U.S. Travel Spending Shows Signs of Cooling: Bank of America Card Data
Skift Take
Some macro numbers show spending is still growing overall. But new data from Bank of America indicates that Americans have cut back on lodging, tourism, and flights.
U.S. spending on tourism appears to be softening after two strong post-pandemic years, according to Bank of America's latest credit and debit card spending data.
For the year through March 22, spending on lodging services and tourism-related services was about 2.5% below last year's levels, while airline spending showed an even steeper decline of around 6%.
"With the labor market still in relatively good shape for now, softer travel spending may not signal a 'red light,' but rather a shift to yellow," wrote David Michael Tinsley, senior economist at Bank of America Institute, in a report on Monday.
Mixed PictureThe bottom isn't falling out. Consider:
Weekly card spending on lodging and tourism-related categories remains roughly 10 per