The article discusses the current landscape of travel and accommodation, highlighting the pressures of rising prices and changing consumer behavior. Travelers are feeling the impact of inflated costs and diminishing services in traditional options such as airlines and hotels. Alternatives like HomeExchange and Kindred are gaining traction as community-oriented and more affordable choices. A Deloitte survey indicated that many people are switching from flying to driving due to high prices. Interestingly, despite these shifts, higher-income travel remains robust among companies in the airline and hospitality sectors.
Nearly a quarter of survey respondents in April told Deloitte that high prices had prompted them to drive rather than fly in the past year.
Makarand Mody noted that the divergence between the bottom and the top of the short-term rental market is increasing.
Platforms like HomeExchange and Kindred have been seeing huge swells in popularity, advertising as affordable, community-oriented alternatives to traditional accommodations.
Despite rising prices, companies like airlines and hotels are observing healthy profit margins, indicating that higher-income travel remains strong.
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