Payment company Mastercard Inc forecasted on 26JAN 2023 that the boost from pent-up demand for travel will soon slow down throughout the rest of the year.
Skift reports that Mastercard’s analysis found that travel to most regions had recovered to pre-pandemic levels. However, fears of a recession may see consumers saving more, which is likely to impact travel growth. Mastercard also found that cross-border travel was up 42 per cent through the first three weeks of JAN 2023 compared to the previous year. However, analysts attributed the growth to a very low travel volume in 2022 when the Omicron variant of COVID-19 was spreading.
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