While getting out there and seeing the world has never been far from the list of top priorities for millions of Americans, that desire to travel has recently gone into overdrive.
Both dollars spent and trips taken have reached record highs this year, with Americans willing to travel more and spend more than ever before.
But why is this happening now, at a time when inflation is pushing the cost of travel to eye-watering heights? One phenomenon that has been highlighted as the cause is so-called "revenge travel."
This is what experts have called the boost to the travel economy triggered by years of pent-up demand, partly as a result of the pandemic. So, why is Vacation Vengeance still running hot, and how can you benefit? Read on to find out.
Why Is Revenge Travel Still Happening?
Some might have figured that, after the post-COVID surge died down, travel would return to more modest levels.
However, both international and domestic vacations are still booming. Some of this might be due to the fact that people are still taking canceled vacations that they couldn't go on back in 2020.
However, other factors are at play. For some groups of Americans, particularly higher earners, their spending power has grown even as inflation has run rampant.
Meanwhile, the "social media factor" from platforms such as TikTok is also causing destinations to go viral and encouraging Americans to spend on travel where they might not have done so before.
Where Are People Going?
So, where are people actually going? Domestically, a few destinations stand out. Our very own Phoenix, AZ, emerged as the hottest domestic travel spot in the wake of the pandemic, thanks to burgeoning adventure and luxury industries, as well as a newfound cachet among the more "hip" class of younger travelers.
Other domestic hotspots include the stalwarts of New York City, Orlando, and DC, as well as some newer contenders such as Austin and Salt Lake City.
If you own a vacation rental in Phoenix or any of these cities, now could be the time to cash in on this soaring demand for high-class accommodation.
How Can You Benefit?
If you own property in a tourism hotspot that you aren't using, it's time to put it to work for you. As demand goes up, you'll find that tourists are willing to pay more and stay longer at your vacation rental.
With the right vacation rental business management service, you can ensure your property is fully booked throughout the tourist season and beyond. You don't even need a spare property.
The right property management service can even help you rent out your spare room to tourists looking to experience all of the adventure and culture that Phoenix has to offer.
Get More From Your Phoenix Vacation Property
The revenge travel boom won't last forever. That's why now is the time to get more from your Phoenix property.
At Phoenix Property Management, we can help you just that. We can manage guests, handle repairs, help you find the right bookings, market your property on the right platforms, and more.
To find out exactly how to start making some serious passive income from your property, feel free to conduct a free rental analysis and see how much money you're currently missing out on.
