NEW YORK - Lower-income Americans dialed back their travel spending in April as reduced savings, higher credit card delinquencies, and inflation weighed on household budgets, according to data from commercial real estate analytics firm CoStar.
U.S. room demand in April fell about 2.7% and 3.9% for mid-scale and economy hotels, respectively. Revenue per available room, an important industry metric, fell about 1.7% and 3%, respectively. Revenue per available room is expected to rise 2% in 2024, compared to previous forecasts of 4.1% and after a 5% increase in 2023.
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