The rise in leisure and travel stocks highlights a shift in consumer spending from goods to services as the pandemic winds down.
“We see signs of goods demand cooling, particularly in big ticket items, while services benefit from strong pent-up demand,” Savita Subramanian wrote in a recent BofA Global Research note.
Case in point, airlines such as United (UAL) and American (AAL) predict reaching profitability amid strong demand. Luxury hotel operator Marriott International (MAR) has been…
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