Good News for Deal-Seekers This Fall: Travel Demand Has Softened

9/3/2024

While high-income travelers are still booking luxury experiences and jet-setting abroad, other consumers have been cutting back on travel spending to meet the high cost of living. “One thing we see across both sectors — both hotels and short-term rentals — is those listings that are the lowest price, attractive to lower-tier consumers, we’re seeing weakness,” said Jamie Lane, chief economist at AirDNA. According to research conducted by AirDNA, last-minute reservations for short-term rentals have almost doubled since 2019. “It’s not that consumers are not necessarily going to book that trip for Thanksgiving or Christmas, it just appears that they have not booked it yet,” said Ellie Mertz, chief financial officer at Airbnb.

The New York Times (08/30/24) Ceylan Yeginsu; Derek M. Norman; Christine Chung

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