The desire to travel among Asian consumers is so strong that they are willing to cut back on other areas, such as shopping or eating out, in pursuit of a holiday, reveals TripAdvisor in its latest TripBarometer report.(see full infographic below)

The study, which the world’s leading travel site conducts twice a year, shows that consumers from Asia are the most willing in the world to make sacrifices for a holiday, with 86% indicating  they are happy to make the sacrifice.

Other key findings:

• Less than half (41%) of Asian consumers are optimistic about the economy in 2014, compared to a third of global travellers (32%).
• Travellers in emerging markets are more likely to spend more, with 42% of travellers from Asia planning to increase their travel budget in the coming year.
• Asian consumers are planning more trips in 2014, with plans for short vacations up 19% and those for long vacations up 8%.
• Domestic travel is set to rise, with 85% of global travellers planning to travel in their own country. Asian respondents cited a desire to discover their own country as the main reason for travelling domestically.
• Intra-regional travel will remain a top priority for Asian consumers in both the near and long term, with 65% of them planning to travel within their region in the next six months, and 36% with similar plans in the next two years.
• Long distance travel remains a pipe dream for many, with 33% of travellers globally citing Europe as their top choice for holiday in 2015, while 27% of Asian travellers are planning a trip to the same destination in the next two years.

Optimistic hoteliers

This travel trend will benefit hospitality businesses, says the report. Asian hoteliers are among the most optimistic, with 74% feeling positive about their business’ profitability in the year ahead – higher than the global average of 67%.

This is despite a shortfall in intra-regional travel by Asian travellers, as this is made up with guests from Europe and the Middle East. Half of the North American consumers surveyed indicated they plan to travel to Asia in the coming year.

Consistent with the high level of business optimism, 58% of Asian hoteliers plan to raise room rates in 2014, compared to 51% of global hoteliers. According to Asian hoteliers, the key reasons for the price hikes are to cope with increased overheads (54%) and increased demand (38%).

Fuelled by steady intraregional travel, as well as an increase in international guests, a third of Asian hoteliers (34%) are  planning to open new properties in the coming year – twice the global average of 17% – with 86% saying they would open them within Asia.

The study also shows Asian hoteliers have plans to invest in their existing properties to attract more guests. Over half (54%) polled will spend more on marketing and advertising in 2014, 52% in staff training and 51% in small scale renovations.

•The online survey was conducted In June/July 2013 and included over 19,000 travellers and over 10,000 accommodation business owners around the world. The results are analysed independently by research firm, Edelman Berland. Click here for the full report.