Early 2022 initially saw a brighter outlook for the recovery of travel and tourism as the Omicron variant rapidly advanced the pandemic, hopefully to a post-pandemic state. However, events of late February and March have considerably clouded the full recovery of travel. Based on research from our partners at Longwoods International and Destination Analysts, and insights from partners such as the World Travel and Tourism Council, this blog summarizes six insights on what it all means and six recommendations on how DMOs and tourism organizations should respond.
Gas prices in the U.S. (above) and around the world are approaching record levels. Source: U.S. Energy Information Administration
Miles Partnership and Longwoods International looked at the impact of a number of these events in the March 8 edition of our Travel Sentiment Study. This research reinforces six critical themes that are clear in the impact of recent events:
1. Gas prices in the U.S. and around the world are approaching record levels. These levels have not been seen since the period of elevated gas prices from 2008 to 2014 (see graph above).
2. Gas prices will likely impact the robust recovery of travel in the U.S. and around the world. As of early March, a record number (since pre-pandemic times) of American travelers have plans to travel in the next six months (92%).
3. More than half (51%) of American travelers are now saying transportation costs are of concern. 59% specifically say gas prices will impact their travel plans in the next six months.