Travel Industry Thriving Amid Recession Fears?

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As the peak summer travel season winds down, travel experts say Americans are still spending money on their vacations despite 1historic 2inflation and 3recession fears.

¡°While consumers are starting to pull back on some 4discretionary spending, something that don¡¯t have to spend money on, it¡¯s not holding true for travel.¡±

Several travel industry leaders say demand is still high. Scott Keyes, founder of the flight aggregator website, Scott¡¯s Cheap Flights, points to several factors including a rise in credit card 5travel spending.

¡°American Express now... noted that travel spending was up nearly 150% in that previous quarter.¡±

That¡¯s despite fears of an economic downturn 6on the horizon. Experts blame that on so-called ¡°7revenge travel¡±-- the huge travel boom following years of lost vacations during the pandemic slump. Meanwhile, Airbnb says reservations are soaring. On Tuesday, the company announced a 24 percent increase in bookings in the three months that ended in June compared to the same time period in 2019. And when it comes to 8hitting the road, gas prices are declining. On Wednesday, the US national average price of a gallon of regular gas was $4.16 according to AAA. Compared to a month ago, that was $4.81. And experts say cheaper prices are ahead.

¡°While motorists may 9be incentivized by prices that have been falling... more decreases lie ahead.¡±

On Wednesday, OPEC -- the world¡¯s oil-exporting countries and its allies -- agreed to a tiny increase in production next month... amid fears that a global recession will hurt 10demand.

Source from https://cnn.ybmnet.co.kr/cnn_class/2504