Solid progress on the vaccination front and the easing of COVID-19 restrictions allowed the travel industry to rebound slightly last year. Furthermore, AAA had predicted that 39.20 million people will travel 50 miles or more from home this Memorial Day weekend, marking an increase of 8.3% over 2021 and almost in line with the pre-pandemic levels.
Furthermore, a survey shows nearly three-quarters of Americans have made summer travel plans this year, a considerable increase from 53% in 2021. Investor’s interest in this space is evident from the ALPS Global Travel Beneficiaries ETF’s (JRNY) 6.9% returns over the past week. Revenue in the travel and tourism market is expected to grow at a 10.5% CAGR to $949.60 billion by 2026.
