Planning to get away for Memorial Day Weekend? You're not alone. Travel and all its incidental spending is back with a vengeance even compared to last year — perhaps a surprise for some during a time of decades-high inflation.
The term “revenge travel” became a popular way to describe consumers dusting off their itineraries shelved by the pandemic, but 2022 is poised to be an even bigger payback to those dog days of 2020.
The projection includes approximately 365 million more people in the U.S., Canada and Mexico who are likely to take to the skies this year compared to last year, Mastercard added. — Researchers from market-research firm Destination Analysts Bookings on short- and medium-haul trips have surpassed pre-pandemic levels by more than one-quarter, while bookings for the longest-range trips are just below 2019 levels after being way behind at the start of 2022.
While inflation data shows the overall cost of living increased 0.3% from March to April, the month-to-month increase for airfares was a record 18.6%, according to the Bureau of Labor Statistics. American travelers are especially thirsty for experiences. As of April, they have shelled out almost 23% more in spending on the category compared to 2019 levels, Mastercard data showed.
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