Some macro numbers show spending is still growing overall. But new data from Bank of America indicates that Americans have cut back on lodging, tourism, and flights. U.S. travel spending is showing signs of cooling after two strong post-pandemic years, according to Bank of America’s latest credit and debit card spending data. — Skift.com

• For the year through March 22, spending on lodging and tourism-related services was about 2.5% below 2024 levels, while airline spending showed an even steeper decline of around 6%.
  
• “With the labor market still in relatively good shape for now, softer travel spending may not signal a ‘red light,’ but rather a shift to yellow,” wrote David Michael Tinsley, senior economist at Bank of America Institute.
  
• The biggest threat is recession. “It’s not a sure thing, but uncertainty is very high, and the risks are growing by the day,” said Seth Borko, head of Skift Research.