After enduring years of inflation and rising travel prices, travelers are finally starting to cut back their travel plans, new reports suggest.
New reports show that, after years of inflation and rising travel costs, travelers may finally be curtailing their travel plans.
An influx of North American tourists over the summer drove prices higher, making travel even more expensive for Europeans. Put together, this paints"a more pessimistic outlook on travel compared to other regions."Pent-up demand was expected to have greater staying power in Asia-Pacific, where Covid border restrictions were kept in place longer than other parts of the world.
"We expect similar, if less pronounced, dynamics for the rest of the region," as an initial flurry of short-haul trips settles down, the report states. , domestic bookings are up nearly six times — and outbound bookings more than 20 times — year-on-year, according to the Chinese travel agency Fliggy."Chinese consumers are rapidly losing their gusto after the initial reopening spending spurt. High unemployment, negative wealth effects from the troubled property sector, and weak wage growth do not make a strong backdrop for splashing out on foreign holidays," it states.
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