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A Lackluster Summer
Good reads showing the light at the end of the tunnel
Market Insights on Wine Tourism, Future Market Insights Revenue contribution from wine tourism is expected to reach $13.9 Billion in 2023 with an expected surge in revenue to $47 Billion by 2033. The U.S. dominated the global wine tourism market and contributed a 17.1% share in 2022; the 46-55 years age group also dominated tourism in wine regions with a share of 23.1% in 2022. Wine tourism is experiencing steady growth, driven by increasing interest in wine, experiential travel, and the rise of culinary tourism. ‘Wine tourists’ are seeking educational experiences to deepen their knowledge and appreciation of wine, leading to the trend of wine education and experiential learning.
U.S. May 2023 Overview: Short-term rental Occupancy is Down but Net Reservations Are on The Rise, Key Data According to Key Data, short-term rental occupancy in May was 6% lower than in 2022 and 13% lower than in 2021. Pacing reports from Key Data indicate that Q3 2023 occupancy rates are registering at 55% as of midJune—that is 7% behind Q3 2022 and 12% behind 2021. Average daily rates of short-term rentals across the U.S. decreased by $12 over May 2022, a third month of year-over-year decreases in 2023. Pricing power has declined in the face of lower occupancy rates and property managers face more competition due to increased supply on the market.
Summer Travel Outlook 2023: Is Demand Taking Off? J.P. Morgan Despite the cost-of-living squeeze, consumers in most regions around the globe continue to prioritize vacations abroad. According to J.P. Morgan’s research, U.S. domestic travel revenue in the second quarter of 2023 is starting to pace toward that of the second quarter of 2022, but this is largely offset by surging international demand. Resurgent travel demand is also a tailwind for the airline industry, which continues to enjoy robust ticket sales. Airline capacity for both short and long-haul flights in Europe remains below 2019 levels due to ongoing staffing and aircraft shortages; this supply-demand imbalance continues to push airfares higher