From 2013 to 2019, inbound tourism expenditure on accommodation services in the US showed moderate changes, with values generally hovering around 40 billion USD. The year 2020 saw a dramatic decline by 81.45% due to the COVID-19 pandemic, reducing the value to 7.46 billion USD. Recovery began in 2021 with a significant increase of 243.21%, followed by a continuous upward trajectory in 2022 and 2023. In 2023, the value stood at 46.62 billion USD, representing a robust year-on-year increase of 23.96% and a 2.53% compound annual growth rate (CAGR) over the last five years.
Looking ahead, forecast data from 2024 to 2028 suggest steady growth, with a forecasted annual CAGR of 2.57% and an overall growth rate of 13.52% over the period. This indicates a resilient and expanding inbound tourism market in the US, fueled by factors such as increasing travel demand, improved international relations, and a robust hospitality sector.
Future trends to watch for include potential impacts from geopolitical shifts, technological advancements in travel booking and accommodations, and economic changes that might affect global travel patterns.
