Travel Firms Brace for Slowdown in Consumer Demand in 2024

Travel booking companies foresee moderation in consumer demand in 2024.

Consumers have less pandemic savings left, mostly concentrated among the top 20% of households.

Middle and lower income consumers will struggle with less cash flow growth compared to 2022.

At the very high end, travel spending likely stays strong, but weaker demand expected in middle/lower end.

Wage growth, job openings declining, pointing to normalization in leisure/hospitality labor market.