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After more than a year of lockdowns, people are finally eager to get out.
However, the initial post-pandemic tailwinds have carried over to this day.
Travel has remained resilient despite rising prices, as people dont seem to mind paying the extramoney.
She explains how FOMO continues to drive the travel boom.
For so long, people were not ABLE to travel as in, not permitted.
And it felt like we were missing out on something we should be experiencing.
Andrew Jernigan is the CEO ofInsured Nomads, which also has a travel brand calledInsured Travelers.
He explains how theswitch to remote workset the stage for the travel boom.
Some trips have been planned for months, while others get the opportunity and grab it.
Thats the sunk cost effect.
Some people will continue to embrace this course of action even if it isnt producing results.
In the travel industry, you cant just get up from your couch and go to another country.
Vacations require a lot of planning, and that requires plenty of time and effort.
Beal explains how this context has amplified the experience economy despite inflation.
One approach follows the African proverb of eating an elephant one bite at a time.
Plan pretty far in advance!
If you are booking things little by little, it becomes much easier to budget and pay items off.
Traveling during the offseason can also help you save money.
you’re free to also explore free activities in the area instead of falling into tourist traps.
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