Traveling the globe or staying at home
The strong job market and consumers' growing affinity for experiences should lead to more leisure travel, among other things. International tourist arrivals worldwide grew 7% in 2017, the highest rate in seven years, according to the United Nations' World Tourism Organization (UNWTO). And this growth is expected to continue, benefiting a variety of businesses, from airlines and aircraft manufacturers, to online travel agencies, hotels, theme parks and cruises.
Still, not all experiences have to take place outside the home. Consumers can also enjoy in-home experiences such as entertaining friends and family, Kane notes, and this is likely to help home improvement retailers as well as alcoholic beverage producers.
Whether it's traveling abroad or staying closer to home, people today are limited only by their own imaginations and how much they wish to spend.