Jul 24, 2024 • 9 min read
Travel Prices Drop, Leading To Increased Optimism and Demand
16.07.2024 - 20:31 / travelpulse.com / Geoff Freeman / Laurie Baratti
In a promising economic development, the Bureau of Labor Statistics’ (BLS) June Consumer Price Index (CPI) report shows a notable reduction in inflation overall, with travel-related costs leading the way. For the second consecutive month, the travel sector has experienced a more significant price drop than the overall economy.
The U.S. Travel Associations' latest Travel Price Index (TPI) indicates a substantial 1.4 percent decrease in travel-related prices from the previous month. This decline is driven primarily by reduced costs for hotels, airlines and gasoline. In comparison, the broader economy saw a modest 0.1 percent decrease in prices, marking the first monthly decline since 2020. Analysis across different time frames— month-to-month, year-over-year and against pre-COVID-19 levels—shows an encouraging pricing trend for travelers.
“Now is the time for the travel industry to boost volume,” said U.S. Travel President and CEO Geoff Freeman. “We’ve already seen travelers take advantage, with eight of the ten busiest days in TSA’s history occurring in 2024. It’s essential that the industry is equipped with the right funding, resources and technology—coupled with sustained government focus—to meet an increase in demand.”
The U.S. Travel Association updates the TPI monthly, following the Bureau of Labor Statistics’ CPI release. With travel prices falling, current conditions present a prime opportunity for both travelers and the industry to capitalize on the more favorable economic climate.
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