Travel Industry Headlines: 17 Nov 2022 | NEXT Travel Stream
Marriott reports record third quarter results and sees no signs of a Slowdown we have all their CEOs comments shortly Hotel technology was accelerated three to four years during the pandemic now hoteliers are building on those platforms with new Services we'll tell you what to expect next saber reported improved bookings in the third quarter but while the recovery and Airline it bookings is almost complete the GDs recovery continues to limp along all the details on that coming up and U.S outbound travel continues to Boom a strong dollar has Europe and Latin America on sale and travelers are taking full advantage of the discounts I'm Tracy Lindley and these are your travel industry headlines Marriott CEO Tony capuano agrees with other travel industry Executives there's no signs of a Slowdown Marriott's system-wide revenue is now fully recovered with luxury hotels outperforming all segments rates and occupancy are both up that has the world's largest hotelier approaching their pre-coveted business mix of 60 corporate and 40 percent leisure and the group business is a major contributor it just continues to grow 2022 group bookings are up 30 percent compared to 2019. Marriott expects companies will continue to book meetings at a higher post pandemic rate that's driven by a need to bring together all the new remote workers and build a common culture take a listen as capuano and the Marriott Executive team discuss their latest results and the strong outlook for the remainder of the year thank you all for joining us this morning we had an outstanding third quarter Rose above 2019 levels for the first time since the pandemic began up nearly two percent rev Park compared to 2019 improved sequentially from the second quarter in every region around the world Global occupancy Rose to 69 percent while ADR out pays 29 by a 2019 excuse me by a remarkable 10 percent compared to pre-pandemic levels worldwide rev par in September reached a new monthly high water mark increasing more than four percent or nearly seven percent excluding greater China during the quarter Leisure demand remains strong well above 2019 levels in the U.S and Canada full-service group revenue for the quarter showed continued growth ending up three percent over the same quarter in 2019. fourth quarter Full Service Group revenue is currently pacing up four percent but is likely to improve further given the strong last minute group bookings that we've seen all year the trend towards last minute bookings has led to meaningful compression and pricing power helping group ADR for new bookings rise each quarter this year at our managed hotels in the U.S ADR for in the year 40-year group bookings made in the third quarter Rose 17 percent compared to same year bookings made in the 2019 third quarter a significant jump from the six percent increase we saw in the first quarter ADR for group bookings made in the third quarter for 2023 outpace 29 2019 third quarter bookings for events in 2000 by 24.
business transient demand also continued to improve during the quarter although it still lags 2019 levels third quarter business transient room nights in the U.S and Canada were 11 below 2019. we are currently in the midst of our special corporate negotiations for 2023 and are very pleased with how they are progressing after two years of holding rates steady the early results look positive for at least High single digit year-over-year rate growth third quarter day of the week Trends continue to suggest that Travelers are combining Leisure and business trips in fact the average length of a transient business trip has increased meaningfully and year-to-date is up more than 15 percent compared to 2019. with borders reopened in most countries around the world Rising cross-border travel helps spur the man during the quarter especially in Europe and in the Caribbean and Latin America or Cal region cross-border yes it's accounted for 15 of our Global room nights in the third quarter an uptick from 12 in the first quarter of this year in 2019 18 of travel to our properties was from cross-border guests so we anticipate additional upside from international travel especially from greater China once stringent travel restrictions are relaxed given rapidly Rising interest rates and growing concerns about a possible Global recession we are closely monitoring consumer and macroeconomic trends there is no doubt that the hospitality industry is impacted by economic cycles and with transient booking Windows averaging only about three weeks Trends could change relatively quickly however we have yet to see signs of a Slowdown in global lodging demand in fact we've seen just the opposite booking Trends remain very healthy given sustained high levels of employment consumer Trends prioritizing experiences versus Goods pentuck travel demand and a high level of consumer savings travel spending has been incredibly resilient in October demand remained strong across our regions with the exception of Greater China where Trends are still low our powerful Marriott bonvoy program grew to 173 million members at the end of the third quarter the program achieved record penetration levels in the quarter reaching 60 percent in the U.S
and Canada and 53 percent globally members also continue to engage with our program credit cards which had another solid quarter after recently making significant enhancements by adding new benefits to many of our us cards sign ups have well-exceeded expectations this led to record new cardholder Acquisitions as well as record spending for the first nine months of this year we also introduced two mid-tier cards at the end of September which should help Drive strong growth going forward while much smaller fee contributors than our U.S Chrome co-brand cards we have similarly seen record growth internationally this year in new card members and total card staff this has been particularly driven by China where we've had great traction after launching our first cards there in July our bonboy members have been increasingly interacting with the platform through our direct digital channels which helps boost owner and franchisee profitability since 2019 our share of room lights book through direct digital channels has increased more than five percentage points to 38 percent while our distribution through OTAs has risen by less than a percentage point to 12 percent the power of envoy and our direct channels has also been evident in our latest offering the Ritz Carlton yacht which made its inaugural Voyage from Barcelona last month remarkably around two-thirds of all the bookings for this incredible brand extension have been through direct channels which is many times above the rates most Cruise companies experience additionally bonboy members account for more than half of the yacht bookings we look forward to more shifts joining the portfolio in the future shifting to the development front our pipeline grew for the fourth quarter in a row totaling more than five hundred and two thousand rooms by the end of the third quarter citing activity in the quarter remains healthy in most regions of the world our development team continues to be laser focused on conversions a particularly bright spot in the development story conversions represented 21 of room signings and 27 percent of remote things in the quarter we are very enthusiastic about the level of conversations on conversions including for multi-unit conversion opportunities outside the greater China we were pleased to see new construction starts take up nicely in the third quarter while not yet back to 2019 levels new construction starts in the U.S reach the highest quarterly levels since the pandemic began for full year 2022 we now expect gross Rose growth for approximately 4.5 percent compared to our prior expectation of closer to five percent the change is primarily a result of fewer expected openings in Greater China as the lockdowns there have extended construction timelines the good news is that we have not seen deals in Greater China or in any of our regions falling out of the pipeline at a higher than usual rate with just two months left in the year we now expect deletions at the bottom end of our prior guidance deletions could be about one and a half percent for 2022 or one percent excluding the 50 basis point impact from our exit from Russia so our net rooms growth for 2022 is likely to be around three percent or three and a half percent before factoring in the deletions in Russia we're always looking at opportunities that help broaden the offering for our guests as well as our owners and franchisees last month we announced our agreement to acquire the city Express brand portfolio which is currently comprised of 152 hotels with over 17 000 rooms in the Cali region we are quite bullish on the moderately priced mid-scale space which has meaningful growth potential upon closing this transaction we will immediately gain a significant foothold in this high growth segment in Cala while also becoming the largest hotel company in the region our next question will come from geographs at JPMorgan your line is open uh good morning everybody um I was hoping you could talk about 2023 uh Group business on the books uh for next year and maybe talk about it maybe a little bit differently than than maybe how you've talked about it in the past I was just wondering how much of of group for 2023 is on the books to make sure it's a percentage of what you anticipate the total to be and then maybe you can just talk about uh in segments in terms of when that was booked so to get a sense of of pricing how much of 23 group was booked in 22 how much of it was booked in 21 how much it was booked prior to 21 and obviously you know how much would you anticipate in the year for the year just just given the relative strength of group of late thank you yeah of course so um let me start macro and then I'll try to get a little more precise in reference to your specific question uh 2023 group revenue on the book is currently pacing down about 11 uh relative to 19 although candidly you heard lean these comments about the the short booking window uh on transient uh similarly short booking window on group and so I don't know that looking at that down 11 percent is is particularly relevant even for Q4 this year we're up four percent and we think that will likely improve through the quarter given the strength of short-term bookings and the trade that many of our customers are making for flexibility and they're they're willing to pay higher rate when I look deeper into what's on the books for 2023 room nights are down in the High Teens ADR is actually um close to about 10 percent and then I think your second question was really about when that business is being booked but I I guess I'll try to give you some 2022 data that is uh hopefully indicative of the trends we're seeing about 50 percent of the group business we've seen year to date in 2022 was booked in the year for the year that's about double what we saw uh pre-pandemic where typically we'd see about 25 of our total group volume being booked in the year fourth year and our next question will come from Brant Montour with Barclay your line is open hey good morning everybody thanks for taking my question um so maybe uh good morning so so when you when you think about corporate transient recovery and specifically focusing on your largest accounts the larger corporates in the U.S what is the tone uh that you kind of get back from
them when you talk to them about how they're planning for the future obviously we know that near term you're seeing good Trends but you know we hear and see headlines regarding um especially in Tech uh some larger companies pulling back on on expenses and things like that I'm just curious um you know how you feel about uh some some of that uh some of those things sure so um at a macro level we are are again encouraged by the sequential quarter over quarter Improvement in business transient you'll recall that in the U.S and Canada BT was down almost 25 in the first quarter uh that dropped to 13 in Q2 and and just down 11 in Q3 as we've discussed in the past uh small and medium-sized companies which are about 60 percent of those BT room nights are fully recovered and in fact in Q3 their room nights were up about 10 when you pivot to the the larger companies uh your comments are right uh special corporate which tends to be a lot of those big companies their room nights were down about 17 in the quarter and when you start to look at the specific tiers within special corporate you brought up check as an example they were down about 23 percent in the court trying to respond more qualitatively in terms of what we're hearing from them I think it's really embedded in the short booking window they absolutely talk about the value of face-to-face interaction with each other with their customers with their clients but they are also again much like our group customers willing to trade a bit of of pricing for flexibility and then the last thing I would say to try to address your question we are relatively early in the special corporate rate negotiations but what we're seeing in terms of the the pricing and our growing confidence that we're going to end up at least with high single digit year over year rates is pretty encouraging as well their final question will come from Dwayne benningworth with evercore isi your line is open hey thank you so much nice to speak with you on the um on the business transient commentary which I think you said down 11. I wondered if you could provide some Regional color uh where where would you mark that recovery across uh you know the geographies that you touch and then just as we think about the shape of that recovery curve you know we've seen some nice sequential Improvement here but should we be thinking about a plateau you know through early next year when we have new new sort of budget Cycles or are there regions where you still think sort of sequential Improvement into 4q on BT is on the table sure so let's let's talk I'm going to reference that to Tony's comments about where roughly 60 of our BT uh in Q3 was from small and medium-sized companies and and that frankly is sprinkled all over the country so that's going to be everywhere from New York to uh Tulsa to you know smaller markets that are at limited service hotels rather than uh the larger special corporate accounts obviously are more headquartered in the urban uh large cities the the thing I will say is we've continued to see progress as we moved along when you think of for example you think of New York City which has moved quite nicely during the year um with the Improvement in BT where they were down 29 in q1 today New York City was actually three percent higher in Q3 than 2019 team so I I think you will continue to see the progress uh the the trends in BT are similar both uh internationally as well as in the U.S I I do think as we move into
2023 a lot of this will depend on the state of the economy so kind of having a prediction about exactly where BT will go is tough to pinpoint we do look for continued Improvement and think it will ultimately get back to where it was but the exact timing of that uh hard to say and then the last thing I'll point out is just the reality that we have seen in moderate in terms of its rate of improvement as we've moved into Q3 and I would expect to see that moderation continue like most Services hospitality is quickly getting absorbed into your phone hotels invested heavily in remote check-in and other technology during the pandemic McKinsey estimates that the pandemic pulled Hotel technology forward three to four years hoteliers were forced to rapidly respond to Consumers new expectations during the pandemic 82 percent of hoteliers say they implemented at least one new technology during the pandemic most of those Investments were in either contactless experiences or process automation contactless Investments included self-service check-in mobile keys and digital payments while chat Bots and guest messaging services Top the list of process automation Investments labor shortages also drove a need for new contactless check-in and messaging platforms those labor shortages continue and most experts believe that will lead to further advances such as facial scan check-in and robot concierges anything to expedite service and provide a non-labor-dependent solution where possible about 30 percent of hoteliers added chat Bots to their websites in the past few years those services are improving and enable 24 7 fulfillment of service and information requests texting is how the world communicates and hoteliers are quickly going where the consumer is the consumer also expects to customize their in-room experience advances within room technology are enabling guests to control the TV temperature and lighting from their phones the possibilities are endless consumer technology Trends are enabling most of these in advances many expect robotics to drive the next wave of efficiency but whether guests want a robot concierge or housekeeper is not clear robot Smiles tend to leave people a little cold and their life stories are well rather lifeless saber GDs bookings are struggling to recover with the loss of Expedia to Amadeus and a slow recovery in large corporate travel third quarter bookings were just 57 percent of 2019 volumes a greater mix of international bookings help to boost revenues but it was still a disappointing quarter saber CEO Sean Menke reported that asia-pacific bookings improved the most of any region as Hong Kong and Taiwan relax travel restrictions the airline it business is performing well with 96 percent of Airline direct bookings recovered and saber continues to invest in its migration to the Google Cloud over the next year the company expects substantial savings from that investment but overall investors were discouraged by saber's slow recovery and saber shares fell 10 percent on the news take a listen as CEO Sean Menke and president Kurt Eckert shared their perspective on Sabers long road to recovery foreign that our air booking volumes improved considerably throughout the quarter volumes specifically in July were impacted by both Airline and Airport operational constraints as the quarter progressed we saw solid improvements which translated into our best quarter of recovery since the onset of the covid-19 pandemic these positive Trends continued in October the current strength is attributable to the global recovery with Asia Pacific the most pronounced the Total distribution booking recovery in the third quarter was 57 versus the same period in 2019. this equates to a 64 revenue recovery as a result of the higher booking rate achieved in the third quarter of 2022 versus the third quarter of 2019. higher Revenue per booking resulted from a continued Improvement in international travel IT solutions passengers boarded recovered 96 percent in the third quarter versus the same period in 2019 Hotel CRS transactions in Q3 were 104 compared to the same period in 2019. our key metrics remain strong in October specifically
as of the 26th of October distribution bookings were 60 versus the same period in 2019. passengers boarding excluding ravix volumes were at 86 percent and CRS transactions were at 109 percent last quarter we noted 100 million annualized Revenue opportunity if our asia-pacific region were to recover to the average recovery of the other regions I am very pleased to say we are starting to see further positive signs in this region particularly in international markets which have been the slowest to recover as we've discussed before International bookings are generally more profitable than domestic bookings for saver accordingly as International fine returns more fully we expect our profitability to improve within APAC our bookings Improvement has been most pronounced in Taiwan and Hong Kong where travel restrictions have recently been relaxed Hong Kong bookings started Q3 at just 16 percent of the same period in 2019 by the end of the quarter the recovery there was 29 percent Taiwan is an even better story with a quarter starting at 17 recovery and ending at 45 although we are aware of the concerns regarding global economic growth we don't see evidence of a Slowdown in either Leisure or corporate demand in fact we have seen fares globally remain very strong and well above the fairs prior to the covid-19 pandemic we see the effect for domestic and international flights as detected here but also for leisure travel which tends to book well in advance of departure and for closing corporate travel our own internal review Affairs being sold at walk up Advance purchase between 7 and 21 days and 21 days and Beyond are well above 2019 levels it is also important to note that the average Fair disparity between the purchase date is very small historically there has been a more pronounced difference in the average fares based on Advanced purchase periods higher airfares encourage Airlines to increase the number of seats they plan to fly in fact we are seeing this materialize with the large U.S network carriers current marketing schedules loaded for these carriers in the first quarter of 2023 reflects an increase in total seats to be flown of 1.6 percent versus 2019. this compares to Total seats being down 11 and 9 respectively in the third and fourth quarter of 2022 versus the same period in 2019 more importantly International growth is outpacing domestic growth in the first quarter of 2023 seats to be flown internationally are currently up 3.4 percent versus being down approximately 10 percent and approximately 3.5 percent in the third and fourth quarters of 2022 versus the same period in 2019. in short even with the recovery to date we believe the opportunity presented by a normalization of travel from covid is significantly larger than the effect of any prior economic recession on global passenger traffic historically the largest calendar year drop in global passengers was only about three percent we estimate Global passenger traffic in 2022 will likely be about 1.5 billion passengers
below what we would expect in a normalized year unaffected by coven obviously this is far greater than the 3 percent let me now turn the call over to Kurt to walk you through the latest regarding our technology transformation and a few commercial highlights Kurt thank you Sean and hello everybody we made Solid progress in the third quarter toward our 2022 technology milestones and our Tech transformation remains on track to achieve stated goals by the end of 2024. as a reminder our two key technology milestones for 2022 are number one to exit our saber-managed data centers and migrate to Google Cloud and two to offload passenger name record a customer reservations database from the Mainframe to Google cloud and to begin client migrations in the third quarter we migrated Hospitality Solutions Enterprise Central reservation system to Google Cloud in October we migrated the property management system which means we have fully transitioned all of our cynicsis to Google Cloud this important accomplishment is expected to make our Hospitality business more agile improve velocity and unlock the benefits of Greater scalability provided by Google Cloud additionally we expect that the cost bubble associated with these actions will Abate by year end setting up for better financial performance for Hospitality Solutions in 2023 during the third quarter we also migrated all Air shopping from AWS to Google Cloud this was the final step on a long journey with initial migration starting in 2017 when we moved the first workloads into our data centers we now have the processing capacity we expect to need and can focus additional energy on product enhancements that we expect will generate additional value for saber and our customers and finally we decommissioned and emptied our data center in Plano Texas we have also decommissioned more than 70 percent of the servers in our three other data centers in Louisville Austin and Carrollton as we have outlined before this technology transformation is a key driver of the expected savings and margin Improvement Outlook that we have provided for 2025. in October we announced distribution agreement renewals with two of the largest airlines in the world American and United these agreements continue our long-standing relationships with these Flagship carriers and we plan to collaborate to utilize saber technology and solutions to help Advance their retailing objectives while also meeting travel buyers need for efficient workflows choice and transparency we also strengthened our relationship with BCD travel one of the largest corporate travel management companies in the world as part of this new agreement BCD will increase its commitment to saber and will invest in joint technology development over the coming years we look forward to continuing our relationship with BCD and we expect booking conversions to accelerate in Q4 and through the first half of 2023 in connection with BCD and our previously announced expanded relationships with American Express Global business travel and Hopper we believe these expanded relationships will benefit content suppliers and travelers alike and our first question Matthew Broome with musical group your line is open you know what what was the mix between corporate and Leisure and international domestic during the quarter Matt it's a couple things are happening I think when you I'm going to break it down sort of short whole Long Haul and what we're sort of seeing because it does help if you remember the beginning of the pandemic really we saw the Leisure is the recovery short haul um you know for a period of time and part of what we have Illustrated is actually the Gap closing meaning short haul business has recovered on the corporate side of the equation you know what we're watching very closely Now is really the international side and this is why we look at the capacity and what's taking place and there's sort of the combination of leisure and corporate with that I would still say Leisure is driving that but as capacity continues to be thrown in by the carriers and that's why I noted the three largest carriers in the U.S and international capacity their strong belief as it relates to just corporate recovery corporate travel recovery because they need the front half the cabin to be filled so that's sort of what we're seeing right now uh okay thanks and then um maybe just on the uh Global business travel group um that partnership have you seen some volume from that that punishment ramp up during the quarter or or perhaps in October Matthew thank you we're seeing uh initial conversions from the uh gbt partnership we will see those conv conversions accelerate in Q4 and basically through next year um likewise we're going to see BCD and Hopper volume beginning to accelerate uh during this period collectively this is a Tailwind for 2023. and the next question comes from Judd Kelly with Oppenheimer
um can you talk about just how the stronger dollar is impacting um long-haul travel and so if you look at it relative to the strong dollar I think the one thing that we definitely have been seeing is uh that those you know individuals within the United States traveling overseas um that has been actually called out by uh the major carriers here in the United States relative to what they think is driving some of that strong demand um if you think maybe more long-term uh because I think it gets into is there an impact long term I think the important thing that we keep you know is really trying to drive everybody back to is sort of where we are in the recovery cycle that's why we call out you know from a normalized perspective we're sort of down 1.5 billion passengers and even with you know some of the headwinds that we're seeing beyond the inflation side are concerned about recession you know the things I keep coming back to and pointing out is you know what we're seeing as it relates to the global global regions and the recoveries that we're seeing in the global regions and I am ecstatic about what we're seeing in aipac right now uh Leisure continues to be strong but I would tell you is on the business side and this is just looking at the TMC so this is more specific to the United States but we've seen actually a progression of improvement has taken place coming out of the third quarter into the month of October that there's been a step up so as that continues to recover we will be the beneficiary of that the other thing that continues to be out there is just higher average fares right we are just not seeing average fares came down they came down for a period of time uh call it in the July August time frame when we saw some uh the issues associated with the operation but we've seen those sort of improve as well and that essentially compression that's taking place there and we're seeing that capacity being thrown into the marketplace so again all the signs that we're seeing outside of what's happening with evaluation of the US dollar we think that's a Tailwind for you know specifically the U.S airlines but we're just looking more on the global macro perspective uh and again we're seeing just green signs relative to what 2023 looks like got it and then just I guess as the airlines kind of get back to normal um you talk about you know where your conversations are progressing with on your solution segment and Airline sort of are they opening up back up like contract negotiations for you know I.T Solutions thank you Chad this is Kurt uh thank you um so first of all we think we're very well positioned for medium to long-term growth within the airline IC segment the big phenomena that we're seeing is a real focus by carriers especially the network carriers on becoming better at merchandising and retelling there is you may have heard of something called the one order Vision which has been put out by ayata effectively on behalf of the global Airlines and where in conversations with a number of Airlines about helping them solution against that opportunity so we're very excited about uh the ability to advance the the marketplace together with a number of our customers and Prospects one moment please our next question comes from Victor Chang with Bank of America your line is open thanks for looking at my questions a couple of my May um so first of all I'll keep provide a bit more color on bookings recovery of our region given I'm just looking at the trend uh one percentage Point Improvement in the last two months and presumably about about the bulk of that is coming from a track uh so is it fair to assume that emea or U.S recovery uh has someone flattened
yeah let me let me help you sort of with what we have been been seeing so what I would tell you is the months of September and October you know in October was probably the best month of recover that we have seen and this is on a global basis on what's taking place uh let's start with APAC if you remember APAC at the beginning of the year was you know down and call it the 80 range uh what we've seen with aipac uh to date and it's really looking at the September October time frame uh they're recovering or they're down uh less than 40 percent now so you're thinking about a city sixty percent recovery uh what we're seeing in the emea marketplace has been one that it's um probably at the top end of recovery but we have seen it flatten out a little bit part of that is if you dig into the capacity that is being flown by some of the major carries within Europe that is slow so we're watching you know what's happening there in the first quarter as well uh Latin America after being hit you know with some significant cases of covet has continued to improve greatly in what's happening and then the U.S as we look at it this is where we're looking at essentially the capacity improvements and what's taking place we're seeing incremental improvements in the bookings but it's not the big steps that we were seeing before here's what happened this week in travel history thank you foreign foreign King U.S travel indicators are holding steady Airline traffic outbound travel inflation and virus cases remain at similar levels to October let's take a look at some of the key travel indicators here's the latest passenger data reported by the Transportation Security Administration 2022 numbers are shown in Orange and the 2019 passenger counts are in bloom this week the seven day average is down just three percent from 2019 levels that's slightly up from a month ago and traffic looks like it will improve further into the holidays data reported by the U.S travel Association highlights the impact of inflation on travel prices the October travel price index was up 11 versus last year and 18 from 2019. airfares are up 43 since last October but just 9 versus 2019 while fuel prices are up 18 versus last year and a staggering 43 since 2019. lodging prices have cooled off Rising just six percent versus last year but 12 from 2019 that compares to the bottom line overall U.S consumer price index that's risen 8 from last October and
16 from October 2019. Airline and hotel executive state record demand will keep prices elevated the U.S office occupancy rate an indicator of business travel recovery has been trending up since Labor Day average U.S office occupancy is at 48 now near its high since the beginning of the pandemic occupancy levels vary widely by U.S region Texas continues to lead the country in office occupancy Austin at over 62 percent is at the top of all major Metro areas average occupancy across the country was 47.5 percent New York Chicago and Los Angeles occupancy has been increasing
steadily and now sit at about 45 or better and while improving over the past month San Jose Philadelphia and San Francisco still have some of the lowest occupancy rates of top U.S Metro areas for the international trade Administration October international travel to the U.S improved what remains down about 24 or almost 1.3 million arrivals versus 2019. about 50 of that Gap is from Asia where arrivals remain 62 down from 2019. European arrivals are down 22 percent
U.S departures to International countries remain strong in October as the U.S dollar strengthened U.S outbound is fully recovered to 2019 levels departures to Mexico have soared up 40 in October versus 2019 and South American departures are 18 Europe was still down 8 versus October 2019 while Asia continues to lag down 44 percent virus cases remain well down from the Omicron peak in January but have begun their seasonal increase versus last week U.S cases are up six percent we'll see if we have the large Spike we experienced last January with the Omicron variant U.S vaccination rates have leveled off with 228 million or 98 of the U.S population fully vaccinated but as of mid-november only 12 percent of U.S adults had received
the updated bivalent booster these numbers should increase as we head into Peak flu season based on the strong sales data reported by Airlines traffic is expected to improve into the holidays we're currently forecasting November and December traffic will reach or exceed 2019 levels for the first time since the pandemic we'll update our forecast as more data becomes available
2022-11-25 14:46
