May 2024
Travel trends to watch for in summer ‘24
From domestic tourism to cruising, there is considerable strength in travel spending with summer travel plans taking flight.
Key takeaways
- Travel spending has held up well so far this year, according to Bank of America credit and debit card data, considering the strong surge it saw in 2023. With prices declining in some travel categories such as airlines, it appears the share of discretionary spending that households are allocating to travel is not particularly high.
- Does this mean households could expand their travel-related spending over the summer? Potentially — the 2024 Bank of America Summer Travel Survey finds over 70% of respondents are planning summer travel, and younger generations (Millennials and Gen Z) are planning to go away for longer and spend more compared to previous years.
- Hot spots in international travel include Japan, where the weakness in the yen appears to be boosting demand, and cruises, which are a favorite of Baby Boomers.
- But domestic tourism really matters for the U.S. economy. We have previously discussed how live events boosted local economies, which looks set to continue. We also find that visitors to some key tourism states look solid so far in 2024.
Read our full analysis for a more in-depth look at these trends.
