Wave of summer travel expected over July Fourth holiday as hot inflation loosens grip

FILE - Travelers line up for security clearance at Hartsfield-Jackson Atlanta International Airport on Friday, June 28, 2024, in Atlanta. NEW YORK —

The hot travel forecast comes amid broader worries that consumers are becoming more cautious on spending outside of necessities, which is a key factor to a cooling economy. Inflation has eased significantly from its peak in 2022, notably on costs for travel and vacations. The forecast, along with encouraging financial updates from cruise lines, bodes well for a sector that would typically suffer if consumers start cutting back on discretionary items and services.

Consumers continue to face pressure from inflation on a wide range of goods, but travel-related items including airline tickets and hotel costs have eased significantly from a year ago. Hotel room prices were 1.2% lower in May compared with a year ago, according to recent government inflation data. Those costs have been trending lower since the beginning of the year.

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