Travel Remains Strong Despite Unstable Economy
While consumers are eager to travel, talk of a U.S. recession could impact travel’s continued recovery in the second half of 2022. OAG surveyed more than 1,400 North American travelers to see how consumer behaviors are influencing the travel industry’s future. The main takeaway was that despite rising inflation, consumer demand remains strong. Consumers plan to continue traveling this summer, following two years of pandemic lockdowns, protocols, and restrictions.
According to OAG, increases in airfare of $50 or $100 had little to no influence on travelers’ purchasing decisions, especially if that price increase eliminates a long layover period. Heftier price increases such as $200 or more do appear to be the current breaking point. Additionally, more than half of travelers indicated that staffing shortages have little or no effect on their travel experience. Those who were impacted listed flight schedules—including delays and cancellations—as the number one impact, followed by customer service and retail options.
This strong demand for the next few months has the travel industry feeling confident. When looking further out, there is some concern that a possible U.S. recession could slow recovery. But for now, the market is in its best position since 2019.
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