The summer of 2022 is likely to be a good one for US travel and tourism. The following five key trends are shaping the industry, with implications for hotel owners.
Leisure travel is booming
Revenue per available room (RevPAR) in the US is surpassing not only 2020 and 2021 levels, but 2019 levels as well. RevPAR outperformance is driven primarily by rates. Hotels are not as full as they were in 2019, but rates have increased—the average daily rate (ADR) is now about 15 percent more expensive than in 2019.
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This summer, for many, vacations will happen “no matter what”
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Basically, people love to travel. We asked over 1,000 travelers in the US what they would do if they won the lottery, and spending on travel ranked as the second highest choice (Exhibit 1).
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The survey also showed that people are concerned about macroeconomic factors such as inflation, but this is not enough to stop almost 70 percent of travelers from taking their vacation this summer (Exhibit 2).
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Guests have more accommodation options than ever
Gas prices are high? People will go somewhere closer. Hotel prices prohibitive? They will be hunting for a deal. Read also : Fort Collins program reuses donated old pianos to inspire spontaneous music. Consumers may find ways to cut back, but these factors will not derail their vacation plans (Exhibit 3).
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Since the survey was carried out in June 2022, travel plans have been provided. AAA estimated that 42 million people would travel by car over the July 4 weekend, a new car travel volume record for this period—despite the national average gas prices being over the $5 mark.
Loyalty is heating up
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ESG is gaining importance
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Five ways hotels could respond to these trends
