The role of travel and tourism in our recovering economy – InsideSources
Two years after the pandemic ended many people’s vacation plans, travelers are looking for new experiences and exciting destinations this summer. But there has been another major obstacle to our return to normal: prices at the gas pump, soaring airfares and inflationary pressure affecting hotels and resorts.
However, these rising costs do not mean a death sentence for travel plans. In fact, hitting the road, sky or sea cost-effectively will help combat rising prices – so travelers can get away to the island while helping the economy recover here and abroad. foreign.
How? The tourism and travel industry is a major economic driver. Before the pandemic, total economic output generated by this industry in the United States was over $1 trillion and was supported by 9.5 million tourism-related jobs.
These expenses affect not only airlines and hotel groups, but also stores, restaurants and attractions. Thousands of families supported by travel and tourism rely on this discretionary spending, which distributes funds between businesses and governments, even at the most local levels.
The travel industry is doing its part to encourage domestic and international tourism by providing consumers with a vast market. Through the use of metasearch platforms, online travel agencies, and short-term rental sites, consumers can view all of their choices in one place. This drives airlines, hotels, car rental companies and short-term rental operators to compete for the best prices, services and offers.
These transparent online arenas are essential to combat the effect of runaway prices. With the ability to shop around, consumers end up pushing prices down. This gives them the power to choose travel opportunities that maximize value while minimizing cost. And the less travelers spend on transportation and accommodation, the more money they can spend at their destination on tourism businesses.
In addition to using online marketplaces – Expedia, Vrbo, Skyscanner, Tripadvisor, Airbnb and Booking.comto name a few – there are several ways consumers can keep travel plans affordable while having a positive effect on the economy.
Rather than ruminating on that quaint hotel or nonstop flight, overcome escalating prices by booking early to ensure your spot is secure and costs don’t rise. You may also consider booking a fully refundable hotel room or rate to protect your funds if an unforeseen situation derails your trip. Staying flexible on location and time can also significantly affect the price. Venturing into an area that is off-season for tourists can do wonders for your wallet. Do you have a specific experience – and a budget – in mind? Head to a short-term rental platform like Airbnb, where you have greater control over the style, amenities, location, and theme of your listing.
Although inflation has significantly impacted all industries, including travel and tourism, the current surge in goods and services does not mean consumers should stay home. Take a proactive approach when planning and using online marketplaces to compare and contrast the opportunities travelers have to offer perfect trips for their interests and tight purse strings. By doing so, the travel industry will continue to recover while helping to revive our economy.
