Retail (Consumption)Watch video
Domestic air travel is outpacing initial forecasts. Security screenings in the U.S. are roughly 30% below 2019 levels, but with most international borders shut and most corporate travelers still grounded, the domestic leisure market is disproportionately driving the rebound.
Fare discounting is comparatively limited, showing that COVID-related travel impediments lay at the root of 2020’s crisis, a weak consumer or shifts in attitudes to air travel.
While COVID-19’s aftermath may take a toll on business traveler behavior, we do not believe any lasting consumer damage has been done. There may be an argument in favor of increased future spending.