Will a US Recession Derail the Travel Recovery?
Recorded On: 10/19/2022
Oxford Economics expects the US to enter a recession in the first half of 2023. This is an ominous prospect as travel spending falls by roughly twice the rate of the economy in a typical recession. However, the market for travel is uniquely well-positioned to weather a downturn given the state of household finances, traveler sentiment, and the business travel recovery cycle. Adam Sacks, President of Tourism Economics, will share the firm’s latest views on the hurdles, risks, and opportunities facing the travel sector over the coming year.
Presented by Tourism Economics.
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Adam Sacks is the President of Tourism Economics; an Oxford Economics company dedicated to analytically-based consulting to the tourism sector.
For more than two decades, Adam has worked with destinations, industry associations, and companies around the world in the areas of opportunity and risk assessments, policy analysis, and economic impact.
Adam’s work has provided the foundation for billions of dollars in capital investment decisions by hotel companies, developers, and investors. Destination marketing organizations around the world rely on Tourism Economics data and scenario models to inform global marketing investment allocations.
Adam also supports trade associations in the aviation, hotel, and broader travel arena with forecasts widely considered to be an industry standard. And by examining the economic merits of travel facilitation, taxation, and tourism promotion initiatives, Adam’s work has influenced critical government policies.
He is an authority on measuring the economic impact of visitor activity and has analyzed the impacts of cruising, gaming, timeshare, hotels, new attractions and destination marketing.
Adam regularly presents to corporate strategic planning teams on the threats and opportunities facing their businesses and is a member of the U.S. Department of Commerce, Travel & Tourism Advisory Board.