Good morning from Skift. It’s Wednesday, August 7, and now here’s what you need to know about the business of travel today.
Good morning from Skift. It’s Wednesday, August 7, and now here’s what you need to know about the business of travel today.
Despite looming recession fears, the travel industry continues to demonstrate strong growth, according to the Skift Travel Health Index for August 2024. The index showed a 9% increase from a year ago, led by the Asia Pacific region (up 13%) and North America (up 8%).
Last month, we wrote about how a potential recession in the U.S. could impact the travel industry. The concern has been that a recession would hit travel spending and you can see it in the stock market: The Skift Travel 200 Stock Index is up only 3% since the start of the year while the global market is up 20%.
The disappointing U.S. jobs report released earlier month — as well as the seemingly softening domestic travel demand in the U.S. — has raised concerns about an economic slowdown impacting the travel industry. Travel has been the worst-performing group of stocks over the past year, making it one of the sectors most vulnerable to a recession.
Good morning from Skift. It’s Tuesday, August 6, and now here’s what you need to know about the business of travel today.
Despite recession risks and inflation impacts, the travel industry has in fact plenty of significant upsides.
This has been a year of growing optimism around the travel industry’s recovery, as well as growing pessimism about rising inflation, sky high rates, and a possible recession. Here are some of the highs and lows of the past year, in the form of 11 charts produced by the Skift Research team.
Skift Research has been tracking the performance of the travel industry since the start of the pandemic, and we have analyzed all the peaks and troughs, highs and lows for three years now. The last months of 2022 saw little movement in the global Index score as continued growth in demand in some areas was counterbalanced by increased worries about the broader economy.
Travel is picking up in the U.S. In December, 55 percent of Americans traveled, 10 percentage points higher than the same time last year. However, the number of respondents who travelled decreased by 2 percentage points in December compared to September indicative of typical seasonality in travel with the winter season commencing.
Thailand’s economy is expected to grow 3.8 percent this year, helped by a rebound in the vital tourism sector, while inflation should cool to its target range, the finance minister said on Saturday.
For more than two decades, outbound travel from China was a major rising catalyst for global travel, an economic engine spurred by the emerging middle class in the country of 1.4 billion people. Chinese travel could be felt from Vancouver to Dubai to Singapore with destinations becoming reliant on the steady stream of easily spending tourists.
Good morning from Skift. It’s Friday, June 9. Here’s what you need to know about the business of travel today.
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