After lockdowns eased, people splurged on travel experiences, but that spending has begun to slow down.
Hotel prices are increasing at a slower pace on a year-over-year basis, and airfares dropped in May,“We see some slowing in so-called revenge categories,” Yelena Shulyatyeva, senior U.S. economist at BNP Paribas, told the paper.
Airfares and hotel spending are expected to play a critical role in inflation for June and July, the founder of the firm Inflation Insights Omair Sharif told. He thinks this summer will not see the same level of lodging and flight spending the industries saw last year. “We’re just not getting the same kind of pop any longer,” he said. “Airfares have pretty much stalled out.”
The frugality may not all be attributed to waning enthusiasm; concerns linger that the Fed’s interest rate increases may spark a recession. Addressing this, Deutsche Bank chief economist David Folkerts-Landau recently said an economic downturn in America is inevitable. “The U.S. is heading for its first genuine policy-led boom-bust cycle in at least four decades,” he said,
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