Pent-up demand with the easing of COVID-19 restrictions has helped the travel industry remain resilient against the rising inflation and declining consumer sentiment. According to a report by U.S. Travel Association, domestic leisure travel spending has surpassed pre-pandemic levels, while business travel is gaining traction and is expected to reach 81% of pre-pandemic levels this year.
Peter Kern, CEO of Expedia, said, "Despite the usual caveats for Covid, rising inflation to worry about, and of course the geopolitical situation, the pent-up demand that's out there for travel seems to be outweighing anything the market can throw at it."
