Shifting Paradigms in Travel Planning

Traditionally, planning a vacation, particularly timeshare rentals, involved scheduling in advance, often booked 4-5 months out. Since timeshare rentals often cater to family travel, many parents prefer to plan ahead. This saves on flights and also helps with varying schedule conflicts that most families struggle to balance. 

However, when we asked our users, a pattern emerged. The affordability factor found on Last Resort – and KOALA in general –  is changing this landscape. This shift is enabling an increasing number of travelers to discover that they can book last-minute accommodations on KOALA and still have a budget to book a more expensive flight.

The Impact of COVID-19 on Travel Behavior

The COVID-19 pandemic has undeniably influenced travel behaviors, instilling a sense of uncertainty that lingers – even after much of the threat has dissipated. During the pandemic, many travelers experienced financial losses due to canceled vacations, with little to no recourse for recouping expenses. No travel insurance policies covered Covid, because obviously COVID-19 did not exist at scale – until it did. This experience has left a lasting impact, making flexibility a crucial factor in travel planning.

According to a recent survey by the Travel and Tourism Research Association, 62% of travelers now prefer booking options that offer free cancellation or rebooking, reflecting the desire for flexibility that has been heightened by the pandemic. Moreover, a study by the World Travel & Tourism Council found that 58% of travelers are more likely to book a last-minute vacation now than they were prior to the pandemic, citing reduced COVID-related anxiety but a persistent need for adaptable travel options.

Economic Advantages of Impulse Travel

The economic implications of Impulse Travel are significant. In cases where a timeshare listing cannot be canceled by an owner, they are compelled to rent it out at any price, or face a complete loss.. This sense of urgency is not typically found in other vacation rental categories. As a result, owners may be forced to drive down their price to low rates that almost seem too good to be true. For example, we’ve seen a 7 night stay for $15 per night. Yes, FIFTEEN DOLLARS! These affordable prices on timeshare rentals can make last-minute travel far more enticing. It may also inspire travel for someone that was not even planning a vacation to take advantage of that unused PTO – or simply work remotely. With new flexible work trends that also emerged from the pandemic, “Work From Resort” sounds far more exciting than “Work From Home.”

Looking Ahead: The Future of Travel

As the travel industry continues to adapt to the new norms brought about by both technological advancements and shifting consumer expectations, Impulse Travel is expected to grow. The convenience of tech-enabled booking platforms, combined with last-minute deals like those found on Last Resort, suggests that this trend will not only persist, but also evolve.

Increased optionality and more flexible work schedules could lead to more frequent and diverse vacations. The lingering uncertainty from the pandemic era may prompt many to opt for last-minute getaways to satisfy their wanderlust without triggering anxiety.

For the industry, it represents an opportunity to recalibrate our offerings and better align our marketing strategies to cater to a more spontaneous traveler. This is something that we are embracing, but vacation planners do not fret – there will always be plenty of options to book in advance on KOALA too!