The household expenditure on accommodation services in the US showed moderate growth from 2013 to 2019, with year-on-year variations fluctuating between 2.82% and 7.69%. In 2020, there was a significant decline of 45.31% due to the pandemic, followed by notable recovery in 2021 with a 43.82% increase and a substantial rise in 2022 by 38.8%. However, 2023 saw a decline of 11.33% from the previous year, standing at $156.81 billion. The average annual growth rate (CAGR) for the last five years up to 2023 is nearly flat at 0.00051%.
Forecasts from 2024 to 2028 indicate a steady recovery with a projected average annual growth rate (CAGR) of 1.6%, estimating an 8.26% overall growth by 2028.
Future trends to watch for include:
- The impact of economic stabilization post-pandemic on household spending patterns.
- Effects of inflation and interest rates on disposable household income and accommodation expenditures.
- Potential shifts in consumer preferences towards alternative and experiential accommodation options.
- The influence of travel industry recovery on broader accommodation service expenses.
