Forecast: Internal Tourism Expenditure on Tourism Related Products in the US

The internal tourism expenditure on tourism-related products in the US has shown various fluctuations over the past decade, standing at $163.62 billion in 2023. The most dramatic drop occurred in 2020 due to the pandemic, where expenditure plummeted by 43.61%. A consistent recovery is observed thereafter, with 2021 seeing a 35.71% increase, followed by an 18.87% rise in 2022 and an 11.51% uptick in 2023. This brings the 5-year CAGR to 0.78%. Looking forward, the forecast from 2023 to 2028 suggests a modest growth rate with a 1.3% average annual increase and a 6.66% overall growth rate.

Future trends to watch for:

• Sustainable and eco-friendly travel is expected to gain more traction as consumers become increasingly environmentally conscious.
• Technological advancements such as virtual reality tours and improved online booking experiences could further influence spending patterns.
• Post-pandemic shifts in consumer behavior, emphasizing safety and local destinations, might continue to impact expenditure.