Following a post-pandemic surge, consumers are reducing their spending on hotel stays and airline tickets, signalling a pullback after a period of high consumption, reports the Washington Post.
The trend is significant as it could help the U.S. Federal Reserve in its efforts to slow down the economy and combat inflation. However, the extent to which the pullback will affect the travel sector remains uncertain. Some major service providers have already noticed a decline in demand, but expect bookings to pick up again later this year.
Leisure and hospitality companies in the U.S. posted nearly 10,000 fewer jobs in APR than in MAR, even as job openings ticked up across the economy.
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