Ukraine in flames, interest rates on the rise, driven by price increases much higher than the estimates of a few months ago. And the number of experts who speak openly of the risk of recession is multiplying. But among the many negative notes at the beginning of the year, one positive signal stands out: the dam of private consumption is holding up. Starting with the desire to travel, frustrated by the years of the pandemic. And so, although the problems of business travel have not ended, partly replaced by virtual meetings, the travel sector has given the stock markets one of the few reasons to smile. In short, the people of suitcases acts as a dam to the creaking of tanks.
The big names in tourism make record accounts despite the crisis
Two champions of the way of traveling in the age of the Internet and the digital economy sounded the charge. Expedia, the platform that manages travel reservations (and cancellations) closed the quarter with a turnover of 18,7 billion dollars, more than double a year ago (8,6 billion). More significantly, turnover exceeded pre-Covid levels, also thanks to the boom in bookings for vacation rentals managed by the subsidiary Vrbo (+97%).
No less impressive are the numbers of Airbnb. Revenue climbed 78% to $1,53 billion, better than forecasts. The offer of temporary rentals has returned to rise beyond the levels of 2019, the CEO Brian Chesky, who had the courage to launch the IPO at the most dramatic moment of the lockdown, predicts that bookings for next summer are destined to beat (+25%) past records.
American Express confirms the increase in travel-related expenses
Such optimism is confirmed in the American Express accounts: Travel-related expenses increased by 44% in January. But also in airline summer bookings. Meanwhile, the second Heathrow terminal closed two years ago reopens its doors. And within a few days the requests from the companies exceeded the supply of spaces. Italy is also participating in the trend: 80% of Italians have resumed travelling. According to research by EY Future Travel Behaviors, 60% of respondents in 2022 will adopt the same pre-pandemic travel habits; 1 in 4 plans to increase the number of trips.
The positive signals come from the world of family tourism. But Marriott accounts, the first hotel chain in the world, offered a better picture than expected, on the wave of quarterly profits of 1,1 billion dollars, largely the result of the boom in the Middle East (Dubai in the lead), even if the average price of a room is lower (-16%) than those practiced in 2019. In short, the 2022 season, after the difficulties created by the Omicron variant, promises well, even if for now the lion's share of bookings has been made by Spain, the quicker to attack the market.
Airbnb: “We are the answer to inflation”
But from the accounts of the sector they emerge new trends for the typical traveller which, thanks to the new organization of the labor market, assumes the connotations of a nomad in constant motion. The prophet of the system is the same Brian Chesky, the number one of Airbnb who undertook a long tour of the world to demonstrate that it is now possible to live twelve months a year by taking advantage of the homes in the network, especially for medium-long stays.
Now a fifth of users, he says, rent for at least a month and favors the most comfortable residences even if out of the way. And a significant share of customers (800 million requests since last May when the service started) responds to the "I'm flexible" service, the digital version of the "last minute" formula, which offers the cheapest deals to those who want to take a trip without a preference for destination or calendar. “We are a good response to inflation that puts people's lives at risk,” Chesky said, presenting the first quarter with the plus sign of the San Francisco company that has resisted the pandemic.
