Travel spending by American households continues to exceed pre-pandemic levels, a trend supported by an eagerness to travel abroad, according to new research from Bank of America
Sep 3, 2024
According to Bank of America credit and debit card data from January through mid-August, overall travel spending is down slightly compared to 2023, but remains well above 2019 levels, with spending per household up 10.6%.
Key takeaways
- Falling international airfares have supported strong travel demand this year;
- Europe dominated American travel spending between May and July, accounting for 43%, while Canada and Mexico tied for second with 21% of spending;
- Asia has seen the fastest growth, with spending on the continent up 11% compared to 2023, while Europe has seen a 3% increase;
- High-income households, those earning more than $125,000 annually, appear to be leading the international travel trend. Luxury hotels outperformed standard accommodations this summer, indicating that wealthier travelers remain resilient and willing to spend on premium travel experiences, according to the Bank of America report.
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