Travel stocks lag as inflation pressures summer demand, Bank of America says

U.S. travel demand is showing a K-shaped split as inflation tied to the Iran conflict raises costs, with lower-income consumers pulling back while middle- and higher-income households continue spending, Bank of America said in a May 14, 2026, survey. Nearly 40% of lower-income households reported no travel plans, and Bank of America card data shows their travel-related spending is down from a year earlier. About 30% of respondents said higher gasoline prices would not change summer plans, while others expect to take fewer trips or cut lodging costs. NerdWallet’s Travel Price Index shows average U.S. travel costs are up 9% from a year earlier, including a 20.7% increase in airfares. Lodging is up 4.3%, dining out 3.6% and entertainment 5.5%. Over the past month, Hilton (HLT) fell 5%, Marriott (MAR) dropped 3%, Airbnb (ABNB) rose 2% and Delta (DAL) gained 6%, trailing the S&P 500’s 8% advance.