The latest Longwoods International tracking study of American travelers shows that 92% of travelers have plans to travel in the next six months. However, financial and transportation costs are noteworthy concerns. Specifically, 22% of travelers stated that transportation costs, including gas prices, would greatly influence their decisions, with 41% reporting a moderate to significant impact from gas prices. Additionally, 28% of respondents noted that concerns about their personal financial situations would affect their travel choices. The study also revealed that 43% of travelers claimed the political reputation of a destination does not influence their travel decisions. However, 23% said it influences their decision but is not the main factor, and 14% avoid certain places specifically due to political affiliations.
Based on Oxford Economics’ July 2024 US Outlook, the economic forecast shows a favorable environment with an annual projected GDP growth of 2.3%. Decelerating inflation is boosting real disposable income and consumption, benefiting the housing and manufacturing sectors. The labor market is softening but remains stable, with payroll gains outpacing layoffs. Inflationary pressures are easing, with cooling rent inflation expected in the latter half of the year, though higher shipping costs may offset some benefits. The Federal Reserve is anticipated to cut rates in September and December, with post-election fiscal policies potentially becoming more lenient. This outlook presents a cautiously optimistic scenario for the hospitality industry.
Barb is the president of NASTRA and has spent her professional career in hospitality and real estate. After acquiring her first short-term rental in 2018, Barb moved her focus to legal advocacy after she sued the city of Nashville over a permit issue. Over the last three years, she has mentored more than 2,800 new STR hosts and is the Community Leader for Airbnb in Nashville, as well as an Airbnb “Ask a Superhost” Ambassador. Barb has appeared on numerous radio broadcasts, television shows, and podcasts to talk about her love of hosting. She also manages and co-hosts a number of short term rentals across Tennessee and Arkansas. Barb and her husband Pat own a hotel brokerage, development and consulting company. Look for her upcoming podcast series, “Women of Airbnb.”