It's not every day that a chef gets a chance to open a restaurant in a cave.
13.07.2024 - 02:54 / skift.com / Jan Freitag
Traveling to Paris for the Summer Olympics is not optional for Jeremy Fain.
The CEO of AI marketing group Cognitiv and former collegiate swimmer is heading to France to take in the opening ceremonies and the action in the pool at the Olympics. To do so, he and his partner are spending almost twice what they spent last summer, but it’s worth it for them.
“The Olympics are almost a once in a lifetime experience, so splurging is not a hard decision,” Fain said in a written interview. “To see the events live, such as beach volleyball under the Eiffel Tower, is something we would never be able to do during a regular summer.”
But “once in a lifetime” doesn’t come cheap.
“With the flights and the Olympics tickets alone, it’s a small fortune for a week of events,” Fain acknowledged.
Fain, from New York, is one of the millions of Americans poised to set travel records this summer when they hit the road or take off for far-flung destinations. It already started this past week, when more than 3 million air travelers filed through TSA checkpoints on July 7.
But not everyone’s out there spending, jetting off to Europe and otherwise having a good time. Economic conditions are keeping many Americans closer to home for their vacations. A Bank of America travel survey published in May found that a higher percentage of households with annual incomes under $75,000 said they do not have plans to go away.
The summer travel season is highlighting the increasing wealth divide between the haves and have-nots in the U.S. as persistent, if slowing, inflation eats away at spending power.
According to CoStar, in the first five months of 2024, luxury hotel occupancy was up 1.8% compared to a year earlier, while economy hotel occupancy was down 3.4%.
“We’re seeing a bifurcation by hotel class,” Jan Freitag, national director, hospitality analytics, at CoStar told Skift last month. “The higher-end traveler and, therefore, the higher-end hotels are showing robust growth in demand and room rate. But the same cannot be said for the lower end of the market.”
The divide is clear in the results of major airlines as well. Those investing heavily in their premium services and serving high-end fliers are thriving while budget carriers are struggling.
A Newsweek poll published on July 4 found that 44% of respondents won’t be traveling anywhere in the next three months, with 53% saying they would have gone on vacation had the cost of living been cheaper. Of those that are heading somewhere, about 64% sought out cheaper destinations, means of travel and accommodations.
Debbie Davis, an engineering project manager for Integrated Water Services who lives in Colorado Springs, is one of those cutting back. She and her husband and two
It's not every day that a chef gets a chance to open a restaurant in a cave.
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