After a years-long holiday, day-to-day economic reality may be setting in for the travel industry
The holiday boom has lifted the outlook for international travel. Worldwide tourist arrivals this year are expected to reach up to 95% of pre-pandemic levels, up from 63% in 2022, estimates the’s World Tourism Organisation. Share prices of travel companies, which tumbled in early 2022 amid fears of rising inflation and a looming recession, are soaring again . High prices have not deterred sunseekers so far.
A bigger question concerns demand. After a glorious summer, appetite for holidays could come crashing down as fast as it has risen. Although America’s Federal Reserve has paused interest-rate rises, it is expected to lift rates again in coming months. As the Fed and other central banks in rich countries keep fighting stubborn inflation, holidaymakers may eventually throw in the beach towel.
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