The Week (US)

How quickly are consumers coming back?

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The personal saving rate in the U.S. doubled in 2020, to 16.2 percent of income. Consumers will be ready to spend their money on things they’ve been deprived of over the past year—be it live events, or travel, or dining out. But they will also demand more, and better, service. Travel agents, for example, who struggled for years to compete with discount websites, have seen an increase in business. Wendy Burk, the founder and CEO of Cadence, a California-based travel agency, told The New York Times that 20 percent of her 2021 bookings came from clients who had either never used her agency or never used any kind of travel agency before. But in many cases, these new customers are coming for a specific reason: They want help navigating the changing world of post-pandemic travel restrictio­ns and requiremen­ts. So consumers are definitely coming back—but their needs are different this time around.

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