Continued strong consumer demand for travel in the US in 2024 is allowing the industry to fight back against difficult economic conditions, but travel companies have had to adjust to shifting consumer expectations. The experience of US consumers in relation to their travel desires has bifurcated in 2024.
Airlines have been reaping the benefits of strong travel demand, and are set to see traffic largely return to the pre-pandemic levels. Consumers have shown resilient demand for air travel in the face of high inflation, still eager for domestic and international travel, especially to Europe.
The performance of hotels has been a mixed bag in 2024. Room rates have remained high, following rapid increases that accompanied high inflation in 2022 and 2023.
Given continuing consumer struggles with the high cost of living, perceived value is an extremely important factor in travel booking. While the prices of necessary goods, along with travel, remain high, many consumers are still prioritising their travel experiences.
In the next few years, an improving economic landscape will allow travel to return to normalised growth rates. While the bifurcation between budget and luxury growth is likely to remain for a few years, this gap will shrink.
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Travel
Travel encompasses several categories including tourism flows, lodging, travel modes, in-destination spending and booking.
See All of Our DefinitionsThis report originates from Passport, our Travel research and analysis database.
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