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The summer of 2022 was defined by the notion of “revenge travel” as consumers tried to make up for time lost during the height of the pandemic.

As the summer of 2025 fast approaches, the story is shaping up to make those post-pandemic summers in which everyone went to Italy feel like a meme from another era.

American Airlines (AAL) and Southwest Airlines (LUV) both pulled their outlooks for 2025 this week, citing uncertainty that weighed on demand. Delta Air Lines (DAL) did the same earlier this month.

On Wednesday, the Federal Reserve’s latest Beige Book report was chock-full of anecdotes from regional business leaders discussing the obvious caution from consumers that is already starting to weigh on the leisure and hospitality industry.

And it’s clear this summer is shaping up to be a challenging one for businesses with any kind of seasonal tilt.

In the Boston Fed’s district, “Cape Cod restaurant owners experienced a first-quarter slowdown, and hotel bookings on the Cape for summer were running somewhat below recent years.”

“[Travel] from Canada declined noticeably, and contacts feared that summer travel from Europe and China could suffer as well because of negative reactions to US tariff policies,” the report added.

“More broadly, tourism contacts expressed concerns that declining consumer confidence could hurt leisure spending.”

In New York, “a New York City hotel owner reported a falloff in international reservations.” Upstate, contacts also noted a slowdown in visitors from Canada.

In the Atlanta Fed’s district, which includes the whole state of Florida, hotel stays were down and shorter in duration. Business travel was lower. Entertainment ticket sales fell.

“Large attractions that normally draw international visitors saw a drop in travelers from abroad, particularly Canada, and airports and airlines reported a notable decline in foreign passengers to the U.S.,” the Atlanta Fed added.

In the San Francisco Fed’s district, “Consumer demand for air travel, hotels, and entertainment events slowed — an atypical trend for the early spring growth period. In addition, several contacts reported weak booking volumes for the summer.”

And the impacts that tariffs and some of Trump’s other policies are having on the economic outlook were not just limited to travel.