Rising gas prices and record inflation haven’t stopped travel and tourism in the Upstate – yet.
Lauren Duffy, associate professor at Clemson University Parks, Recreation and Tourism Management, stated that between 65% to 91% of Americans still plan to travel for leisure in the next six months.
But Duffy said that those numbers could start to fall if gas prices and inflation continue to rise.
“The decisions that you will see now with people who travel, they can be upset in the short term, but they will still pursue travel and vacation,” Duffy said. “And, in the long run, we’ll see more stress about reality.”
Despite the potential decline in leisure travel, Duffy said that he remains optimistic.
Because of Upstate’s geographic location away from the Interstate 95 corridor – where Duffy said gas prices are “extreme” – and the abundance of its natural resource -based tourism options, Duffy said the area was likely to avoid major impacts.
“The Upstate isn’t really positioned,” Duffy said. “We still have a good summer trip.”
He added that “Upstate has, and probably will, remain more stable.”
Before canceling a direct trip, tourists tend to take other steps to make the trip cheaper, Duffy said, such as retreating on a longer trip and choosing a destination that is closer.
Greenville SC residents still plan on summer travel
Like national research shows, some Greenville residents haven’t drastically changed their travel plans just yet, but they keep a watchful eye on the ever-changing economy. To see also : Crash causes crypto companies to cut sports spending.
Marlee Stokes, who works at Resurgent Capital Services, escorted the car and two friends to a wedding in Charleston next month to save gas money, although he said the group was most likely to keep the car.
Stokes also has upcoming trips that require air travel, which he is more concerned about.
“Flight costs now cannot be controlled,” he said. “I have warnings set up on flights to watch when prices go down a little bit, and they don’t go down.”
Like Stokes, the summer travel plans of retired Greenville resident Aileen Scott have not been severely affected by price rises at the pump and beyond.
“So far, we have been able to implement our plan,” said Scott.
Beyond this summer, Scott said that he believes that his travel plans will be affected if prices continue to rise. For now, he said that it’s all about playing the waiting game.
“I think we’re just waiting month to month, year to year, election to election,” he said with a laugh.
As tourists began to feel a pinch, business owners in the tourism industry also began to see changes.
Bo Aughtry, chairman and CEO of commercial housing firm Windsor Aughtry, stated that the company’s portfolio metrics are currently rising from 2019 and 2021. But he sees little “softness” in new numbers.
Last month, more than 80% of the business from Windsor Aughtry -owned Hampton Inn and Suites in the city of Greenville came from leisure travel, Aughtry said. And because he’s not sure if and when those statistics will change, Aughtry said his focus is to make sure hotels operate at the highest level.
“We want to be the best,” he said, “because there are some market components that we can’t control.”
While summer travel plans in Upstate remain unchanged with long -term economic uncertainty, Stokes said that he is ready to see changes in travel costs.
“Like everything,” said Stokes, “I’m ready to look wide.”
Tim Carlin covers county government, growth and development for The Greenville News. Follow him on Twitter @timcarlin_, and message him at TCarlin@gannett.com. You can support his work by subscribing to The Greenville News at greenvillenews.com/subscribe.
Is oil in a bear market?
West Texas Intermediate crude oil futures fell below $ 102 a barrel Wednesday, which represents a 22% decline over the past two weeks and meets the technical definition of a bear market.
Why should you buy at a bear market? There is no doubt that the bear market can be scary, but the stock market has proven that it will bounce back eventually. This may interest you : After COVID, South Korean youth investors exchanged professional shares. If you shift your perspective, focusing on potential gains rather than potential losses, bear markets can be a good opportunity to take stocks at lower prices.
Why are oil stocks declining?
U.S. stocks fell and oil prices jumped, as concerns of rising energy prices, supply shortages and inflation rattled investors once again. The S&P 500 ticked down 1. On the same subject : What AAA predicts for July 4th Holiday Travel.23%, or 55.37 points, closing at 4456.24, while the Dow Jones Industrial Average fell 1.29%, or 448.96 points, to 34358.50.
What industries do well in a bear market?
Defense stock sectors including consumer staples, utilities, and health care tend to do better during bear markets. Government bonds offer significant diversification benefits and strong return potential in a recession.
Why did gas prices go up in 2022?
A rare combination of economic and geopolitical forces is now appearing at the gas pump. The rapid economic recovery from the pandemic created more demand for gasoline, pushing prices higher.
How much will gas cost in 2024?
What caused gas prices to rise 2022?
War in Ukraine Threatens Russian Oil Exports Then they received a major boost in early 2022, when Russia invaded Ukraine. Among oil-producing countries, Russia is only behind the US and Saudi Arabia, providing about 10% of the world’s oil needs.
What will gas prices be in 2030?
Last fall’s analysis by Stillwater Associates estimated that the program will add 24 cents a gallon to gasoline prices this year and 63 cents by 2030.
Why is gas demand increasing?
Gas demand is mainly driven by the power generation sector in the region, which led to more than 60% of the increase between 2019 and 2025.
Will the price of oil go up in 2022?
Personally, Western officials worry that Brent petroleum will reach $ 150 a barrel soon from around $ 120 now. Some fears were still higher, with wild talk about oil rising $ 175 or even $ 180 by the end of 2022, driven by post-Covid pent-up demand and European sanctions against Russia. And the shock won’t end this year.
Why will oil prices rise in 2022? Gasoline costs rose this year because of high inflation, sanctions to Russia and some blatant profiteering from major oil companies. Gasoline prices have become a major concern in recent months due to the accumulation of factors that cause fuel prices to rise in the United States.
What will oil prices do in 2022?
High oil prices continue to cause pain at the pump for U.S. drivers. The EIA forecasts retail gasoline prices in 2022 to average $ 4.07 / gal, up 25 cents from previous estimates in May.
Where are oil prices headed 2022?
WTI is expected to average $ 97.96 / b in 2022. Oil prices rise because of an increase in demand and a decrease in supply. OPEC gradually increased oil production after the ban due to declining oil demand during the pandemic.
What will oil be worth in 2030?
As a result, we predict Brent petroleum prices in nominal terms will rise to around US $ 180pb in 2030, slightly below the IEA and EIA forecasts.
How much will oil cost in 2022? The EIA on the June Short-Term Energy Outlook now sees WTI averaging $ 102.47 / b in 2022, up $ 4.27 / b from previous estimates in May and expecting Brent to average $ 107.37 / b in 2022, up $ 4.02 / b from the month in advance. The EIA expects WTI at $ 93.24 / b in 2023 and sees Brent at $ 97.24 / b, both unchanged from the previous month.
What will oil cost in the future?
The EIA predicts that Brent crude oil prices will average $ 103.37 / b in 2022. WTI is expected to average $ 97.96 / b in 2022. Oil prices rise due to an increase in demand and a decrease in supply. OPEC gradually increased oil production after the ban due to declining oil demand during the pandemic.
What will gas prices be in 2030?
Last fall’s analysis by Stillwater Associates estimated that the program will add 24 cents a gallon to gasoline prices this year and 63 cents by 2030.
