Strong travel demand help hotels weather 'mild' recession
Recession will not have a devastating impact on hotel room demand the way past recessions have
Most economists agree the U.S. will experience a recession to some degree in 2023, but hotel industry analysts say sustainable job growth, strong hotel rates and demand, and the yet-unrealized wave of international travelers will help the industry keep its head above water.
Key takeaways
- Consumer savings: Even with additional debt and the fault lines of a recession, U.S. households are “in a position of strength;”
- Travel remains a priority: The overall intention to travel remains high, and people continue to prioritize travel spending;
- Business travel on the upswing: Business travelers plan to surpass 2019 levels of business travel within the early months of 2023.
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