Americans may be cutting back on their spending, but one thing they aren't ready to give up yet is travel. Inflation-weary consumers have been less likely to pull out their wallet for discretionary purchases, several retailers reported this earnings season. That sentiment was echoed in a recent survey by KPMG, which found consumers expected to spend a smaller percentage of their monthly household budget this summer across discretionary and essential categories compared with winter 2023.
Prices are still climbing, although not as much as in 2022, when the industry's average daily rate and revenue per available room were the highest for any year on record, according to hotel data company STR. In April 2023, the ADR increased 3.4%, while RevPar climbed 1.9%. Demand appears to be holding up despite those higher rates. Some 56% of adults are more likely to stay in a hotel this summer than they were in 2022, according to the AHLA/Morning Consult survey.
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Stock market today: AI frenzy pulls Wall Street higher despite DC debt woesA monster financial forecast from one of Wall Street’s most influential stocks is helping to support the market, even as worries worsen about political rancor in Washington.
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