by Lacey Pfalz
Last updated: 10:45 AM ET, Thu August 15, 2024
Travel prices remained stable in July, and are being considered “more favorable” for travelers than pre-pandemic, according to a release by the U.S. Travel Association.
The news comes from the latest U.S. Bureau of Labor Statistics’ Consumer Price Index, which analyzed July’s stable prices and found that while overall prices rose slightly, travel-related prices remained flat.
Joshua Friedlander, Vice President of Research at the U.S. Travel Association, says that’s a good thing: “Overall, comparisons month-to-month, year-over-year, and against pre-COVID-19 levels all show today’s prices are more favorable for travelers."
The association’s own Travel Price Index reported the same in July as they were in June, though airfares declined 1.6 percent. Other travel-related costs rose at the same or lower rates than the overall economy, while recreation costs have risen slower since the pre-pandemic period than other costs.
While prices are remaining more stable than they have in years’ past, some other organizations have predicted record travel spending this year.
The Global Business Travel Association’s newly released 2024 Business Travel Index Outlook expects the business travel segment to spend $1.48 trillion this year, a record from 2019’s record of $1.43 trillion.
Another global report by Mastercard Economics found that this year will be a record-breaking one for global travel spending, with nine of the ten highest travel spending days having already occurred by mid-May.
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