Americans are expected to splurge on travel this summer — again

Millions of Americans have embraced the start of summer 2024 with travel and leisure activities. The Memorial Day weekend saw strong consumer spending on travel, with airports seeing busy days and a significant increase in road trips compared to last year. Royal Caribbean reported better-than-expected earnings in the first quarter, driven by strong bookings and onboard spending. Analysts predict that leisure businesses, such as hotels and theme parks, will benefit from the summer spending trend. However, concerns about rising household debt, delinquencies, inflation, and high interest rates may impact future economic growth.
The article also mentions the death of Kabosu, the dog that inspired ‘doge’ memes, and provides a summary of upcoming events, earnings releases, and economic data for the week ahead.