According to Omnitrak, U.S. domestic travel demand entered the fourth quarter on a slow note in October, continuing a pullback seen in September. In October, Omnitrak’s Travel Market Penetration Index edged downward to 98.7 (2015=100), trailing October 2022 (99.1) and prior month September 2023 (100.7) index levels.
“The slowdown in October travel market penetration aligned closely with 2022 levels, pulling the numbers below the usual summer-to-fall seasonal changes in travel demand,” said Chris Kam, president/COO, Omnitrak. “Looking ahead, lower gas prices and AAA’s forecast of a 2.3% year-over-year increase in Thanksgiving holiday travel set the stage for a potential bright spot within November.”
Omnitrak Founder/CEO Pat Loui said, “International destinations continued to attract U.S. travelers in October (+13.7%), according to the National Travel and Tourism Office’s year-over-year (YOY) data. On the domestic front, a 10% YOY increase in passengers through U.S. Transportation Security Administration checkpoints during Thanksgiving week is a possible sign of stronger domestic numbers ahead in November.”
Compared seasonally, October 2023 travel penetration remains well below historic levels for the month in question, closely tracking with 2022 monthly index levels.
In contrast to overall travel penetration, which trails pre-pandemic levels, Omnitrak’s Leisure Travel Index continued to run above 2019 levels. The Leisure Travel Index, which excludes trips for visiting friends/relatives and for business, incentive and convention purposes, ran at 141.6 in October 2023, well above October 2019 (128.0) and ahead of October 2022 (138.3) index levels, but slightly lower than the prior month (September 2023, 142.8).
