On today’s show we are taking a look at what is happening in the world of travel and tourism. These changes could have an impact on the world of hospitality as a result, and I believe an impact to where you might choose to invest.
The so-called revenge travel wave from the pandemic is largely over. Travel patterns are starting to normalize. They’re not reverting to pre-pandemic, since you can never truly go backwards. You can only go forward to a new normal.
Here are a few things I’m observing in the world of travel.
There is pent up demand for cruise ship travel. Back in 2019 there were 29.7 million cruise ship passengers. That went to essentially zero during the pandemic. Even in the second quarter of 2023, cruise lines were rebuilding, and getting back to pre-pandemic levels. Carnival Cruise line reported their latest financial results for 2Q2023. They reported record bookings and record deposits for future sailings. How will this affect the world of travel and tourism?