"Travel is relatively stable, with an increased preference for domestic trips. This trend is due to geopolitical instability, rising travel costs, and increased international corporate travel, which may be reducing availability and driving up prices," Jonathan Kletzel, airline and travel practice leader at PwC U.S., told Travel + Leisure.
"The younger generations are more focused on experiences, so entertainment and travel tend to take priority," Kletzel added, highlighting the generational difference in spending habits, as Millennials and Gen Z allocate more for travel.
"As the prices for hotels, airfare, and entertainment have gone up over the last few years, people are just budgeting more for that. They're no longer surprised at how expensive things are," Kletzel explained, indicating a shift in consumer mindset.
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