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While searching for evidence the American economy is deteriorating, more or less, observing consumer trends, it appears that some are starting to pull back on travel.
A new report from the Bermuda Tourism Authority (BTA), first reported by The Royal Gazette, shows US air visitor arrivals slipped 5% YoY in 1H19, with the sharpest declines from millennials and arrivals from New York airports.
Bermuda - Country - Caribbean - Economies - Tourism
If you've ever been to Bermuda and or any country in the Caribbean, most economies are entirely based on tourism from the US, Canada, and Europe. So monitoring the tourism industry in these countries serves as alternative data on the health of consumers from developed economies.
BTA said while air travel from the US fell at an alarming rate, spending among tourist rose 7% more per person in 1H19.
Kevin - Dallas - Executive - BTA - Hospitality
Kevin Dallas, the chief executive of BTA, said: "In the hospitality business, visitor spending is a metric most closely tied to profitability."
"We're very pleased to see economic growth in the first half of the year. However, we remain concerned airlift challenges will continue to negatively affect air arrivals in 2019."
Flag - Start - Year - Team - Deal
"We raised this red flag at the start of the year, and since then, our team has closed the deal on big-brand event partnerships, including the US Open and the PGA Tour's inaugural Bermuda Championship. These are purposeful steps that can help us offset the constraints on airlift."
BTA figures show the number of air visitor arrivals declined from 66,604 to 64,175 in 2Q19, with the most significant loss in the millennial age bracket [25 to 24].
Months - Year - Air - Visitor - Arrivals
In the first six months of the year, total air visitor arrivals declined from 92,920 to 88,263, a 5% drop YoY.
The decline rippled through the...
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