How strong will the spring and summer travel seasons be this year? What trends will emerge in terms of the types of vacations people embark upon, where they go, and how they pay for their travels? And what, ultimately, does all of this tell us about consumer sentiment, the travel industry, and the overall strength of the economy?
WalletHub turned to hospitality and travel industry experts for insight into those issues and more.
David L. Corsun, University of Denver
“Consumer sentiment has hovered at about a score of 80 in the last few months, which is off the recent high of 82.5 in December and five points off the high from last summer. The more confident people feel about the economy, the more freely they spend, including on travel. The recent events in Russia/Ukraine and the repeated winter storms in the east have likely depressed the sentiment numbers much as they’ve affected equities.
I’d predict we’ll see spring/summer sentiment numbers rise, much as they did a year ago. We’ll also see pent up demand produce increased consumer spending from which travel/hospitality will benefit.”