As Covid-19 spread across the globe in early 2020, plummeting airline operating statistics heralded the transition to a new and challenging era for the industry. Since then, there have been many predictions made for the slope of the recovery curve, with speculations running high as to the exact point in time when travel activity will reach pre-pandemic levels.
This report adds a new and unique perspective based on bank customer behavioral data from the world's largest exchange for frequent flyer miles, TransferConnect. The analysis demonstrates that consumer confidence in the travel recovery has strengthened considerably in recent months and is growing rapidly. The data also reveals that hotel chains were able to sustainably increase their level of engagement with loyalty program members as a result of the pandemic, since customer travel patterns shifted from air travel to local stays due to lock-down and border measures.