At a recent event, I was fortunate to hear a presentation by acclaimed economist Peter Ricchiuti. Known for his wit and humor, Ricchiuti, a professor at Tulane University’s Freeman School of Business, is the kind of teacher you wish you had in school. Besides being immensely entertaining, Ricchiuti’s remarks were optimistic; after hearing him speak, I was encouraged that, regardless of what comes next in the COVID-19 pandemic, we will see our way through it.
Ricchiuti pointed out that the stock market has been in recovery for some time now — many top companies, including those in the travel industry, are seeing double-digit declines wiped out by triple-digit rebounds. And, while he is quick to emphasize that “the stock market is not the same thing as the economy,” such a strong market is an indicator of how investment experts feel about future profits.
After hearing him speak, I was encouraged that, regardless of what comes next in the COVID-19 pandemic, we will see our way through it.
However, Ricchiuti warned that with 70% of our overall economy driven by consumer spending, the middle class cannot be overlooked — it’s important that the recovery is felt by more than just the ultra-wealthy. For this reason, and others, higher wages will benefit all of us.
Ultimately, Ricchiuti predicts a very bright future for businesses in the U.S., including the travel industry. The successful rollout of COVID-19 vaccines has once again shown the world that we are a leader when it comes to science and technology. The pandemic has revealed where corporations had weaknesses, and how they can be more efficient. He expects leisure travel to continue its strong rebound — with an emphasis on the kind of expertise that travel advisors supply.
Overall, Ricchiuti’s remarks reinforced the positive economic indications we are already seeing. As we cautiously come out of the pandemic, we can be confident that the recovery we have all been hoping for is really under way.
