The travel industry has experienced a surge in growth this year, driven by major events like concerts and sports championships, according to Skift CEO Rafat Ali. This phenomenon is known as Live Tourism, which boosts economic growth for local businesses, airlines, and hotels. Cities with large event venues, such as New York City and Las Vegas, are particularly benefiting from this trend.
Airlines are also experiencing a rebound in travel demand. Southwest Airlines recently updated its revenue guidance, predicting unit revenues will rise 5.5-7% in the fourth quarter, up from earlier estimates. The company credits “resilient travel demand” and efficiency measures for the boost. JetBlue has also increased its revenue guidance due to rising bookings.
However, not all news is positive. A federal judge struck down Boeing’s plea deal addressing crashes related to the 737 Max aircraft. The deal, which required an independent monitor to oversee compliance and safety, was rejected due to concerns about how it would be selected. Now, Boeing and the Justice Department have 30 days to figure out what’s next.
Source: https://skift.com/2024/12/06/live-tourism-southwests-resilience-and-boeings-rejection