revenge travel cnbc

Is 'revenge travel' coming to an end?

Pent-up travel demand seems to be fizzling out heading toward the end of 2023

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Following the end of the Covid-19 pandemic lockdowns, a new trend in vacationing emerged: "revenge travel." While this flavor of wanderlust has no singular definition, NPR describes revenge travel as "a huge increase in people wanting to make up for time and experiences lost to the pandemic."

And revenge travel was clearly hot after the pandemic cooled. The phenomenon first took off in 2021, and "demand continued to soar" in 2022, when " travelers' desire to make up for lost travel experiences helped to largely recover the domestic leisure sector to pre-pandemic levels," according to a 2022 year-in-review report from the U.S. Travel Association.

With the pandemic in the rearview mirror (though infections are still swirling), some industry experts are now saying the era of revenge travel is over. People are still traveling, however — data from the Transportation Security Administration shows that passenger volumes have been up year-over-year almost every day in 2023. So is revenge travel really a thing of the past?

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Is 'revenge travel' really dead? 

Yes, "revenge travel is dead," Barron's argued. Over the summer, "airfares dropped both month over month and year over year," and while some wealthier travelers "are still jet-setting internationally, domestic travel has fallen," and many of those still yearning to travel are "willing to trade down to more budget-friendly locations." 

After the bucket-list-checking frenzy of the past two years, Barron's added, "binge travel is out; bliss travel — meaningful, relaxing, frictionless trips for everyone who was run ragged by revenge vacations — is in."

Changing travel habits are not the only indicator revenge travel may be on the way out. Many low-cost airlines are having to alter their fares in order to fill seats. Fuel prices, plane capacity and travel demand are "all headed in the wrong direction," Frontier Airlines chief executive Barry Biffle said at an industry conference in September, The Wall Street Journal reported. A group of low-cost carriers, including Frontier, JetBlue and Spirit, "warned that weaker demand in their home territory will weigh on fares and results this fall," The Washington Post reported. 

It's not just American travelers, either. A Morning Consult report published in September showed that travel demand was "flatlining or falling" in other countries, "most notably in Europe," CNBC reported. In France and Germany, intentions to travel have dropped 11% and 6%, respectively, since 2022, according to Morning Consult. Interest in traveling is also falling in Canada, Russia, India, South Korea, Italy, Spain and the U.K., the report shows. 

Do all industry experts agree with this assessment?

No. More traditional airlines, with international routes and more expensive seating options , are "scratching our heads" at the challenges described by budget carriers, United Airlines CFO Mike Leskinen said in September. United, he said, had "not seen any dramatic change in the bookings." 

Delta also said "demand for seats on the airline's planes has remained solid through the fall, led by its high-end seats, for which customers are increasingly willing to pay up," the Journal reported. At the same time, Delta — which is planning a large trans-Atlantic expansion next summer, in a bet on growing international and business travel — has cut its profit projections by 35 to 45 cents per share, citing fuel and other costs.

And the death of revenge travel seen by low-cost carriers seems to be an American phenomenon. European low-cost airlines aren't "following the U.S. pattern of a deceleration in short-haul trips," the Post reported, noting that British budget carrier EasyJet "said recently it was still seeing robust demand."

What's next for the travel industry?

Whatever happens with revenge travel, vacations aren't going away — they're just transitioning. If grand, lavish trips are out, "the travel trend that seems to be gaining strength is travel for wellness," Forbes reported. 

In 2020 — a year when most travel slammed to a halt — wellness tourism brought in $436 billion, according to the Global Wellness Institute . And that was a down year for wellness tourism, "the powerful intersection of two large and growing multitrillion-dollar industries: tourism and wellness," the institute said, adding that the industry made around $720 billion in 2019.

If wellness travel seems in healthy shape, revenge travel will probably continue to fade. "The boost purely from pent-up demand may soon run its course," Oxford Economics warned in September, CNBC reported.

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 Justin Klawans has worked as a staff writer at The Week since 2022. He began his career covering local news before joining Newsweek as a breaking news reporter, where he wrote about politics, national and global affairs, business, crime, sports, film, television and other Hollywood news. Justin has also freelanced for outlets including Collider and United Press International.  

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'Revenge travel' is surging. Here's what you need to know

Manuela López Restrepo

The airline industry is struggling to keep up with spiked demand for air travel. Patrick Semansky/AP hide caption

The airline industry is struggling to keep up with spiked demand for air travel.

If you feel like everyone is on vacation without you right now, you might be right.

The data shows travel is surging — despite high plane-ticket prices — as many countries loosen their COVID-19 restrictions and reopen borders.

Analysts say vacation-starved Americans are making up for lost time during the pandemic, and there's even a new term for it: revenge travel.

Here's what's happening and what you should know if you want to join in.

What do the numbers show?

The short answer is that everything is going up lately: airfares, fuel costs and trips taken.

Travel insurance company Allianz Partners analyzed more than 40,000 trip itineraries planned for this summer and concluded that American travel to Europe will jump 600% from last year.

This sharp uptick is not limited to Europe. This month during an industry conference, Delta Air Lines CEO Ed Bastian said that "demand is off the charts," while the airline industry is struggling to keep up.

The Greek island of Mykonos is one of the many tourist destinations that are seeing an influx in visitors. Derek Gatopoulos/AP hide caption

The Greek island of Mykonos is one of the many tourist destinations that are seeing an influx in visitors.

This boom is yet another consumer reaction to the pandemic, said Steve Trent, a research analyst for Citi who focuses on airline travel.

"Maybe 18 months ago, everybody wanted to buy a Peloton because people were still locked up, and now we're kind of in a different phase of the pandemic," he said, noting that infection rates were rising but hospitalizations hadn't reached the levels of previous waves.

So now, people are buying airline tickets.

"There's a shift from consumers purchasing goods to consumers purchasing services."

He said the data shows the prices of tickets sold so far for this July were 35% higher than tickets sold in July 2019 (the last summer before the pandemic started). Meanwhile, the industry as a whole isn't operating at the same level as it was before the pandemic. Fewer flight routes, fewer crew members and less equipment mean that capacity is down 15%, Trent said.

What exactly is "revenge travel"?

There's no dictionary definition yet, but industry professionals say the term "revenge travel" is starting to catch on.

TIL that there is a term for all of the travel I've been booking since lockdown. It's called #RevengeTravel 🤯 pic.twitter.com/r4B1zvP2kC — Nicole Miller - Abuhakmeh (@NicoleAbuhakmeh) June 10, 2022

They broadly describe revenge travel as a huge increase in people wanting to make up for time and experiences lost to the pandemic.

Eric Hrubant, the owner of CIRE Travel, a luxury travel agency in New York City, said that while the idea of travel as revenge didn't necessarily resonate with him, he saw it more as an attitude within the customers.

It's a proclamation of "Screw you, COVID, I can travel and I'm going to," he said. In his own words, Hrubant describes it as "revenge against 'rona."

If travelers have any animosity, it might be toward the idea of staying home this summer. Hrubant, who has been in the business for more than two decades, said the past few months have been the busiest he has ever seen, given the mix of limited staff, limited contacts abroad and plenty of new customers.

What should you keep in mind?

If you're one of those people who wants to get out and see the world, Hrubant's advice is to stay realistic.

"I'm definitely a person who should promote travel. But I would say if you haven't planned your trip to Europe for July or August, forget it," he said.

Hrubant said that if you are set on that European fantasy trip, try to wait until September or even October. That way you'll get a much better value, you'll deal with fewer crowds and you'll have a much wider variety of options for where to stay and what to do.

He also suggested keeping an open mind about where you might want to go. Many countries in South and Central America, as well as parts of Asia, have slowly started reopening.

Summer air travel could be expensive and chaotic. Here's how to avoid trouble

"This also could be the time to maybe do something more adventurous, where it's still not overrun with tourists," Hrubant added.

His final tip: Remember that everyone has had a rough past few years. Trying to return to normal has put a lot of stress on the fewer workers in the hospitality industry.

"Everyone is beat down and overworked right now," he said. "Be nice, be patient and just know that you're gonna have the best experience if you go into it with the best mindset."

More From Forbes

What is revenge travel and is it still happening.

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“Revenge travel” is a term that was passed around soon after the Covid-19 travel restrictions began to lift. For those unfamiliar, “revenge travel” is seemingly taking a trip that hasn’t been able to happen due to the pandemic. But now that travel numbers are up, is revenge travel still happening?

A 4x4 Hummer tour on the Hell's Revenge Trail in the Sandflats Recreation Area near Moab, Utah. ... [+] (Photo by: Jon G. Fuller/VWPics/Universal Images Group via Getty Images)

Why Is It Called ‘Revenge Travel’?

The term “revenge travel” started gaining popularity on social media in 2021. It can mean several things, including taking an ultra-exotic vacation, staying at a wellness center, revisiting a favorite city, or as simple as finally staying with friends and family a few hours away. Ultimately, “revenge travel” is about payback and taking that trip that was lost due to the global pandemic.

It’s not just an idea, either. The Transportation Security Administration (TSA) reports its daily checkpoint numbers and shows that travel numbers have steadily climbed. Airports worldwide also reported an increase in visitors, especially as vaccines rolled out and people began returning to their normal work schedules.

Is ‘Revenge Travel’ Still Happening?

Travel numbers have been declining in different parts of the world. According to the Airports Council International Europe, numbers are slightly down compared to 2019, before the pandemic began.

Additionally, another study done by Morning Consult found that high prices of travel are slowing travelers down. According to those surveyed, travelers are frustrated by some travel stress, such as getting delayed and disrupted. However, they also found that Gen Z is booking more travel and may surpass millennials' travel experiences.

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Best covid travel insurance plans.

Another trend that was found (that the U.S. Travel Association also reported on) was the lack of incoming international travelers to the United States and how it is hurting business growth. The Morning Consult report found that travel numbers from China are much lower than travel from other neighboring regions. This may be partly due to the travel being more restrictive.

Though travel in general is somewhat slowing down, wellness travel is one area that seems to be ... [+] picking up.

Instead, the travel trend that seems to be gaining strength is travel for wellness. According to The Global Wellness Institute, wellness tourism made up to $436 billion in 2020 . The Institute considered expenses international and domestically on accommodations, meals, transportation, shopping, and any additional activities.

Regardless of whether or not the term “revenge travel” continues to be used, plenty of people continue to engage in travel. Additionally, wellness travel seems to be the industry that is expected to grow the most.

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Will ‘Revenge Travel’ End in 2024?

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Over the past two years, travelers have packed airports, hotels and destinations with a fervor that earned the post-pandemic trend a label: “revenge travel.”

Demand from leisure travelers soared at hotels in 2022 as travel restrictions subsided. This year, Americans flocked to popular European cities faster than they did in 2019. From June to October 2023, TSA recorded seven of its 10 busiest days ever at U.S. airport checkpoints — and then the all-time single-day record for passenger traffic was set on Nov. 26.

Now, there’s a lingering question as 2024 approaches: Might revenge travel finally end?

Industry leaders split on the future of revenge travel

Ask 10 people in the travel industry, and you may get 10 different opinions.

At one end of the spectrum, some airlines continue to report that travelers are more than willing to pay for high-end business class seats, especially on long-haul overseas flights.

“Our core customer base is in a healthy financial position,” Ed Bastian, CEO of Delta Air Lines, said during the company’s most recent earnings call (a sentiment United Airlines executives noted on their third-quarter earnings call, too).

Some hotel executives are echoing the optimism. Despite economic uncertainty, “The consumer is still generally holding up well,” said Leeny Oberg, Marriott's chief financial officer, during the company’s November earnings call.

But other companies are starting to notice some changes.

Some airlines have reported decreased demand in recent months, contributing to financial losses. For instance, Southwest Airlines is pulling back on plans to keep growing its flight schedule in 2024, noting leisure travel trends have looked less strong and more like pre-pandemic times in recent months.

“There is no doubt that there is a slowdown occurring,” says John Grant, chief analyst at travel data firm OAG. “We’re talking about a softening. We’re not talking about a nosedive.”

Reasons revenge travel may not last

Consumer costs mounting.

Though inflation has cooled from its peak in June 2022, many everyday expenses such as groceries and rent remain more expensive than before the pandemic.

Plus, consumers now face high interest rates, resumed student loan repayments and, for many, a smaller pandemic savings cushion, says Cara McDaniel, a professor specializing in macroeconomics at Arizona State University’s W.P. Carey School of Business.

“Life is looking a little less affordable,” McDaniel says. “People, even if they are OK, might not be feeling the urge to splurge. So I imagine that’s going to drag on travel.”

A return to 'normal'

There’s also the theory that a return to more traditional routines is inevitable.

“People traveled more frequently, or spent more on extravagant vacations after being unable to do so during the pandemic. Now, most travelers are reverting to regular travel spending habits,” Emmy Hise, senior director of hospitality analytics at data firm CoStar, said in an email.

She noted that hotels at popular U.S. vacation destinations started seeing demand slide this past spring — though while still outpacing 2019.

Why revenge travel could stick around

More approachable travel prices.

According to NerdWallet’s most recent Travel Price Index , the overall cost of travel in October was down about 2% from the same month in 2022, helped primarily by cheaper airfare .

As airlines have hired staff and brought planes back into service, the supply and demand equation is more favorable for consumers than it was a year or two ago.

During this fourth quarter of 2023, the eight largest U.S. carriers are flying with nearly 17% more seats compared with the fourth quarter of 2021, according to airline scheduling data from aviation analytics firm Cirium.

To entice travelers to buy tickets, Southwest executives told analysts they’ve had to offer cheaper tickets on less crowded days like Tuesdays and Wednesdays. Other airlines (particularly low-cost carriers) have offered steep discounts and promotions of late, too.

For travelers, more approachable prices could be reason enough to book another trip.

Bucket lists still unsatisfied

Several industry leaders have also cited an enduring willingness from consumers to spend on travel and sacrifice other purchases instead.

Michael Daher, vice chair and U.S. transportation and hospitality leader at consulting firm Deloitte, said in an email that his team has tracked an “overall decline in financial well-being” over the last year, including still growing concerns about savings.

But, he added, the company’s survey data also suggests consumers hope to travel nonetheless, perhaps merely electing to fly on a cheaper ticket type, like basic economy .

“We may be moving from ‘revenge travel’ to a period of reprioritization that values travel highly,” Daher said.

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On a similar note...

Revenge travel is over - it’s time to embrace better reasons for seeing the world

Lauren Tamaki/Handout

Last fall, I stood on the edge of a cliff, high above a rushing river, pretending I needed to take a picture of the scenery so that I could hide my desperate need to catch my breath. The hike was one of many I’d tackle at the Mountain Trek Health Reset Retreat in Nelson B.C., an elite, wellness experience that placed hiking poles in my hand, a sugar-free and fat-limited diet on my plate and hill after bloody hill in front of me. No matter how fast I willed my legs to carry me upward, everything in me demanded that I slow down. The whole experience was entirely foreign to the way I’ve travelled since our collective grounding in 2020.

Before the pandemic, my life as a travel journalist meant that I’d been a regular, but fairly blasé traveller. I took for granted that there would always be another trip on my calendar and that the colourful pins in the map in my living room, where my husband dutifully charts our family adventures, would continue to accumulate. But shortly after I returned home from Porto, Portugal, that February, the world came to a horrifying stop.

Within days of cancelling my first flight, I bought sexy, new luggage. It was my personal revolt against what was happening, a promise to myself that, given the chance to travel again, I’d be ready to go. So many of us did something similar and when the skies opened a few years later, airport concourses were clogged with travellers. The idea of “Revenge Travel” was born. We would get back at the pandemic by recouping all the time abroad it stole from us, those celebration trips, bucket list vacations and family gatherings that were lost.

For many of us, the pandemic payback continues. According to Statistics Canada, 2023′s tourism revenue is estimated to come in at $109.5-billion or 104 per cent of 2019 levels. The getaway resurgence has continued despite inflation and higher travel costs. That may shift this year. CNBC reported on a study by Morning Consult that Canadians’ interest in travel has dropped, in part because of a reduction in the anger and urgency we once felt.

Revenge as a reason for travelling simply isn’t sustainable. Travel has never been just about taking the trip. It’s about being present while you’re on it. It’s about pausing and looking at where you are and asking yourself the tough questions about why you’re there. I may have set out on my post-2020 whirlwind of adventures simply because I could, but by the time I paused, I knew there were so many other things that had brought me to that B.C. mountain: health scares, worry about aging parents and the stress that comes from being an empath during a global pandemic.

I’ve always travelled with the intention of finding good in the world. I try to remain open to changing my mind about the things I think I know (What good manners look like. What makes a destination safe) and remembering the important things I sometimes forget (That we are more alike than different. That the world runs on the kindness of strangers). There’s no room for revenge in any of that. It’s time to think harder about the impact to our planet and ourselves if we continue at this pace.

For those struggling with what comes next, I offer this. Let’s lean into taking the kinds of trips that leave us better for having travelled. The trips where we slow down long enough to hear what the places we visit have to teach us. It will take some practice. It will mean abandoning endless bucket lists and extending more empathy and patience on the go. It will absolutely require slowing down. Transformation is incremental rather than immediate. How can you absorb one experience when you’re already preoccupied with planning the next one?

My years of travelling vengefully are over. I’m not sure if there are more challenging mountain hikes in my future, but if there are, I’ll pause on that cliff and not just to catch my breath. I’ll take in the majesty of the view and consider the tiny place I take up in the world. And I’ll lean into the lessons that come from doing hard things – one more considered step at a time.

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Is the end of "revenge travel" a threat to tourism etfs.

The term "revenge travel" emerged after the initial waves of the COVID-19 pandemic, describing the pent-up demand and eagerness of consumers to travel again after long periods of lockdowns and travel restrictions. This surge in travel activity was a reaction to the frustration and confinement experienced during the pandemic, leading to a robust recovery in the tourism and hospitality sectors.

However, the era of pent-up travel demand driving global travel recovery post-Covid is over, according to Intercontinental Hotels Group CEO Elie Maalouf, as quoted on CNBC. He pointed out that people began traveling in earnest towards the end of 2020. The firm’s recent quarterly report revealed that travel demand stayed strong through the latter part of the summer season.

Should You Fear the Trend?

After the initial surge, the market is likely to stabilize or even see a decline as the pent-up demand is satisfied. However, investors should not be worried about this waning trend as reaching the pre-Covid level is a natural-phenomenon.

Elie Maalouf highlighted the company's optimistic outlook, citing their bookings for groups and meetings extending into 2024 and beyond as some of the strongest they've observed in a long while. The latest IHG quarterly update indicates a revenue per available room (revpar) increase of 10.5% compared to Q3 2022 and almost 13% compared to Q3 2019.

China: A Challenging Region?

Despite the global positive trends, there has been a 3% decrease in revpar in prominent Chinese cities since 2019, mostly due to their reliance on international travelers. Maalouf attributed the slower recovery in major cities like Beijing and Shanghai to reduced flight capacities. However, domestic travel across the country, especially in mid-sized and smaller cities, has surpassed 2019 levels.

Occupancy and Room Rates at Decent Levels But Inflation is a Concern

The occupancy rate at IHG hotels in the third quarter was recorded at 72%, only 1% below pre-pandemic levels. Average room rates have risen significantly above the 2019 figures, with a rise of nearly 6% in China, 15% in the Americas, and 24% in Europe, Middle East, and Africa (EMEA) and Asia. However, Maalouf noted that these increasing rates are barely outpacing inflation.

U.S. Travel Demand High in Holiday Season

According to industry experts, demand is high this holiday season, especially given that Christmas and New Year's land on weekends. According to a survey by Hopper, 86% of holiday travelers plan to fly for one or both holidays this year, as quoted on USA Today.

ETFs in Focus

Against this backdrop, below we highlight few travel ETFs that could be tapped for gains in the near term.

ALPS Global Travel Beneficiaries ETF JRNY

The underlying S-Network Global Travel Index identifies exchange-traded stocks of companies that are materially engaged in the global travel industry. The fund charges 65 bps in fees.

AdvisorShares Hotel ETF BEDZ

This ETF is active and does not track a benchmark. The AdvisorShares Hotel ETF is an actively managed exchange-traded fund that seeks to achieve its investment objective by investing at least 80% of its net assets in securities of companies that derive at least 50% of their net revenue from the hotel business. The expense ratio of 0.99%.

Kelly Hotel & Lodging Sector ETF HOTL

The underlying Strategic Hotel & Lodging Sector Index consists of the stocks or corresponding depositary receipts of companies engaged in the creation, development, production, operation, provision, distribution, servicing, licensing, leasing or franchising of at least one of Hotel & Lodging Services or Hotel & Lodging Operations. The fund charges 78 bps in fees.

Defiance Hotel Airline and Cruise ETF CRUZ

The underlying BlueStar Global Hotels, Airlines, and Cruises Index is a rules-based index that consists of globally-listed stocks of companies that derive at least 50% of their revenues from the passenger airline, hotel and resort, or cruise industries. The fund charges 45 bps in fees.

(Disclaimer: This article has been written with the assistance of Generative AI. However, the author has reviewed, revised, supplemented, and rewritten parts of this content to ensure its originality and the precision of the incorporated information.)

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AdvisorShares Hotel ETF (BEDZ): ETF Research Reports

Defiance Hotel, Airline, and Cruise ETF (CRUZ): ETF Research Reports

ALPS Global Travel Beneficiaries ETF (JRNY): ETF Research Reports

Kelly Hotel & Lodging Sector ETF (HOTL): ETF Research Reports

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America is about to go on vacation

• 2022 is primed for a travel boom that could be busier than pre-pandemic times.
• Americans are seeking "revenge travel" as the Omicron variant recedes, The Washington Post reported .
• But the travel industry, still experiencing a labor shortage, could be underprepared.

A travel boom is coming. 

You may be thinking you've heard this before, and you'd be right. Last summer, a newly vaccinated America fresh off its last stimulus and an economic reopening began packing its bags. Americans booked plane tickets and hotel rooms, sending travel and leisure spending up before slowing down every time a new variant swept through.

Now that the latest pandemic wave is waning, travelers are optimistic yet again. Hospitality and travel professionals said they've seen an upswing in demand as Americans plan spring and summer getaways, reported The Washington Post's Abba Bhattarai . She called it "revenge travel," in which Americans are taking advantage of a pandemic lull in the event another variant emerges. But the travel industry may be ill-prepared for the influx of travelers thanks to a mass labor shortage.

Related stories

While economists are unsure about the extent of this spending boom, it's different than last year's in that it comes during 40-year-high inflation and won't be propelled by government stimulus checks.

"I do expect things to bounce back, but in a broader context, spending has already been very strong," Mark Zandi, chief economist at Moody's Analytics, told The Post. "Omicron dented the economy but did less damage than previous waves."

Making up for lost time

Brandon Berkson, founder of the New York-based travel company Hotels Above Par, told CNBC last month that travel will be even busier than pre-pandemic times thanks to consumers who have a stronger desire to travel than ever before. "People want to make up for lost time," he said.

Monthly consumer spending on hotels and motels, air travel, and amusement parks and campgrounds is the highest it's been since the coronavirus recession, according to data from the Bureau of Economic Analysis. Travelers are also willing to drop more than usual after another pandemic winter, Bhattarai reported, with couples tripling or quadrupling what would have been a $25,000 budget before the pandemic.

If 2021 is any indication, it's likely this wealthier cohort will drive a good chunk of this year's travel spending. A survey from Accenture and TripAdvisor that polled 1,000 Americans last year found that six-figure earners were leading the way in the jetsetting life, headed up by wealthy millennials .

But it's not just wanderlusting Americans fueling the travel boom. So, too, are business travelers, the majority of whom believe there will be a business travel boom within their industry by the end of the year as companies resume a sense of normalcy.

It's contributing to the rise in " bleisure, " or trips that combine business and leisure. Think heading down to Miami for a two-day conference, and staying for an extra few days to make a vacation out of it. It's similar to a " workcation ," another pandemic travel trend in which travelers stay in a locale for an extended period of time to switch up the work-from-home life.

While all this travel helps stimulate the economy, the travel industry may not be quite ready for such activity. As CNBC reported, the industry (like many others) is suffering from a labor shortage thanks to layoffs and workers quitting in hopes of finding better working conditions. With fewer pilots and crew, airlines have had to cancel or change flights and drop routes from their flight schedule altogether. 

As Manoj Chacko, executive vice president of the business management company WNS, told CNBC, "The speed and force of demand could catch some travel industry players off guard."

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Is the party over new data suggests revenge travel may be ending soon.

The era of unabated "revenge travel" may be coming to a close.

New reports show that, after years of inflation and rising travel costs, travelers may finally be curtailing their travel plans.

A new report by the research company Morning Consult shows that travel intentions are increasing in several countries, but flatlining or falling in others, most notably in Europe.

Intentions to travel dropped 11 percentage points in France and six in Germany since 2022, according to Morning Consult's "The State of Travel & Hospitality" report published in September.

Interest to travel also fell in Canada and Russia (-4 percentage points each), the survey showed.

As to whether this suggests pent-up demand is ending: "Yes, our data suggests that is so," said Lindsey Roeschke, travel and hospitality analyst at Morning Consult.

"That's not to say that travel will decline significantly again, but ... in short, the majority of those who were waiting to take their 'reven... [Short citation of 8% of the original article]

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