Best economy ever, Jack!
Or ... maybe an economy so bad that people are no longer vacationing and so one of the country's biggest online travel companies is having to lay off 1,500 employees.
Yeah, it's one of those two options.
Online travel platform Expedia said Monday it was cutting about 1,500 jobs globally, or about 9% of its total workforce, as part of its 'organizational and technological transformation.'
Translation: They're trying to figure out how to operate with fewer employees because they can't afford them.
The restructuring comes after Expedia warned earlier this month that revenue would moderate in 2024 as air ticket prices drop and said CEO Peter Kern was stepping down.
'The business continues to evaluate the appropriate allocation of resources to ensure the most important work continues to be prioritized,' an Expedia Group spokesperson said.
Plane tickets are falling for a few reasons: Airlines are starting up more routes, old routes that had been put on pause for Covid are finally starting back up, there's more competition in the budget space for inflation-wracked travelers, and jet fuel prices have eased.
That being said, many people are still strapped for cash and struggling under the money printing that skyrocketed inflation and the rate hikes that slowed the economy.
Travel companies are tempering expectations for 2024, a sign that demand is expected to grow more slowly this year.
Last week, Booking Holdings forecast slower first quarter and full-year growth in bookings as US travel demand normalizes.
It seems travel is more of a luxury for most folks than it has been in the past.
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