Americans are now more than ever booking vacations for the following period of six months. The percentage of holiday goers skyrocketed in October encompassing any hike point recorded since 1978. Americans increased consumer confidence as well with this new relaxed approach regarding their spare time.
The National Economy Shows Signs of Increased Powers
It is confirmed. The United States spent more funds on planned vacation last month than ever before in the past decades. This upscale spending reflects a healthy labor market and a revitalized stock market.
The Dow Jones Industrial Average index jumped to record values. At the same time, the unemployment rate plummeted to 4.2% which is the lowest percentage in the last 16 years.
Conference Board has also measured the consumer confidence which hit 125.9 points in October. This increase is the highest since the year of 2000.
This index reveals how consumers are feeling about the present and upcoming financial realities. The more taxpayers rely on current economic conditions, the more powerful the national economy becomes.
Consumer Confidence Skyrocketed Mainly Thanks to an Explosion of Vacation Spending
The triggers that enabled this positive framework were various, yet one of them stood up the most, namely travel spending. The percentage of American citizens who booked vacations in October increased by 11% to 63.5%. By comparison, only one in three consumers planned a vacation in April 2009. This period of time was tackling massive bleedings due to the Great Recession.
Almost half of the surveyed consumers planned a local vacation, while 14.5% eyed a foreign destination. One-quarter of Americans plan to resort to airport services while another quarter plans to travel by rented cars in the following six months. This way, travel companies, cruise services, and hotel chains secured a great position for themselves during this flourishing period of time.
However, there are large differences between income levels. Those who earn $25,000 to $34,999 a year scored 105.9 in confidence points. This maintains a decreasing line that started with the presidential elections. On the other hand, households with at least $125,000 scored 160.9 points in confidence.
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