By JoDell Haverfield, Have Travel Memories
There are two main dynamics affecting travel in 2023: Supply and Demand. If I hear the phrase “pent-up demand” one more time, I think I’ll scream! Unfortunately, it perfectly describes the way it is. Many people have not been able to travel due to covid regulations; however, as soon as they were finally all lifted, the floodgates opened. Now, not just airlines, but even cruise lines are overbooking, and I hesitate to mention the price increases. While pent-up demand is inherently temporary, the good news is travel is expected to remain one of the strongest areas of consumer spending.
Credit Cards are reporting that despite inflation and interest rates, they find that consumers’ discretionary spending is proving more resilient than during prior downturns as they continue to prioritize travel and experiences over things and eating out. Consumers feel strongly that travel with family and friends is a top priority, often referred to as the three F’s, Family, Friends and Fun. Cruises and international travel are headlining the competition. Even though employment and wage levels could present strong headwinds for travel demand, all current indications are that the “Experience Economy” is not going anywhere.
Here are a few things I suggest as you plan your next trip:
• I suggest using a travel adviser to help you navigate the industry changes.
• If you don’t already have a passport or yours is expired, apply for a new one asap. So many people let theirs expire during the pandemic that it is often taking a long time to get a new one.
• Always book Travel Insurance.
• Be flexible as today’s travel experiences, especially flights, can be quite stressful, but a good attitude can go a long way–no pun intended.
• Book early. Should overbooking occur, the earlier you book your trip, the better. Also, plan and reserve your excursions as soon as possible as they often sell out.
Traveling close to home is also a great experience. The cost of flights for the whole family might be too prohibitive. So, you need to drive to your vacation. As I have said many times, there are endless options for road trip escapes everywhere. Many a family has found on more scenic stretches of road, the best way to inspire wonder and appreciation is a family game known as “looking out the window.” I will include a couple of pictures from my clients’ trips for inspiration.
My best advice for 2023 is to embrace the carefree spirit of summer!
Thanks for Travelin’ with JoDell!
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