Experian Summer Travel and Budgeting Survey Report, 2015

1

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+)

n=1,000Margin of Error

= ± 3.1%

Data Collection OccurredMay 5-11,

2015

Online Survey

RESEARCH OBJECTIVE: To garner media-genic research around consumers’ understanding of identity theft

and protection when traveling

Research Methodology


• 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

SPENDING BEHAVIORS


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%

TravelBudgeting

UnexpectedTravel Spending

UnexpectedTravel Fees

61% AMONG THOSE

WHO SET A BUDGET

64% AMONG THOSE

WHO SET A BUDGET


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-RelatedCredit Card Debt

VacationCredit Charges

VacationCancellations


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 SummerTravel Spending 33%

PLAN TO USE THEIR TAX REFUND


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.

L odg-

ing

11%

19%

68%

Trans

porta-

tion

11%

19%

67%

Enter-

ta in-

ment

21%

30%

47%F ood

and

bev -

er-

ages

23%

36%

40%

Vacation Payment MethodsDebit Cards Credit Cards Cash

75%SAY

STAYCATIONS ARE A GOOD

WAY TO MINIMIZE SPENDING

IDENTITY PROTECTION &

FRAUD


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%

Items Brought When Traveling

2014 2015


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?

Review your bank accounts

Remove credit cards you won’t use on your trip from your wallet

Notify debit / credit card providers you'll be traveling

Lock sensitive information in your hotel safe

Check bank statements for signs of fraud

Password protect your smartphone

Notify your bank that you will be traveling

Use a travel wallet for extra security

Enable a lost smartphone app

62%58%

38%

0.530.45

0.390.38

0.340.32

0.38

0.370.350.35

0.280.25

0.220.21

0.16

Identity Protection When TravelingBefore 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


Smartphone

Credit card

Debit card

License

Passport

10%

9%

8%

6%

4%

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%


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

2014 2015

21%5%

49%

56%

21%26%

9% 13%

Identity Theft Experience While Traveling

UnsureNo, and do not know anyone who hasNo, but know someone else who has

9% have personally been

victimized while traveling

6% have traveled with someone else who

was victimized

NET

30% NET

39%


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 muchNot at all

34%

53%

7%4%

Time to Resolve Identity Theft Issues

Days Weeks Months YearsStill not resolved

60% TOTAL

IMPACTED

66% A WEEK OR

MORE

Experian Summer Travel and Budgeting Survey Report, 2015

Business

Transcript of Experian Summer Travel and Budgeting Survey Report, 2015