023 fall season, according to a September 2023 survey by Vacasa and Allison + Partners. The survey indicated that 71% of travelers planned to travel more frequently during the fall season.
Envestnet® | Yodlee® data echoes this trend as Figure 1 shows that spending in popular fall travel destinations increased year over year when comparing September and October spend in these markets for both 2022 and 2023.
Leaf peeping destinations
Vacasa found that 30% of survey respondents would be traveling for outdoor recreation in fall 2023, for such activities as hiking, camping, or seasonal sightseeing. While the first leaves often start to change as early as mid-September, the peak fall foliage season typically arrives in the middle to late part of October, when air temperatures also begin to drop in many regions.
In Figure 1, Yodlee data shows large increases in spending in popular towns with outdoor activities and attractions. The biggest increases being in Asheville, NC where spending jumped by 50% in 2023 versus the year ago period. In Williamsburg, VA, where there are multiple historical attractions and theme parks, spending increased to 48% in 2023 versus 2022.
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About Envestnet | Yodlee Merchant, Retail, Shopper, and Spend Insights
Envestnet | Yodlee Merchant, Retail, Shopper, and Spend Insights utilize de-identified transaction data from a diverse and dynamic set of data from millions of accounts to identify patterns and context to inform spending and income trends. The trends reflect analysis and insights from the Envestnet | Yodlee data analysis team. By combining data with intelligence – connecting vast amounts of actual de-identified shopping data with state-of-the-art analytics and machine learning – Envestnet | Yodlee provides visibility into a large set of shopping daily purchase behavior including, but not limited to, transactions, customer lifetime values, and merchant/retailer shares.
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