The U.S. travel market is going strong despite headwinds from the economy.
Skyrocketing costs, flight cancellations and growing recession concerns do not seem to be putting a damper on the travel sector yet, according to the latest research from OAG.
The research, based on data from OAG's Flightview flight-tracking app, found that 27 percent more people are traveling this summer compared to 2021. In addition, 63 percent are booking international flights, and nearly 60 percent are planning to visit a destination they haven't visited before.
More than 50 percent of travelers are planning their trips between two and six months in advance and 11 percent are booking more than six months out.
When it comes to finances, most travelers said that they are not deterred by increases in prices if those amounts are $50-$100 more. However, the research showed that consumers are extremely less likely to book with $200 and $300-plus increases (45 percent and 68 percent respectively).
Business travel is also back. Eighty-nine percent of respondents said they have already traveled for business in 2022, and 90 percent report that their company is planning travel in the next 12 months. Fifty percent said that their business travel plans will return to pre-pandemic levels or increase over the next year.
"After lockdowns and restrictions, travelers just want to take their long-awaited holiday, even if it means higher fares, crowded airports and service inconveniences due to shortage of staff," said John Grant, Chief Analyst at OAG. "While inflation and concerns of a recession might impact the recovery in the second half of the year, market demand and scheduled capacity for the next three months is at its strongest since 2019."
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