US consumers are spending less on products and more on experience – a trend that could ease supply disruptions and inflationary pressures and help the travel industry this summer.
According to a report published by the MasterCard Economics Institute, leisure travel has returned to 2019 levels for the first time since the Covid stopped moving around the world. Despite an increase in global events since the beginning of the year and an 18 percent increase in average air fares, people are feeling more comfortable going on long-distance adventures.
“If flight bookings continue at their current pace, an estimated 1.5 billion more passengers will fly worldwide in 2022 than last year,” the report said, adding that “Europe has grown the most – around 550 million.”
Short and medium distance flights increased by 25 percent and 27 percent in April compared to the same period in 2019. Long-distance trips, which started below 75 percent of pre-epidemic levels, returned to just 7 percent below 2019. Towards the end of April. The passenger train is similarly close, the buses return to where they were. Cruise costs started 75 percent of the year from the peak of 2019 and now only 10 percent are getting embarrassed for a full recovery.
Tourist spending on nightclubs and bars increased by 72 percent, restaurants by 31 percent and other recreational activities such as museums, concerts and amusement parks increased by 35 percent compared to the 2019 level, the unpleasant demand for experience seems to be increasing. According to the report, tourists spend less on retail products such as clothing and cosmetics.
The report found that the most popular international destinations for travelers leaving North America in March were Mexico, and those leaving Europe, the Middle East and Africa were the United Kingdom. The United States tops the list of travelers from Latin America, the Caribbean and the Asia-Pacific region.