Citing a surge in demand for travel to Chicago, CNNMoney.com said Monday that investors are worried the city will be left behind when it comes to demand for flights and other travel options in the coming months.
“In addition to the increased demand for airlines, the number of airlines flying into Chicago has been increasing over the past several months,” the report stated.
“As of March 31, the average number of flights per day had surpassed the number previously experienced by the Chicago market, while average passenger volume had increased by 30% to 2.3 million passengers.”
The increase in demand is “likely due to increased travel demand from tourists seeking to escape the city,” CNNMoney reported.
“According to data from Airlines for America, the annual number of charter flights into Chicago increased by 60% in March to 531,929.”
The report also said that investors “cannot ignore the effects” of Chicago travel restraints on stock prices.
“Chicago has historically been one of the most expensive cities for travelers to visit, especially for longer trips,” the study said.
“For the last three years, the national average price of a roundtrip flight from Chicago to New York City has risen by nearly $200 per person, while the average price per person for a round trip flight from New York to Los Angeles has risen nearly $150 per person.
This is due in large part to the fact that the city is one of only a few major metropolitan areas that has been hit hard by the recession and the economic downturn.
Travel restrictions in Chicago are expected to have a positive effect on stock returns for some time.”