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

Internal Tourism Expenditure on Tourism Characteristic Products in the US has experienced dynamic shifts over the past decade. From 2013 to 2019, there was a steady increase with some fluctuation, peaking in 2019 at 1058.4 Billion USD. The pandemic drastically impacted this upward trend in 2020, resulting in a significant drop to 499.98 Billion USD. The market began recovering in 2021, with a notable rise to 798.66 Billion USD and continued to rebound to 993.78 Billion USD in 2022. By 2023, the expenditure reached 1136.9 Billion USD, marking a 14.4% increase from the previous year.

The short-term trend from 2022 to 2023 showed an upward trajectory with a notable increase. The last two years (2022-2023) saw a year-on-year growth rate of 24.43% and 14.4% respectively. Over the last five years, the compound annual growth rate (CAGR) averaged at 1.95%, reflecting the sector's resilience and recovery post-pandemic.

Forecasts from 2024 to 2028 project continued growth, with an annual average CAGR of 1.67% over the next five years. Expenditure is expected to reach 1262.7 Billion USD by 2028, highlighting an 8.61% growth over this period.

Future trends to watch for:

• Technological advances in travel services enhancing user experience.
• Increased focus on sustainable and eco-friendly tourism practices.
• Potential market fluctuations due to economic uncertainties and geopolitical factors.
• Growth in domestic travel preferences due to global instability.