Travel slows amid rising costs and growing political tensions. Is mass global tourism at risk and who loses if it is?
Cracks are emerging across the tourism industry, revealing just how fragile the global economy is. Only 42% of Americans said they’d be taking a summer vacation this year, the lowest percentage since 2013, according to Allianz Global Assistance’s 11th annual Vacation Confidence Index. Financial concerns are the primary reason, with nearly two-thirds of Americans saying they either do not have the money, or do not want to spend their money on a vacation. So much for the best economy in history!
As the costs of staying in the middle-class climb higher, families may slash spending on vacations, or fall into debt to fund them. A 2017 survey by LendVest found that Americans were willing to borrow up to $1,108 in debt for a vacation. This co...
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