The post-pandemic travel boom and the high ticket prices that come with it show no signs of slowing well into next year, despite economic uncertainty and dwindling household savings
Overall, global passenger demand is estimated to grow 22% year-on-year in 2023 and 6% in 2024, Moody's investor service said on Tuesday. Ticket prices, which in some cases have increased by double-digit percentages since the pandemic, are unlikely to plummet.
"Everyone is pricing against demand and this is the basic economic equation," Jozsef Varadi, CEO of budget carrier Wizz AirHayley Berg, lead economist at online travel agency Hopper, said travelers to Europe and Asia are not expected to see substantial price relief this autumn. She expects air fares on long-haul international routes to remain high until supply outpaces pre-pandemic levels, demand normalizes and jet fuel prices decline further.
The weak spot is U.S. domestic travel, as the end of COVID-19 testing restrictions has unleashed pent-up demand by Americans to take vacations overseas. "They said earlier in the year, 'Look, I'm going to do that international trip that we've been meaning to do,' and that's created a lot of crowded places with Americans in Europe," Booking HoldingsInternational inbound travel to the United States in May rose 26% year over year to 5.37 million visitors but is still about 20% lower than pre-pandemic visitor volumes reported in May 2019, according to the U.S. National Travel and Tourism Office.
"Growth is expected to remain higher internationally than in the U.S. and Canada, where we're seeing a return to more normal seasonal patterns," said Marriott CFO Kathleen Oberg.
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