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While the economy, layoffs, and inflation are surely on the minds of most people, it doesn’t appear to be having a huge effect on the travel industry. The MMGY Global “Portrait of American Travelers” was recently released and respondents say they’re planning to travel more and spend more on those trips this year and into 2024. Recession be damned!
Financial pressure doesn’t seem to be on the minds of active leisure travelers with only 29% being impacted by inflationary pressures, 27% feeling the price of gas (which has dropped a lot in the past few months), and 23% with concerns about their personal finances.
While fewer people may be traveling than in 2022, those that are vacationing are taking more trips with higher price tags. Travelers are planning 4.2 trips versus 3.9 trips per year when asked in February 2022. They’re also spending $4,339, which is a big increase from $2,581last year. International travel is the biggest draw with 80% interested in traveling abroad.
As I wrote about yesterday, Americans are flocking to Europe again this summer with the most popular Google Flights searches leading them to London.
Anthony’s Take: It’s surprising that travel has yet to taper from the boom that happened post-pandemic. It will be interesting to see what happens if the economy gets worse and these numbers drop.
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I don’t believe there’s this booming travel demand but it would explain why these airlines are charging crazy high prices for bookings that are months out. I’ll wait closer to departure to grab a J seat with miles.