In a series of interviews with CNBC, big travel and hospitality CEOs are pushing back against fears of an economic recession, saying that summer travel will rebound sharply. “We think this summer is going to be gangbusters for travel,” Marriott CEO Tony Capuano told CNBC last week.
Despite concerns of inflation and rising costs, Expedia CEO Peter Kern said he does not see travellers cancelling plans as there’s so much pent up demand after the pandemic. “We haven’t seen any signs of consumers being impacted in terms of travel spend,” said Kern.
Booking Holdings CEO Glenn Fogel revealed that gross bookings for summer 2022 are already 15 per cent above 2019 levels.
Pebblebrook Hotel Trust Chairman and CEO Jon Bortz later added that he doesn’t see economic slowdowns leading to a drop in travel bookings. “There is so much emotion attached to travel right now… [that] people are not going to cancel a trip to see their family for the first time in two years,” he argued.
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