Travel Industry a Beneficiary of ‘Seismic’ Shift in Consumer Spending
Photo Credit: U.S. consumers are tilting their spending away from consumer goods toward services, such as those for travel. Expedia believes U.S. travelers will take vacations regardless if they choose to travel domestically or abroad. Expedia
Skift Take
There are innumerable factors that impact the health of the travel industry but the latest U.S. government numbers on retail spending lead to the conclusion that consumer spending habits are changing. There is a shift in emphasis from purchasing consumer goods toward buying services such as travel. That's a classic tailwind and a very healthy trend indeed for the gamut of leisure-travel businesses.
There is a broad shift under way in U.S. consumer spending that could have very positive implications for the travel industry if the trend persists.
Analyzing the federal government's July 2016 numbers on retail sales, the Wall Street Journal pointed Saturday to a "seismic shift in consumer spending."
"Americans are still splashing out, but they are splurging less on goods such as apparel and electronics and more on entertainment, travel and health care," the Wall Street Journal states.
While the government's numbers showed that overall retail sales, including
