You can't fly to Ithaca when you're in Italy US network airlines have benefited from booming demand for international travel this summer. Revenues for US to Europe routes are 45% higher than pre-pandemic, helped by pent up demand and a lifting of all restrictions. Domestic beach and mountain destinations were great options in 2021 but have lost share as people set their sights abroad. But Andrew Didora believes we should see some normalization this Fall as people who had traveled internationally return to domestic routes. International profitability is well above pre-pandemic levels but that may not last. Cruise lines have lagged the recovery pace of airlines and things only returned to normal this year, so there's likely more of a recovery ahead. Plus, relative to airlines, cruise lines do tend to have more bookings visibility and less exposure to volatile fuel prices.   You may also enjoy listening to the Merrill Perspectives podcast, featuring conversations on the big stories, news and trends affecting your everyday financial life.   "Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. ©2023 Bank of America Corporation. All rights reserved.