1 minute read
Western Mass. ready to roll out red carpet
from Outlook 2023
by repubnews
The Greater Springfield Convention & Visitors Bureau’s outlook for the Western Massachusetts tourism industry in 2023 is largely positive but will ultimately depend upon one major new factor: the state of inflation.
Numerous economists are suggesting that this year’s dramatic inflation may have already reached its peak. US Travel is suggesting the projected recession, if it comes to pass, will be of short duration, with a recovery beginning in early summer. Time will tell if those are accurate predictions, and the key the question is: Will people travel?
While vacation costs are rising and vacationers may cut back on distance or duration of trips, our region will typically experience solid demand for leisure travel. Travel has been incredibly resilient, despite the uncertain economic situation — with strong pent-up demand and momentum — and has so far shown no significant signs of weakness.
Most Americans regard their vacation as a non-negotiable part of life. Many simply couldn’t spend time away from home during the depth of the pandemic due to work furloughs, travel restrictions or family situations, leaving significant pent-up demand. Plenty of families were also able to bank their unspent vacation dollars, and those funds are projected to help fuel leisure-related expenditures in 2023.
Given the effects of inflation, some consumers’ choices might change (selecting value accommodations with free breakfasts, cutting out an attraction or two, or shortening the length of a
AUTOMOTIVE