Is pent-up travel demand at an end? It depends

Has the pent-up demand that helped fuel a surge in travel as the pandemic ebbed finally run its course?

May 24, 2023

Analyses from two major financial institutions, Mastercard and Bank of America, posed that question this month. And they found that the answer depends on factors still to be determined, such as the labor market, and varies by travel segment.

Key takeaways

  • A Bank of America report found that travel spending in April was just 1% higher than April 2022, when travel was up 27% year over year;
  • Travel performed better than spending overall, which dropped 1.2% compared with April 2022, the first negative year-over-year reading since February 2021;
  • The analysis found that the travel categories that recovered more quickly during the pandemic, such as lodging and domestic travel, are the first to see spending moderate.

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