At a high level, the current economic environment appears to pose a threat to summer travel spending: consumer sentiment has fallen in four straight months, and rising gas prices have introduced a pronounced financial anxiety directly tied to travel. However, travel intent and spending data paints a more positive picture for the industry than the macro conditions otherwise imply.
Morning Consult data shows consumers remain committed to traveling this summer and expect to spend more across nearly every category. Recent spending data backs up this robust intent, with hotel and airfare outlays climbing throughout the spring. What emerges is a more cost-conscious consumer than we’ve seen in recent summers, but one that’s maintaining travel as a priority.
