cover of episode For high-end consumers, revenge travel never really stopped

For high-end consumers, revenge travel never really stopped

2025/5/9
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Marketplace Morning Report

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Daniel Ackerman
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David Brancaccio
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David Katz
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Farrah Fasenden
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Jan Freitag
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Judea Moore
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Leanna Byrne
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Mark Sussman
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Mike Bellisario
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David Brancaccio: 我是洛杉矶的David Brancaccio,让我们来了解一下这个管理美国和英国进出口的新协议。虽然这是一个某种程度的降级,但这绝对不是英国在脱欧后希望达成的完全自由贸易协议。 Leanna Byrne: 是的,每年最多可达10万辆英国制造的汽车。钢铁和铝的关税也在此前的上涨之后被削减。牛肉也提到了。两国都将允许最多1.3万公吨的牛肉免关税进入对方国家。他们还在美国那边说,总的来说,这为美国出口创造了50亿美元的机会。仍然很低。 细节模糊不清,缺乏关于时间安排、配额执行和可能仍然适用的监管障碍的清晰信息。这可能是美国在试图弄清楚与其他国家的安排时的一个模板,但与中国的贸易问题更为复杂。 Mark Sussman: 盖茨基金会将在未来20年内支出超过2000亿美元。我们希望到2045年的最后期限,我们将已经根除了像小儿麻痹症这样的主要疾病,这样其他人就不必再为此提供资金了。这个加速的支出时间表早于对 USAID 的巨额削减,而且基金会无法填补这些资金缺口。盖茨基金会的优势在于承担政府和私营部门不愿承担的风险。 Judea Moore: 盖茨基金会增加的支出可以帮助弥补政府支出缺口,并为其他慈善机构提供一个应对国际援助危机时期的模板。 Farrah Fasenden: 尽管经济不确定,高端旅游客户仍在预订旅行,通常选择高价住宿和商务舱。对于高端消费者来说,疫情后的报复性旅游从未真正停止。 Mike Bellisario: 除了高端旅游市场,其他旅游市场存在更多的不确定性,例如公司差旅和政府差旅有所减少。 Jan Freitag: 政府差旅的减少对酒店业的影响因地区而异,一些航空公司报告国际旅客数量下降。 David Katz: 只要就业情况良好,人们就会继续旅行,只是旅行方式和目的地可能会有所改变。

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And we're back, folks. It looks like Jim from sales just got in from his client lunch and he's got receipts. His next meeting is in two minutes. The team is asking, can he get through his expenses in that time? He's going for it. Is that his phone? He's snapping a pic. He's texting ramp. Jim is fast, but this is unheard of. That's it. He's done it. It's unbelievable. On ramp, expenses are faster than ever. Just submit them with a text. Switch your business to ramp.com.

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America's fifth largest trading partner now has a special trade deal. I'm David Brancaccio in Los Angeles. Let's better understand this new deal governing imports, exports, the U.S. and United Kingdom.

The first of many, President Trump says. My Marketplace BBC colleague Leanna Byrne joins us from the UK. Leanna, I see with your minis, Range Rovers, your Jags and Rolls Royces, tariffs went up to 25% last month under this deal, down to 10%. Yes, for up to 100,000 UK-made cars a year. And then tariffs on steel and aluminium, they're also being slashed after earlier hikes.

And then beef also got a mention. Both countries will allow up to 13,000 metric tons of beef from the other side to come in tariff-free. They're also saying stateside over where you are, David, that overall this creates a $5 billion opportunity for American exports. Still low.

Quite a bit of mystery here. Lots we don't know. Yeah, you're right. Quite a bit. I mean, there's no signed agreement yet. And the details from both sides, they were quite vague. We don't have clarity on timing. We don't have clarity on quotas enforcement or what regulatory hurdles might still apply. So while it's a de-escalation of sorts, it's definitely not a full free trade deal like the one the UK hoped to strike post-Brexit.

post-Brexit. All right. So your little set of islands over there, but there are many other countries. Could this be a template for the U.S. as it tries to figure out the arrangements with other countries? Well, possibly. I think you can see that there is a pattern here that's transactional. So you drop tariffs and

in exchange for market access. And that's a playbook Trump could apply to China. But you've got much bigger issues with China, like concerns over tech, subsidies and IP theft. So I guess I'll have to say we'll see. Oh, and Leanna, aluminum. No, aluminium. Come on. Thank you. The BBC's Leanna Byrne does an early version of the Marketplace Morning Report. It's in our podcast feed now.

The end of the year 2045. That's the new deadline billionaire Bill Gates is set for his folks to give away virtually all of his money. This is a faster timeline. When Gates started his philanthropy 25 years ago, his earlier idea was for the money to last several decades after his death. Marketplace's Stephanie Hughes has more.

The Gates Foundation will be spending more than $200 billion over the next 20 years. Gates Foundation CEO Mark Sussman says scaling up its giving will help it tackle major issues related to poverty and public health. We hope by that 2045 deadline, we will have eradicated some of the key diseases like polio, so no one else is going to have to fund that in the future.

Sussman's boss, Bill Gates, has been a vocal critic of the giant cuts to USAID. But Sussman says this accelerated giving timeline had been in the works prior to the cuts and that it wouldn't be able to replace those lost funds. Simple mathematics is, you know, neither we nor any combination of philanthropies can fill that gap. Sussman also says that the Gates Foundation's strength lies in things that the government and private sector either can't or won't do, like taking big risks on certain vaccine trials.

Still, Judea Moore with the Center for Global Development says the increased spending by the Gates Foundation could help plug some of the holes left by the missing government spending. We simply see a decline in the amount of, say, the deaths that would have happened would be reduced. Moore also says the Gates Foundation could provide a template to other charities that are trying to figure out what to do in what can be considered a time of crisis for international aid.

I'm Stephanie Hughes for Marketplace.

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Economic uncertainty both here and abroad and foreigners leery of travel to the U.S. is hitting the travel industry hard. Stock in Expedia fell more than 9% yesterday after that company failed to meet profit expectations and said demand is down. And this week, hotel giant Marriott cut its sales expectations for the year after Hilton and Hyatt did the same, along with some airlines. Many are traveling less, as they say, but not everybody. And therein lies Daniel Ackerman's story.

Farrah Fasenden runs Videre Travel, a consultancy, according to its website, in the vanguard of luxury travel. Big things, you know, African safaris, all the big bucket list destinations. Amid the economic uncertainty right now, Fasenden says her well-to-do clients are taking longer to book trips. She says for her, It definitely makes a business owner nervous. But they are booking, often at accommodations with four-figure nightly rates. And they're certainly not flying coach.

to fly to Dubai, it's really uncomfortable to do that unless you're in business class. And so people are willing to spend to not ruin their vacation and arrive feeling good. This mirrors what airline and hotel CEOs have been saying lately in results call after results call. For high-end consumers, post-COVID revenge travel never really stopped.

For everyone else, though? I think there's more booking hesitancy. Mike Bellisario is senior research analyst at Baird. He says some companies are in wait-and-see mode about corporate travel. They may not be booking that all-staff retreat to, say, a mountain ski lodge just yet. If you're a big group that's going to sign a $20 million piece of business later this year, you probably didn't sign it. And government travel has tanked as President Trump tries to cut federal spending.

That sector typically makes up 4% of room demand at Marriott hotels. So not huge, says Jan Freitag, a travel analyst at CoStar. But that varies widely by region, right? Obviously, Washington, D.C. is completely dependent. And Freitag says some airlines are reporting fewer international travelers coming to the U.S.,

United specifically said demand from Canada down 9%, from Europe down 6% for the year. So those are all, you know, sort of manageable numbers, but certainly something that could get worse. Still, despite the declining forecasts for travel this year, there's a rule of thumb that many in the industry live by, says David Katz, a lodging and leisure analyst at Jefferies.

Travelers will travel, provided that employment holds up, right? So if you have a job, you're going on vacation. It's just a question of where and how you get there. So for those not flying first class to Dubai, Kat says maybe that means a road trip will replace air travel altogether for this year's vacation. I'm Daniel Ackerman for Marketplace. And in Los Angeles, I'm David Brancaccio. It's the Marketplace Morning Report from APM American Public Media.

Can we invest our way out of the climate crisis? Five years ago, it seemed like Wall Street was working on it until a backlash upended everything. So there's a lot of alignment between the dark money right and the oil industry on this effort. I'm Amy Scott, host of How We Survive, a podcast from Marketplace. In this season, we investigate the rise, fall, and reincarnation of climate-conscious investing.

Listen to How We Survive wherever you get your podcasts.