Inflation drives high-income consumers to trade down—and up: Affluent shoppers are spending more at Walmart and Aldi, but a strong dollar is keeping luxury demand robust.
More businesses engage with creators: $5 billion will be spent on influencer marketing this year, up more than $1 billion from 2021, in part driven by the return of travel and travel marketing.
The US travel industry is well on its way to a full recovery from 2020’s pandemic-driven nadir, and with this recovery has come a return to ad spending. Travel industry players upped their digital ad budgets by 42.7% last year, and we forecast a 22.5% boost for this year. Next year, travel will grow its outlays faster than any vertical we track.
As of August, 65% of US adults said they’d spent more on groceries and less on experiences in the past six months. Meanwhile, 59% agreed they’d spent less on experiences such as travel and dining out. Adults also reported focusing on savings while forgoing big-ticket purchases.
Consumer spending on travel soars in Q2: That’s why companies like Airbnb and American Airlines are far more bullish than retailers about their outlooks for the rest of the year.
US travelers want COVID-19 vaccine passports