Record Number of Americans to Travel Abroad
Record Number of Americans to Travel Abroad
In economics, there are lead indicators and lag indicators. But often, the coincident indicators–stats that show the current state of the U.S. economy–are telling.
The Conference Board reports that a record-high number of U.S. consumers are preparing to vacation to a foreign country within the next six months. That’s an all-time high for a stat kept since 1967. To a reasonable person, only a strong, confident consumer will make such ambitious travel preparations!
Financial headlines have warned about growing consumer credit card balances. You may have also seen concerns that U.S. consumers may not be as resilient in 2024. Since consumer spending is about 70% of gross domestic product, you can see why those headlines can be concerning.
In my household, we value experiences far greater than material items and traveling is a way to create experiences and memories that can never be replaced. While it’s encouraging that 22% of U.S. consumers are ready to travel abroad, I hope they have saved and prepared for the travel before committing. This would mean they have been good stewards of their personal finances in recent years, and they are confident about exploring the world.
If you’d like to learn more about how consumer confidence may affect the economy, and the world of investing in general, please feel free to reach out.
Related Topics
Disclosures: Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Concord Wealth Partners, or any non-investment related content, made reference to directly or indirectly in this newsletter will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this newsletter serves as the receipt of, or as a substitute for, personalized investment advice from Concord Wealth Partners. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Concord Wealth Partners is neither a law firm, nor a certified public accounting firm, and no portion of the newsletter content should be construed as legal or accounting advice. A copy of Concord Wealth Partners’ current written disclosure Brochure discussing our advisory services and fees is available upon request or on our website. Please Note: If you are a Concord Wealth Partners client, please remember to contact Concord Wealth Partners, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing, evaluating, and/or revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. Concord Wealth Partners shall continue to rely on the accuracy of information that you have provided. Please Note: If you are a Concord Wealth Partners client, please advise us if you have not been receiving account statements (at least quarterly) from the account custodian.
