Americans expect to spend $5,655 on leisure travel over the next 12 months and take 3.9 vacations — both figures up from MMGY's summer survey — even as household budgets stay under pressure.

Those are the headline numbers from MMGY's 2026 Portrait of American Travelers "Fall Edition," released by the Kansas City-based travel research firm and based on interviews with 4,500 U.S. adults. The report, the industry's longest-running examination of U.S. leisure travel behavior, points to a market that is rebounding but fragmenting along generational and income lines.

The divide is stark. Boomers expect to spend $8,796 on travel over the next year — more than four times the $2,195 Gen Z travelers anticipate spending. The report also details how household income shapes travel intentions, and MMGY argues the spread means there is no longer a single definition of value in the market.

"Americans continue to tell us that travel is something they're willing to protect, even when household budgets are under pressure," said Simon Moriarty, MMGY's Vice President of Syndicated Research. "What's changing is how they make those trips possible. Travelers are becoming more strategic about when they go, where they spend and what they consider worth paying. At the same time, widening generational and income divides mean there is no longer a single definition of value. For travel brands, understanding those differences is becoming just as important as understanding overall demand."

Trade-offs, not cancellations

Rather than cutting trips, consumers are reengineering them. More than a third of travelers — 35% — now book off-peak periods, and 32% are reducing spending elsewhere in their lives to protect their vacation budgets. Cost pressure is also pushing demand domestic: 64% of travelers cite lower expense as a reason to stay within the U.S.

But price alone does not define value, the survey finds. Respondents rank quality time with family and friends, lasting memories and quality accommodations among what they consider worth paying for — a signal for hoteliers that perceived value extends beyond rate to the experience delivered at the property.

AI informs, but doesn't convert

For travel and hospitality marketers, the survey's technology findings carry a clear division of labor between inspiration and booking. More than half of leisure travelers — 51% — have used AI for travel planning, up 11 percentage points year over year. Adoption runs higher among Gen Z (71%) and households with children (68%).

Yet just 4% of travelers place AI among their first three trip-planning steps. AI's greatest influence today sits in inspiration and discovery rather than conversion, which means direct-booking channels and human touchpoints still control the transaction end of the funnel.

Outdoors hold steady

While several leading travel motivators softened year over year, interest in outdoor adventure and state and national parks remained resilient. Among park-interested travelers, Yellowstone tops the list at 75%, followed by the Grand Canyon at 66%. For destinations and lodge operators in gateway markets, the data reinforces durable demand that has held even as other motivators slipped.

MMGY frames the overall picture as an increasingly fragmented U.S. travel market. Consumers remain committed to vacations, but how they define value, discover destinations and allocate travel dollars now varies sharply by generation and income. The firm's analysts argue that competing for the next trip will require understanding not simply whether consumers intend to travel, but what different audiences prioritize and are willing to pay for.

The full report is available for purchase or through an all-access subscription to EurekA!, MMGY's searchable research platform. With spending intentions climbing between survey editions and trip counts rising from 3.5 to 3.9, operators and destination marketers heading into 2026 are working with a demand base that is holding firm — even as the definition of the customer splinters.