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May, 2015
SUMMER TRAVEL AND BUDGETING
Survey Report
2 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement
WHO HOW MANY ACCURACY WHEN HOW
Adults
Nationwide
(Ages 18+...
3 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement
• Travelers rely heavily on credit for vacation purchases ...
SPENDING BEHAVIORS
5 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement
Many consumers budget for vacation, but most still run int...
6 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement
When travelers do not have enough saved – or come across
u...
7 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement
This year, consumers expect to charge more than half of th...
8 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement
Credit cards are used more often than debit across all typ...
IDENTITY PROTECTION &
FRAUD
10 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement
Consumers are moving away from traveler’s cheques and bri...
11 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement
Q8: To what extent do you agree or disagree with the foll...
12 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement
10%
9%
8%
6%
4%
Smartphone
Credit card
Debit card
License...
13 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement
Q12: Have you ever experienced identity theft or fraud wh...
14 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement
Q13: You mentioned that you or someone you were traveling...
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Experian Summer Travel and Budgeting Survey Report, 2015

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With the busiest time of year for recreational travel already under way, learn how to protect yourself from identity theft while enjoying the sights. Compare your vacation budgeting strategy to others, see how often people can stick to the budget they've set, and much more.

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Experian Summer Travel and Budgeting Survey Report, 2015

  1. 1. 1 May, 2015 SUMMER TRAVEL AND BUDGETING Survey Report
  2. 2. 2 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement WHO HOW MANY ACCURACY WHEN HOW Adults Nationwide (Ages 18+) n=1,000 Margin of Error = ± 3.1% Data Collection Occurred May 5-11, 2015 Online Survey RESEARCH OBJECTIVE: To garner media-genic research around consumers’ understanding of identity theft and protection when traveling Research Methodology
  3. 3. 3 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement • Travelers rely heavily on credit for vacation purchases and unexpected costs • Majorities of consumers have run into unexpected fees when traveling, and nearly half have accumulated credit card debt while traveling • Consumers use credit over debit when paying for all types of vacation expenses, and this year travelers expect to charge more than half of their overall vacation budget • Identity theft personally affects nearly one in ten travelers • One in five travelers has had belongings with sensitive information lost or stolen, and 9% have personally experienced identity theft while traveling • The majority of those affected by identity theft say the fraud impacted their travel experience • Most victims report that it took a week or more to resolve the issues caused by identity fraud • Most travelers check for signs of identity fraud after traveling but could take more precautions while on vacation • Fewer than two in five travelers check their bank statements for signs of fraud during their trip • One in four consumers say that they do not take any extra precautions to protect their identity while on vacation Key Findings
  4. 4. SPENDING BEHAVIORS
  5. 5. 5 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement Many consumers budget for vacation, but most still run into unexpected costs Q8: To what extent do you agree or disagree with the following statements? 62% Have run into unexpected fees when traveling 55% Set a strict budget and stick to it when traveling 68% End up spending more money than expected when traveling <$50K 63% $50-99K 54% $100K+ 41% Travel Budgeting Unexpected Travel Spending Unexpected Travel Fees 61% AMONG THOSE WHO SET A BUDGET 64% AMONG THOSE WHO SET A BUDGET
  6. 6. 6 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement When travelers do not have enough saved – or come across unexpected fees – many charge their vacation payments Q8: To what extent do you agree or disagree with the following statements? 37% Have cancelled vacation plans due to budget issues 49% Have accumulated credit card debt while traveling 46% Have paid for a vacation by credit card when they didn’t have enough saved Travel-Related Credit Card Debt Vacation Credit Charges Vacation Cancellations
  7. 7. 7 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement This year, consumers expect to charge more than half of their travel budget Q6: Approximately how much do you personally plan to spend on vacation / travel this summer season? (Shown: Mean) Q7: And how much would you personally be willing to charge to a credit card for your vacation / travel this summer season? (Asked among those who plan to spend on vacation / travel this summer season, n=864; Shown: Mean) Q8: To what extent do you agree or disagree with the following statements: I have been saving up over the past several months to pay for my vacation this year / I plan to use my tax refund to pay for my travel this year. (Shown: Among those who plan to spend on vacation / travel this summer season, n=864) 86% Will spend money on a vacation this summer AVERAGE ANTICIPATED PERSONAL SPENDING ON 2015 SUMMER TRAVEL $2,275 AVERAGE ANTICIPATED CREDIT SPENDING ON 2015 SUMMER TRAVEL $1,308 35% HAVE NOT BEEN SAVING IN ADVANCE 2015 Summer Travel Spending 33% PLAN TO USE THEIR TAX REFUND
  8. 8. 8 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement Credit cards are used more often than debit across all types of vacation purchases Q5: How do you typically pay for each of the following types of expenses when traveling for personal enjoyment / leisure? Q8: To what extent do you agree or disagree with the following statement: “Staycations” are a good way to minimize the amount of money I spend during my time off. 11% 19% 68% Lod ging 11% 19% 67% Tran spor tatio n 21% 30% 47% Ente rtain men t 23% 36% 40% Foo d and beve rage s Vacation Payment Methods Debit Cards Credit Cards Cash 75% SAY STAYCATIONS ARE A GOOD WAY TO MINIMIZE SPENDING
  9. 9. IDENTITY PROTECTION & FRAUD
  10. 10. 10 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement Consumers are moving away from traveler’s cheques and bringing their credit cards on vacation Q9: When you are traveling either domestically or internationally, which of the following do you bring with you on your trip? +11 +11 -10 -11 -12 +6-1 -2 75% 71% 68% 59% 66% 45% 27% 28% 86% 82% 67% 65% 56% 34% 25% 16% Driver’s license Credit cards Debit cards Medical insurance card Passport State ID Social security card Traveler’s cheques Items Brought When Traveling 2014 2015
  11. 11. 11 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement Q8: To what extent do you agree or disagree with the following statement: I take extra precautions to protect my identity when traveling on vacation. Q10: Which of the following actions, if any, have you taken to secure your identity when traveling? 53% 45% 39% 38% 34% 32% 38% 37% 35% 35% 28% 25% 22% 21% 16% 62% 58% 38% Review your bank accounts Review your credit card statements online Remove credit cards you won’t use on your trip from your… Stop mail delivery at home Notify debit / credit card providers you'll be traveling Store copies of sensitive information at home Lock sensitive information in your hotel safe Check your credit report for any changes Check bank statements for signs of fraud Avoid posting on social media sites until returning Password protect your smartphone Schedule online bill payments during your trip Notify your bank that you will be traveling Avoid public WiFi Use a travel wallet for extra security Check credit reports online for signs of fraud Enable a lost smartphone app Disable geotagging on pictures Identity Protection When Traveling Before traveling While traveling After traveling Many consumers take a vacation from identity protection while traveling 26% do not take extra precautions to protect their identity when traveling
  12. 12. 12 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement 10% 9% 8% 6% 4% Smartphone Credit card Debit card License Passport Items Lost or Stolen While Traveling Q11: Which of the following, if any, have you ever had lost or stolen while traveling? 20% have had sensitive information lost or stolen while traveling One in five consumers has had an item with sensitive information lost or stolen when traveling Gen Y 30% Seniors 8% Men 30% Women 10%
  13. 13. 13 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement Q12: Have you ever experienced identity theft or fraud while traveling? Consumers are becoming increasingly aware of travel-related identity theft through their own or others’ experiences 21% 5% 49% 56% 21% 26% 9% 13% 2014 2015 Identity Theft Experience While Traveling Yes No, but know someone else who has No, and do not know anyone who has Unsure 9% have personally been victimized while traveling 6% have traveled with someone else who was victimized NET 30% NET 39%
  14. 14. 14 © Copyright 2015 Daniel J Edelman Inc. Intelligent Engagement Q13: You mentioned that you or someone you were traveling with has been a victim of identity theft. To what extent did identity theft impact your travel experience? (Asked if experienced identify theft while traveling, n=135) Q14: And how long did it take to resolve the issues caused by identity theft? (Asked if personally experienced identify theft while traveling, n=90) Identity theft has a significant impact on travelers’ experiences and often takes weeks to resolve 21% 39% 25% 15% Identity Theft Impact on Travel Experience A great deal Somewhat Not too much Not at all 34% 53% 7% 4% Time to Resolve Identity Theft Issues Days Weeks Months Years Still not resolved 60% TOTAL IMPACTED 66% A WEEK OR MORE
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