Consumer spending on travel isn’t slowing down, and that's keeping airfare and hotel room prices high.
High prices for hotel rooms and airfare are to be expected this summer as demand to travel has not shown any signs of slowing down.
International and domestic flights are returning to levels seen before the pandemic, Delta Airlines CEO Ed Bastian said. Booking Holdings CEO Glenn Fogel said hotel prices in cities like New York and Miami are"expensive, but people are willing to spend it." Travel is showing no signs of cooling off this summer, as both demand and prices are expected to stay high.CEO Glenn Fogel said on"Squawk on the Street" last week."They got a lot of savings; they want to spend it."
Fogel, whose company operates several travel fare aggregators including Booking.com, Priceline.com, and Kayak.com, said the company saw a 26% increase in room nights in January compared to the same month in 2019. He also pointed to the TSA checkpoint travel numbers, which are now within a few percentage points compared to the number of travelers seen in 2019.
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