The Federal Reserve is yet to control the reckless inflation running at a 40-year high. However, James Thornton, CEO of Intrepid Travel, said, “Despite the rise in costs, travel bookings have more than doubled.” Moreover, the Biden administration lifted its COVID-19 testing policy for international travel early in June, providing further impetus to travel demand.
In addition, according to the U.S. Travel Association, domestic travel spending is projected to hit $941 billion in 2022 and $1.01 trillion in 2023. Also, according to the MasterCard Economics Institute, 1.50 billion additional people are estimated to fly globally in 2022.
