The value added of travel services in the US followed a generally increasing trend from 2013 to 2019, despite some fluctuations. The sector experienced a substantial decline of 80.52% in 2020 due to the COVID-19 pandemic, drastically reducing the value to $4.93 billion. Recovery commenced in 2021, with a remarkable 244.13% increase, reaching $16.96 billion. By 2022, the value continued to recover, growing by 28.21%, and further increased by 21.96% to $26.52 billion in 2023. Forecasts suggest a moderate but steady growth through 2028, with a five-year CAGR of 1.66% and an overall growth rate of 8.57%.

Future trends to watch for:

Sustained recovery and growth in travel services as the global economy continues to stabilize post-pandemic.
The impact of technological advancements and innovation in travel services including AI and customized travel experiences.
Changing consumer behavior and preferences towards sustainable and eco-friendly travel options.