【正文】 e 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 Again in 2023 Arrivals in Millions Source: Office of Travel and Tourism Industries (OTTI) 50. 944. 941. 9 40. 443. 845. 801020304050602023 2023 2023 2023p 2023f 2023fTravel Expenditures Will Continue to Rise $$ $$$$$$$300$350$400$450$500$550$600$650$7001999 2023 2023 2023 2023p 2023f 2023f 2023fp = preliminary。 10 – 27 years of age in 2023 72 million, 28% of population 13% of those age 20 – 24 were born outside the . Millennial Generation – Great Potential for the Future Racially and ethnically diverse Very independent Feel powerful But of those age 20 – 24, 50% of men and 36% of women still live with or are dependent on parents Mediasavvy Technology leaders Travel by Minority Groups Increasing Hispanics million persontrips (8% of total) AfricanAmericans million persontrips (7% of total) AsianAmericans million (3% of total) Source: TIA Ethnic Groups to Grow to 50% of Population by 2050 % Distribution of Population Source: . Bureau of the Census Hispanics will Increasingly Dominate Millions Source: . Bureau of the Census Changing Nature of Work and Leisure Blurring of boundaries of space and time