How growing petroleum prices affect tourism in South Florida

How growing petroleum prices affect tourism in South Florida

Representatives of South Florida airports expect the number of tourists to return to the pre-pandemic level in the nearest future. For instance, the passenger traffic at the Miami International Airport grew by 18% in June compared to the same period of 2019.

“We might downscale our general flight schedule a little this summer but we expect the demand for flights to remain high,” says Greg Chin, representative of the airport. Jorge Pesquera, CEO at Discover The Palm Beaches (a tourism marketing corporation) agrees. He believes that the Palm Beach County’s performance is going to be at a record high this year.

Pesquera also noted that his company’s marketing experts “are very optimistic about the tourism industry development”, despite the study by Longwoods International that says 6% of travelers are planning to cancel their trips due to higher petroleum prices.

The study also highlights that, according to 82% of travelers, growing petroleum prices are going to affect their plans in some way. To this, Pesquera replied: “Past experience shows that most travelers merely adjust their scheduled trips, not cancel them completely. People can go on vacation somewhere close to home, reduce the number of scheduled trips, or redistribute the amounts they spend on certain items.”

Real estate owners in South Florida will be glad to hear that the number of tourists is not going to reduce. Many investors are planning to expand their portfolios by investing money in new residential properties within the state.

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