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For Professional Clients and, in Switzerland, for Qualified Investors only. In Israel for Sophisticated Investors only.
English
  • English
  • French
  • German
  • Spanish
en
  • en
  • fr
  • de
  • es
© 2021. BNY Mellon Investment Management EMEA Limited. All rights reserved.
IDEAS AND KNOWLEDGE TO INSPIRE YOUR INVESTMENTS THINKING
2 June 2021

Light at the end of the tunnel?

As the US economic recovery from the Covid-19 pandemic gathers pace, we expect the travel and leisure sectors there to continue to benefit from economic re-openings and a pick-up in vaccinations. These sectors bore the brunt of the sell-off in 2020 and while they have partially recovered, we expect further momentum. Pent-up demand, growing consumer confidence, healthy consumer balance sheets, historically elevated savings, and the boost from fiscal stimulus should collectively see consumers make up for lost spending during lockdowns.

 

As such, we expect a substantial increase in discretionary spending, and one of the biggest beneficiaries to be travel and leisure. Given the delayed economic recovery in Europe and uneven vaccine rollout globally, we expect rotation into ex-US travel and leisure investments to increase but at varying rates in the second half of the year.

 

Bryan Besecker, vice president, investment strategist in the Global Investment Strategy team, BNY Mellon Investment Management.

Doc ID: 573806

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Investment Managers are appointed by BNY Mellon Investment Management EMEA Limited (BNYMIM EMEA), BNY Mellon Fund Managers Limited (BNYMFM), BNY Mellon Fund Management (Luxembourg) S.A. (BNY MFML) or affiliated fund operating companies to undertake portfolio management activities in relation to contracts for products and services entered into by clients with BNYMIM EMEA, BNY MFML or the BNY Mellon funds.

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