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Rise in travel spending in 2024

Current Holiday Spending Vs Previous Years

Current holiday travel spending is showing a notable increase compared to previous years, with projections indicating that 119.3 million Americans will travel 50 miles or more from home during the year-end holiday period, marking a rise of 3 million travelers from last year.

This surge is expected to set a new record, surpassing pre-pandemic levels by 64,000 travelers compared to 2019. The demand for travel is being driven by a combination of factors, including pent-up desire for family gatherings and leisure activities as restrictions ease.

Air travel is also experiencing a resurgence, with an anticipated 7.85 million passengers expected to fly this holiday season, exceeding last year’s record of 7.5 million. However, travelers will face higher costs, as domestic flight prices have risen by 4%, with the average ticket costing around $830. International flights are even more expensive, averaging $1,630, which reflects broader inflationary trends affecting the travel industry.

In summary, holiday travel spending is on the rise this year compared to previous years, with millions more Americans planning trips and air travel hitting new records. While rising costs pose challenges, the overall enthusiasm for travel remains high as people prioritize experiences with loved ones during the festive season. As travelers navigate these changes, they are likely to continue seeking value while also embracing opportunities for memorable experiences.