Travel Industry Rebounds in Recent Weeks
The coronavirus outbreak has impacted all aspects of our lives in recent months. The travel industry has been one of the hardest hit, since people have been social distancing but also many travel restrictions have been put in place. However, recent signs show that spending on travel is starting to rebound. New data shows that consumers have been spending more in recent weeks as states reopen around the country, even as new cases are rising.
Data from analytics platform Cardlytics shows that spending with travel agencies jumped from a 93% decline year-over-year in April to just a 68% drop in early June. That is a big rebound from the lowest point, but also that there is a long way to go until we get back to normal.
Air travel numbers show a similar story. At its lowest points, people passing through TSA checkpoints saw a decline of up to 96% year-over-year. That was back in mid-April, during the height of the pandemic. Between June 11 and 17, that number was at just a 69% drop compared to the previous year. The hotel and resort industry was only down 40% year-over-year in June 2019, which is a big improveent from a low of 86% recorded in April as per Travel Pulse. The car rental industry has also seen a similar rebound, from a low of 73.8% decline in April, to around 40% in June.
The cruise industry is one of the few that is still hurting from the pandemic. It has seen a 80% decline from the previous year, a number which has remained unchanged. But bookings for later in 2020 and then 2021 have been promising, with week over week increases.