Special Report On Travelers’ Sentiment Ahead Of The Holiday Season ​

The November 2025 State of the American Traveler Survey by Future Partners shows that financial sentiment among 4,000 sampled U.S. travelers remains cautiously optimistic. About one-third report being better off financially than last year, and nearly half expect improvement in the coming year. Millennials and Gen Z are the most confident about their financial outlook, while concerns about a recession persist, with nearly half anticipating an economic downturn within the next six months.​

Despite these worries, travel remains a priority for most Americans. Spending attitudes reflect this cautious optimism. While only about one-third believe it’s a good time to spend on travel, over half still rank travel as a high priority, with annual budgets averaging around $6,000. The travel spending gap is widening, with affluent individuals expected to surpass $11,000 in leisure travel spending over the next 12 months. Recent activity is strong, almost half took an overnight leisure trip in October, and future intent is even higher, with more than 90% planning at least one leisure trip in the next year. ​

Higher-income travelers expect more trips, while younger generations plan fewer compared to older groups. Holiday travel trends reveal opportunities for last-minute marketing, as more than half of travelers have not finalized plans. Christmas and Thanksgiving dominate the seasonal travel landscape, with Millennials and Parents leading the charge. Regional patterns indicate that Southerners are the most likely to travel for holidays. ​

Restaurant spending moderates amid rising costs and tighter budgets​

According to Discover Puerto Rico’s Visitor Profile survey waves collected through September, the top activities remain visiting restaurants, beaches, and shopping. However, the number of visitors to restaurants has decreased by five points compared to last year (now at similar levels to 2023), along with casino gambling (-2%). ​

ASORE’s “Restaurant Industry Projections 2025” findings show Puerto Rico’s restaurant sector facing mounting challenges: sales growth slowed with only 37.5% of operators reporting increases, while 43.8% saw declines; profit margins tightened, with 43% below 8%; and costs for energy, food, and labor continue to rise.​

The State of the American Traveler research doesn’t give a direct percentage for “cutting back on restaurants,” but their latest reports highlight a strong value-driven mindset that indirectly impacts dining choices. ​

Budgets are tight, travelers are increasingly focused on affordability, and many are prioritizing meaningful, intentional travel over indulgent spending. While 59% still plan to prioritize leisure travel in their budgets, overall optimism about finances is declining, so travelers are balancing trips with cost-conscious behaviors. Instead of splurging on multiple restaurant meals, some opt for immersive local experiences or cooking classes as part of “slowcations” and experiential travel trends.​

Mixed Air Connectivity Trends for Puerto Rico in 2026​

According to Airline Data Inc., currently posted seat capacity from the Lower 48 states into the Luis Muñoz Marin International Airport (SJU) for Q1 next year will decrease 3% compared to the same time last year. While the top two capacity markets, Orlando and New York, remain unchanged in their rankings, both see decreases of -4% and -13% YOY, respectively. ​

South Florida markets, including Miami and Fort Lauderdale, show slight growth (+3% YOY), Philadelphia (+11%), Chicago (+30%), and Charlotte (+8%) also see considerable growth. ​

By carrier, American (+17%), United Airlines (+6.6%), and low-cost carrier Avelo (+43%) are adding capacity into San Juan, while Frontier Airlines shifts 24% of last year’s capacity elsewhere. ​

From an International perspective, growing markets include Madrid (+47%), Medellin (+25%), and St. Barts (+44%), while other routes, including Antigua, Barbados, San José, Cancun, and Trinidad & Tobago, have been closed. Overall, Q1 flight seat capacity from International destinations is pacing 7% lower compared to the same time last year. ​

According to the U.S. Travel Association, International inbound visits to the U.S. are projected to finish the year down 6%. However, the coming years present unprecedented opportunities for the United States to greet the world. Major events, such as the 2026 World Baseball Classic and the 2026 FIFA World Cup across North America, as well as the 2028 Olympic and Paralympic Games in Los Angeles, will bring millions of visitors and global attention to the U.S. region. ​