Travel Agency Sales Remained Strong in February
by Daniel McCarthy /The travel industry continues to show strength in the early part of 2024. That’s according to the latest data from the Airlines Reporting Corp. (ARC), which released its February 2024 report late last week.
ARC tracks monthly sales, passenger trips, fares, and more inside the travel industry and, according to that data, here is where the industry stands as of the end of February 2024:
- U.S. travel agencies sold a total of $8.9 billion in February 2024, a 6% increase year-over-year, and the second straight month with agency sales setting a record.
- Total passenger trips increased 9% year-over-year, though trips were down 5% compared to January.
- Both U.S. domestic trips (11%) and international trips (5%) were up year-over-year. Both were also down compared to January.
- The average air ticket price is now $573, essentially unchanged from the same time in 2023.
Overall, the data shows a continued strength for the travel industry, along with a lean toward domestic travel in the early part of the year.
“Americans continue to prioritize domestic travel in the early part of the year, with year-over-year trips to U.S. destinations outpacing those of international trips,” said Steve Solomon, chief commercial officer at ARC. “Airlines are seeing robust demand from both corporate and leisure travelers, signaling the continued health and anticipated growth in air travel for 2024.”
February was typically a weaker month for total sales both in 2023 and pre-COVID when compared with January, and to see that level hold steady this year, is a good sign for an industry that has shown increasing signs of strength since the post-pandemic boom started.
March through May are typically the strongest months of the year for sales according to ARC’s historical data, which should reveal more about how the industry is trending for 2024.