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In a time when the economy is tight and every industry is feeling the pinch, I wasn’t surprised to see an article from Rafat Ali, the CEO of Skift (the renowned travel publication), on the shrinking wallet share of the travel industry in the USA. In layman’s terms, this means less is being spent on travel in the average budget than the last few years, in spite of, as the article says ‘’TSA keeps setting records, airlines are still flying full planes, and demand remains robust. But three independent signals from U.S. credit card issuers point to the same pressure: Travel is losing wallet share.’’
This picture is not confined to the USA either, and although possibly not applicable to all countries, it certainly is the case in South Africa, where we too have a tough economy and high unemployment to deal with. As I mentioned in a previous article, our shift in travel planning and spending habits became apparent when we started to see last-minute bookings at the end of 2025, due to people waiting for late specials.
Travel Revenge
Interestingly, Ali also talks about “travel revenge,” something that emerged after COVID-19, when people felt they owed it to themselves to make up for lost time and travel as much as possible. He believes this period has now passed and says, “Revenge is temporary. You get it, and then move on. The wallet share data suggests consumers have returned to normal. They haven’t abandoned travel, but they’ve returned it to its historical place in the spending hierarchy of needs and wants.”
Personally, I believe the desire to travel is as strong as ever, and that the need to take a proper vacation is absolutely necessary. However, people are simply finding it more difficult to justify allocating a large lump sum of funds to leisure time each year. Hence, the birth of a product that potentially offers a solution…
What Is the Travel Wallet?
Launched by Rennie Travel last year, and more recently Harvey World Travel, two of our group’s key TMCs, the “Travel Wallet” was devised as a type of savings vehicle for those who deem travel a necessary part of their lifestyle and want to ensure that, even in tight times, something is set aside for their well-earned vacations.
It does not offer interest or rewards, as these companies are not financial institutions and therefore cannot provide such incentives. Rather, it functions as a dedicated travel savings plan, encouraging travellers to set money aside for their next trip by adding funds monthly (or whenever suits them) to the wallet.
Once deposited, the funds are designated for travel only and can be used to purchase flexible travel vouchers, either for the wallet owner or as a thoughtful gift for a loved one. Think of it as a non-interest-bearing travel fund designed to make planning and paying for future travel easier, more flexible, and more intentional, with the freedom to top up at any time and use the balance when ready to book.
Travel – A nice-to-have, or need-to-have?
The fact of the matter is that most people who put money aside in a bank account or savings plan invariably use it when something that seems more important arises. This is exactly why the average person’s travel contributions are shrinking, and hence the Travel Wallet has been devised. When the end of a long year comes, and you are exhausted and ready for a change of scenery, a time to relax, or need to share quality time with loved ones, or even have a desire to attend Ruby World Cup in 2027 (Rennies Travel is an Official Travel Agent in SA) won’t you be glad that you have already paid for your well-earned getaway?
I love this quotation from Anne Wilson Schaef, the American clinical psychologist and author, who said, “Vacations mean a change of pace, a gentleness with ourselves, a time of rest and renewal, and a time to stretch ourselves and encounter new people, new lands, new ways, and new options.” I couldn’t agree more. What you spend on travel and vacations is vital to your well-being and, scaled to what you can afford, should always have its place, in any budget. Bon Voyage!
Lidia de Olim
CHIEF EXECUTIVE OFFICER