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Talk about a roller coaster! There hasn’t been a wilder ride since the onset of the COVID pandemic than the travel and entertainment industry, both of which were devastated and essentially shut down for much of the last two years.
With the recovery underway, the spending categories that carried us through the pandemic are essentially dead. Travel and entertainment are now the beneficiaries of consumer spending shifts.
Canceled and delayed flights, along with early check-ins, mean travelers are spending more time in airports, with increased time for shopping and dining. Airport renovations in the U.S. (think LaGuardia) are following the European model so that travelers will navigate the retail spaces before arriving at the gate. This is a major change from the current U.S. model that concentrates on movement from curb to plane, with retail spaces as an afterthought.
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