Travel + Leisure Co Debuts Today, Reveals First Look at New Travel Products & Services
Recent years have witnessed a paradigm shift toward experience rather than goods. Spending on consumer durables, apparels have faltered while, experiential spending on recreation, travel, and eating have seen rapid growth. The trend is in sync with growing number of global outbound tourists in the last few years. The robust growth is expected to continue in the estimated future, driven primarily by the expansion of low cost airlines, government initiatives, and technological advancements. For some airlines, the rise of remote working, online conferences, and pandemic-era restrictions wiped out nearly 75% of their income.
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