Travel booking companies are foretelling a moderation in consumer demand to come in 2024. Pantheon Macroeconomics Founder and Chief Economist Ian Shepherdson joins Yahoo Finance as part of the Travel Guide 2024: Industry Insights special, commenting on wage growth and consumers' savings coming out of the COVID-19 pandemic. "There's a lot less savings hanging around that was built up during the pandemic. And if you look at the distribution of where that money is still sat, it's almost entirely in the hands of the top 20%. Most households now don't have any of the pandemic savings still remain, so they can't spend it again — they spent it once, they can't do it again," Shepherdson says. "So, I think that suggests maybe a dichotomy where if you're at the top end of the business — the travel and leisure sectors, and maybe even in terms of goods as well — your customers still have money. But most households, by definition, are not in the top 20%, and they're going to find things much more difficult." Catch more of Yahoo Finance's Travel Guide 2024: Industry Insights special coverage this week, or watch this full episode of Yahoo Finance Live here. Editor's note: This article was written by Luke Carberry Mogan.
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