The travel arrangement and reservation services tourism output in the US has shown fluctuations over the last decade. After significant growth from 2013 to 2015, the industry faced a drop in 2016, followed by gradual recovery until 2019. The COVID-19 pandemic led to a notable decline in 2020, but the sector quickly rebounded in 2021 and 2022. By 2023, the tourism output stood at 60.77 billion USD, experiencing a moderate 2.02% year-on-year growth. The five-year CAGR leading up to 2023 averaged at 2.2%, indicating steady, albeit modest, growth. Future forecasts suggest continued growth, with a projected CAGR of 1.58% and an overall increase of 8.17% by 2028, reaching 66.72 billion USD.
Future trends to watch for:
- Adoption of advanced technologies for travel booking and arrangements.
- Increased demand for personalized and sustainable travel experiences.
- Potential impacts of economic fluctuations and geopolitical events on travel behavior.
Latest reports
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