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Travel bounce back – what we can expect for the travel and entertainment industries

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LEXINGTON, Ky. (WKYT) – The CDC recently announced that fully vaccinated Americans can travel with a lower risk. As long as safety measures are followed, a quarantine is no longer the suggested protocol. Independent financial planner Josh Smith of Strategic Wealth Designers joined us on the newscast to discuss what we can expect for the travel and entertainment industries. Airline shares have reached one-year highs.

“TSA screenings have been at one million per day recently,” Smith says. “This is the highest volume seen in over a year. While travel is not likely to be at 2019 levels until 2023 or 2024, the increase in travel is promising now that more Americans are vaccinated and feel comfortable traveling again.”

The entertainment industry has seen progress recently as well. Even Disneyland has a scheduled re-opening date of April 30th, over one year after closing. As capacity restrictions are lifted or modified, more concerts and sporting events are hosting guests.

“The re-opening of venues and increase in events is contributing to more jobs being created,” Smith says. “The unemployment rate fell to 6% in March. In the last month, the leisure and hospitality industries added roughly 280,000 jobs. This makes people very optimistic about what is to come.”

Increasing vaccinations will contribute to the improving travel industry. Over 58 million Americans have been vaccinated. To see additional stories surrounding business and economic news for the Lexington area, visit https://www.WKYT.com/Business/ and if you have a question for Josh send an email to [email protected].

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