Time for Travel ETFs As Summer Travel Season Kicks Off?
Nasdaq After the Covid-19 pandemic froze the travel industry in its tracks, the summer of 2023 shows a hopeful resurgence of the travel sector. It marks a significant improvement over an already buoyant Summer 2022 mainly due to the ebbing pandemic,as more Americans set to take a leisure vacation this year.
Memorial Day air travel demonstrated the resilience of consumer spending on trips, surpassing pre-Covid levels despite ongoing inflation concerns. Per CNBC, the Transportation Security Administration reported screening 9.79 million individuals from Friday to Monday the Memorial Day Holiday Weekend. This marked a slight increase compared to the 2019 holiday weekend.
Setting a post-pandemic record, over 2.7 million people were screened on Friday alone. It happened despite high ticket prices, demand for flights is skyrocketing. Airlines for America research indicates that US airlines are projected to transport a record-breaking 257 million passengers from June 1st to August 31st, 2023, showcasing an unprecedented level of air traffic, as stated in AviationSource News.
