Consumers are realizing travel is 'a non-discretionary item'

Yahoo Finance Video
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Travel + Leisure Co. (TNL) shares closed 4% higher on Wednesday after reporting better-than-expected Q3 earnings. CEO Mike Brown credits the strength of the consumer for the results. "Leisure travel coming out of COVID has been something that people realize is a non-discretionary item. And as we've got into 2024, we've seen consistent performance around the consumer demand to get on vacation. There were some questions as we got into the summer around where the economy was going, what interest rates would be doing, and as the quarter progressed, we saw consumer sentiment strengthen ... and we see that strength continue into Q4," he tells Yahoo Finance.

So where are people traveling? Florida remains popular, Brown says. But he adds that the Smoky Mountains of eastern Tennessee has been a popular family destination as has "the Pacific Northwest and the national parks. We're seeing families get out and enjoy summertime vacations there."

Watch the video above to hear other travel trends Brown is seeing right now.

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This post was written by Stephanie Mikulich.