In 2020, the world as we know it came to a halt. However, with a loss of revenue of over USD 766 billion, the travel market was arguably the most affected.
Not until 2021 was revenge travel introduced to the tourism world. It was a new trend added to its ever-growing repertoire.
Studies showed tourists wanted to travel more than ever after the pandemic. Thus, it coined and established this latest craze.
Two years have passed, so is the trend still active? Does it affect your vacation rentals?
Read on until the end to find out!
Revenge Travel Origins
Millions of vacations were put on hold when the pandemic shut down travel operations. For over two years, people missed out on bucket list experiences and the joy of exploring new worlds.
When it ended, many vowed to make up for the lost time. Visitors were eager to get out of their homes and travel again. Studies by Skyscanner show that 77% of people said they would travel more when allowed.
With a drastic rise in bookings for flights and hotels, the media coined "travel revenge." The phrase implies taking revenge against the pandemic that prevented people from traveling.
Is Travel Revenge Popular Today?
In the past, going on a vacation was seen as a luxury. Yet with countless budget airlines, it's no wonder it's now almost treaded as a hobby.
Millions of visitors flocked to the nation after the U.S. eased COVID restrictions. Around 51 million tourists visited in 2022, 36% lower than its pre-pandemic levels.
Nevertheless, 2023 is the first year without any regulations. Experts predict the number of travelers will reach pre-pandemic levels by the end of the year. Also, with no restrictions, peace of mind, and motivation for tourists, they believe 2024 will break all records.
Is the Travel Industry Benefiting From Revenge Travel?
If you owned vacation properties, you would have suffered financially for two years. Hopefully, you still have your long-term investments. That's because there's a significant increase in trip planning nationwide.
Last year, the short-term vacation rentals market stood at just over USD 100 billion. But by 2030, it will reach USD 228.9 billion. This 128% increase highlights the demand for these properties in the future.
There are countless ways the travel industry is benefiting from travel revenge. The following are some of the most prominent:
- Generating more job opportunities
- Driving demand for vacation rentals
- Gaining back lost income from the pandemic
- People now spend more time on vacation, leading to higher spending
- A rise in workstations for the business tourism market
With a property manager, a robust strategy, and top communication, you could be sitting on a gold mine.
Revenge Travel Is Here to Stay
Most industries suffered during the COVID-19 pandemic. But none more so than the tourism market.
If you were part of the organization, you may have felt no light at the end of the tunnel. Yet, now is your time to shine. Revenge travel is in full swing, and it's here to stay.
Buy an investment with PMI Puerto Rico to get ahead in this industry. Then, turn it into an in-demand property and generate the passive income you deserve!