A post-pandemic travel boom and the high ticket prices that accompany it show no signs of slowing despite economic uncertainty and dwindling household savings, Reuters reported.
While it remains uncertain how long consumers will continue with this passion, airlines, hotels and analysts say that travel continues to be a top priority rather than, as in the past, “something that would be nice” to happen.
International travel has reached about 90 percent of its pre-pandemic levels this year, according to data from the International Air Transport Association (IATA). The recovery is largely due to tourists heading to southern Europe from countries with cooler climates despite rising temperatures and groups of American tourists flying abroad.
According to a recent study by the travel technology company Amadeus, 47 percent of respondents said that traveling abroad is among the top priorities when planning their spending for 2023 and 2024, compared to 42 percent the previous year. “Amadeus” surveyed tourists from Great Britain, France, the USA, Germany and Singapore, BTA reported.
These trends have boosted quarterly earnings for travel companies, and cruise operators such as Royal Caribbean have reported record results in recent weeks. Reservation platforms Booking and Airbnb reported revenue increases of 27 percent and 18 percent, respectively. Delta Airline and Marriott International predict strong demand in the future.
German airline Lufthansa has announced that bookings for the rest of the year have exceeded 90 percent of pre-pandemic levels, and the summer season has been extended to October.
United Airlines has expanded its Pacific coverage with new flights to Manila, Hong Kong, Taipei and Tokyo.
Global passenger demand is expected to grow by 22 percent on an annual basis in 2023 and 6 percent in 2024
Some airlines, such as IAG, the parent company of British Airways, said they could not predict whether demand would continue. Analysts said the decline in consumer savings could lead to a drop in spending if inflation does not moderate.
Working on the post:
2023-08-09 20:37:00
#High #flight #prices #dont #stop #people #traveling
