Global Economy: Is A Travel Boom On The Way Due To Loosening COVID Restrictions?

Though the COVID-19 pandemic brought the travel industry to a halt from 2020 into late 2021, the wait appears to be over for those who plan to spend big on travel in 2022.

According to a survey published Wednesday by ValuePenguin, many consumers feel good about travel in 2022. The two contributing factors were funds saved during the pandemic and the increased prevalence of remote work.

The survey found that 45% of Americans plan to travel in 2022, making up for lost time and seeing loved ones, as travel restrictions ease globally and more people are vaccinated against COVID-19. They also plan to spend, with 53% saying they will spend $3,000 or more on travel this year.

“There’s no question travel has started to make a comeback as things have begun to return to normal,” said Sophia Mendel, a travel rewards and credit cards writer with ValuePenguin.

“There's a greater sense of security now that more countries are starting to relax COVID-19 restrictions, many people are fully vaccinated and people have honestly just gotten used to living in a post-pandemic world,” she said.

A little over half (53%) of respondents also said that their top motivation for traveling was feeling safe post-vaccination, while 31% said that they believe COVID-19 cases will continue to decline globally.

Meanwhile, 22% listed the loosening of pandemic-related restrictions as a reason for traveling again in 2022, as further restrictions are expected to be lifted. Despite recent progress, doctors have warned that the pandemic is not over.

Despite the numbers, not everyone is ready to travel just yet. The survey showed that 51% felt worried about COVID-19 variants, 31% responded that they were saving money, and 28% said that inflation made traveling more expensive.

While many in the U.S. feel good about traveling again, the rest of the world will experience challenges.

The World Tourism Organization reported that international travel in January 2022 increased by 130% compared to the same period last year. Still, there may be some hesitance abroad due to the war in Ukraine and the sanctions against Russia.

The World Bank on Wednesday said trade disruptions from the war threaten a debt crisis in dozens of low- and middle-income countries, which will affect people's ability to travel.