(https://www.marketwatch.com/story/rip-euro-summer-americans-are-trading-tuscany-for-tacoma-thanks-to-soaring-airfares-44751904?mod=mw_rss_topstories) hard enough that Americans are canceling Europe trips. The (https://www.cnbc.com/2026/06/11/ecb-hikes-interest-rates.html) for the first time since 2023. These two data points together don't just compress margins — they're shifting behavior at the consumer level.

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