When the pandemic began, restaurants, bars and hotels were hard hit, shedding more than 8 million jobs in the first few months of 2020. That equaled about a 49% contraction of that sector’s workforce. But it started to recover in May of that year and, last month, stood just 2.4% shy of its February 2020 level. The industry added 917,000 jobs in April from a year earlier, according to data from the Bureau of Labor Statistics, the second-largest gain of any industry during that period.
But why are Americans still so willing to open up their pocket books to take a trip or go out to eat, despite inflation and economic uncertainty? “It’s become less ‘revenge travel’ and more of a lifestyle in terms of sort of a generational shift in the prioritization of in-person experiences over goods,” Jeanelle Johnson, partner and co-leader of the travel, transportation and hospitality sector at PricewaterhouseCoopers, told CNN.
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