AmEx Predicts Vaccine Will ‘Unleash’ Pent-Up Demand in Consumer Travel
American Express expects consumer travel “will come back” after the COVID-19 pandemic, Doug Buckminster, head-global consumer services, told an Autonomous Research virtual conference Thursday. “That's our enterprise position.” The “rebound” AmEx is seeing in consumer travel and entertainment is “an…
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effect of substitution,” people substituting driving vacations and “home-stay rentals” for air travel, he said. Expansion of outdoor dining, plus pickup and delivery, “has bounced the restaurant category, more than you would expect just from dine-in volumes alone,” he said. Buckminster expects a vaccine “will unleash a lot of anticipatory and pent-up demand” in consumer travel and entertainment, though “getting back historic volumes is going to require time,” he said. “There's no question that T&E volume is taking a disproportionate hit.”