【正文】 ion of America and National Business Travel Association Percent of Air Business Travelers Alternative Technologies Used By Business Travelers in Past Year, 2023 31%41%26%35%11%18%10%12%0%10%20%30%40%50%A n y o f t h e 3 T e l e c o n f e r e n c i n g We b c o n f e r e n c i n g V i d e o c o n f e r e n c i n gT ot alF r e q u e n t ( 10+ T r i p s )Source: Travel Industry Association of America and National Business Travel Association Percent of Business Travelers Effectiveness and Efficiency of Technology to Replace Travel, 2023 and 2023 19%65%37%71%0%10%20%30%40%50%60%70%80%2023 2023Effe c ti v eEffi c e n tSource: Travel Industry Association of America and National Business Travel Association Percent of Air Business Travelers – Top Two Boxes AUTO TRAVEL PERFORMANCE . auto travel up 2% through September 2023 Still holding up due to: – Shifts from air, especially for shortdistance trips – Closertohome travel – Increasing interest in family travel – Increased interest in RVs Airline Turbulence Domestic air travel up 5% over 2023, but still 10% below 2023. International is up 14% over 2023, but better yet, up 5% over 2023. Exchange rates make . even more of a bargain US Air, United and ATA in bankruptcy Airline losses $8 billion in 2023。 $23 billion between 2023 2023 . Hotel Performance Strengthens In 2023 1 . 0 %4 . 6 %3 . 7 %4 . 0 %7 . 8 %8 . 8 %%%%%%S u p p l y D e m an d O c c u p an c y A D R R e vP A R R oom R e ve n u eSource: Smith Travel Research % Change over Prior Year Changes to Domestic Advertising and Marketing Programs 48%35%47%59%63%70%63%75%34%39%40%44%47%51%53%56%0% 10% 20% 30% 40% 50% 60% 70% 80%M o r e A d v e r t i s i n gC h a n g e d t a r g e t e d c o n s u m e r m a r k e t sF o c u s m o r e o n d o m e s t i cM o r e m a r k e t i n g / p r o m o t i o n / P RO f f e r e d s p e c i a l s / d i s c o u n t sM o r e p a r t n e r s h i p sF o c u s o n c l o s e r m a r k e t sM o r e e M a r k e t i n g20232023Source: Travel Industry Association of America Among 90% of Members with Domestic Marketing Programs Where are We Going? Americans’ Economic Assessments Are Mixed 41% now rate economic conditions as positive, up slightly 48% say economy getting better vs. 42% who say it is getting worse Noticeable decline in citing economy as most important problem facing America – now 30% vs. 38% 40% in autumn of 2023 Only 33% says it’s a good time to “find a quality job”, vs. 62% who say it’s a bad time Source: Gallup Surveys . Leisure Outlook Leisure travel intentions remain strong Trends of the last few years will continue but some return to more normal patterns Growth in air travel exceeding that of auto travel Continued focus on family and connections but greater participation in other activities too Spending up 4% in 2023 over 2023 Domestic Leisure Travel Will Continue to Grow Slowly 76081086091096010102023 2023 2023 2023 2023f 2023f 2023fMillion of PersonTrips Source: Travel Industry Association of America Domestic Business Travel Will Rise but Still Below 2023 Levels 1 6 1 . 51 5 3 . 11 4 2 . 41 3 8 . 21 4 3 . 71 4 8 . 91 5 1 . 71251301351401451501551601652023 2023 2023 2023 2023f 2023f 2023fMillions of PersonTrips Source: TIA and Global Insight Note: Does not include bined business/leisure travel . Hotel Performance Expected to Remain Healthy in 2023 2 . 31 . 61 . 21 . 0 1 . 3 3 . 40 . 31 . 54 . 63 . 0 5 . 7 1 . 30 . 33 . 72 . 9 1 . 4 1 . 40 . 24 . 0 4 . 2 6 . 9 2 . 60 . 47 . 87 . 11210864202468Sup ply De m and Occupancy ADR Re v PAR20232023202320232023Source: Smith Travel Research % Change over Prior Year Forecasts for Growth in . Domestic Travel, 2023 Total Domestic PersonTrips % Leisure % Business % Auto % Air % Hotel Room Demand % Source: TIA, ATA, Smith Travel Research International Visits Expected to Increase Agai