Over the period from 2013 to 2023, domestic tourism expenditure on accommodation services for visitors in the US showed significant growth, increasing from $132.4 billion in 2013 to $201.1 billion in 2023. Although the year-on-year variation spiked and dipped, particularly around the COVID-19 pandemic in 2020, overall, the sector demonstrated resilience and recovery. The average annual growth rate from 2018 to 2023 was approximately 2.45%. Further, the forecast data from 2024 to 2028 suggests a steady, though more modest, annual growth rate of 1.9%, with an overall growth rate of 9.84% over the five years. Thus, the sector is poised for continued, albeit slower, growth.
Future trends to watch for include:
- Impact of potential economic slowdowns or geopolitical factors on domestic tourism.
- Evolving consumer preferences towards sustainable and experiential travel.
- Technological advancements and their impact on accommodation service offerings.
- Potential resurgence or prolonged impacts of health crises affecting travel patterns.
