From 2013 to 2019, internal tourism expenditure on accommodation services for visitors in the US consistently increased, with annual growth rates fluctuating between 2.67% and 8.48%. This trend saw a dramatic interruption in 2020, with a substantial drop of 35.11% due to the COVID-19 pandemic. A significant rebound occurred in 2021 with a growth rate of 30.8%. The recovery continued into 2022 and 2023, marked by respective increases of 15.97% and 10.49%. In 2023, the expenditure stood at 245.16 billion US dollars. The compound annual growth rate (CAGR) over the last five years is estimated at 2.25%.
Looking forward, from 2024 to 2028, the forecasted data predicts a steady growth trajectory with a CAGR of 1.92%, culminating in a total growth rate of 9.99%. Analysts should monitor potential economic fluctuations, changes in consumer travel behavior, and the impact of global events on tourism expenditures.
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