Forecast: Nights in Hotels and Similar Establishments in the US

The number of nights spent in hotels and similar establishments in the US exhibited a fluctuating trend from 2013 to 2023. After a significant decline in 2020 due to the pandemic, demand rebounded strongly over the next three years, reaching 1.3694 billion nights in 2023. The year-on-year variation in 2023 was 10%, marking a notable recovery.

In contrast to the -35.74% plunge in 2020, the post-pandemic recovery saw variations of 37.87% in 2021 and 7.56% in 2022. The compound annual growth rate (CAGR) from 2019 to 2023 was 1.25%, reflecting a gradual recovery. Forecasts for the next five years (2024-2028) suggest steady growth with an average annual CAGR of 1.53% and an overall increase of 7.9% by 2028.

Future trends to watch for:

• Continued recovery and growth in the tourism sector due to increasing consumer confidence and travel activities.
• The impact of technology and customer experience enhancements in the hospitality industry.
• Shifts in travel patterns and preferences, such as a greater emphasis on sustainability and wellness tourism.
• Potential economic and geopolitical factors affecting travel demand.